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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jun 28, 1984
Page
4
The opening on Wall Street shows a slow slide with the Dow up 0.77 at 1117.49 in the first half hour, while losses outpace gains 3-2 on the NYSE. Airlines and steel lead declines as mining and oil-service issues rise. total volume eases to 78.84 million shares amid a downbeat start.
Cleveland Electric Illuminating Co announces a 24 hour Call for Quality hotline at the Perry nuclear power plant to let workers report safety concerns. CEI says the program encourages reporting. problems are normally handled by quality control inspectors, auditors or engineers at the $5.9 billion twin reactor facility east of Cleveland in Lake County. Other backers include Ohio Edison Toledo Edison Pennsylvania Power and Duquesne Light.
Gov James Thompson signed emergency legislation lifting a legal roadblock to a Continental Illinois National Bank merger with an out-of-state buyer. First National Bank of Chicago shows no interest, while federal help could renew New York suitors. Continental face a run on deposits last month, ended by a 7.5 billion FDIC rescue package and guarantees on deposits above 100000.
House and Senate conferees break months long stalemate on bankruptcy reform to curb unilateral contract changes. Court-ordered oversight continues as 600000 pending cases loom. New language requires court approval before modifying or canceling labor contracts with fair treatment for all parties.
Workers at Weirton Steel Corp Charleston W V will receive a special can made from Weirton steel to honor the firm. Pittsburgh's Iron City Beer introduces the can as a tribute to the employer. The company became the nation's largest employee owned firm last January.
Washington AP reports the Reagan administration cautions U.S. automakers to expect no special treatment when considering extending limits on Japanese car exports. Trade Chief Brock says policy will balance consumer needs with auto industry conditions amid rising car prices and upcoming UAW talks.
Diamonds may be forever but their role as an investment is debated. After peaking in 1980 81 at 62500 a flawless one carat diamond tumbled to under 15000. Some experts say inflation and asset tangibility support eventual rebound while caution notes liquidity and cost.
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