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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jun 15, 1981
Page
17
Americans seek low interest loans by borrowing against life insurance policies as banks charge up to 16 percent. By February policy loan totals reached 42.6 billion, 8.8 percent of industry assets, the highest since 1935, as eight states allow policy loan rates tied to a bond market index.
Eight states Arkansas Connecticut Indiana Maine Nebraska Utah Virginia and Washington approve legislation letting insurers raise borrowing rates on some policies. Industry says rate changes will vary by state and over time while six to eight percent existing loans remain unchanged. The National Insurance Consumer Organization supports variable rates for participating policies but opposes them for non participating policies. regulators warn rate shifts could tilt benefits to companies.
New York reports a surge in behavioral training as firms adopt learning programs to shape performance. W Mathew Juechter of Wilson Learning Systems notes a $200 million annual market growing 30 to 35 percent, with emphasis on changing behavior for sales and operations gains and promotions. Companies train instructors who teach workers using manuals and courses.
Domestic mills shipped 8.1 million net tons in April, down from March but a 12 month high, totaling 31.5 million for January to April. Imports reached 18.4 percent of supply, the highest since August 1980, while steel employment rose for the eighth straight month to 298,352 workers and average hourly cost was $19.44.
Congress through two budget committees begins assembling two massive bills that aim to cut about 35 billion dollars across hundreds of programs. The action targets education, food stamps, health services, housing, and job programs while shifting power away from Democratic era social programs.
Chemical Bank, the sixth largest U.S. commercial lender, lowered its prime rate to 19 percent from 20 percent after a $2.9 billion drop in the money supply. Marine Midland had earlier cut its corporate loan rate by 50 basis points. Analysts expect further rate declines as inflation cools and the economy slows.
UPI reports cash grain prices in Ohio across Northeast Northwest and Central regions for No 2 wheat No 2 shelled corn No 2 oats and No 1 soybeans. Prices shown include Northeast No 2 wheat 345 No 2 shelled corn 219 No 2 oats 218 No 1 soybeans 705 Northwest No 2 wheat 347 No 2 shelled corn 321 No 2 oats 232 No 1 soybeans 708 Central No 2 wheat 350 No 2 shelled corn 322 No 2 oats 298 No 1 soybeans 708 Trend shows No 2 wheat and No 2 shelled corn unchanged No 2 oats unchanged No 1 soybeans sharply higher.
The Lake Shore Corvette Club will host its 12th All Ohio Corvette Day on June 21 at Cedar Point. More than 700 Corvettes are expected in a concours d elegance with five class ribbons and awards including Best in Show and a distance trophy. A display of custom built Vettes is also planned.
Bruce E. Galbreath is named director of administration international for Nelson Division TRW Inc based in Lorain and will work from Nelson GmbH in West Germany. Robert D. McConnell becomes president and general manager of Lake Erie Dock Co succeeding Lyle Sprankel retired. John F. Johnson becomes executive vice president of Lamalie Associates Cleveland office oversight of domestic network. Two associates join HGM Hilltop Realtors Lorraine County staff Jennifer Anne 8008 Vermilion and Lou Velez Lorain to Elyria sales. Joyce Ann Garn Lorain earns Certified Residential Appraiser. Robert Basnett Jr. becomes new branch sales manager Bankers Life Elyria. Brad Boroff Elyria completes specialized training at national Sales Training School in Pittsburgh with James J. Smith Division Lorain for Mutual and United of Omaha.
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