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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
May 15, 1984
Page
7
New York stock prices opened higher as the Dow rose 3.87 to 1,154.94 in the first half hour. Early NYSE trading showed about equal decliners and advancers as bond yields climbed to two year highs, fueling investor worry about higher rates. Some analysts expect a coming slowdown that could ease rate pressure.
Local grain bids from Lorain County Farm Bureau Cooperative Association show Wheat at 42.26 per bushel, Shelled Corn at 3.57, Oats at 2.50, and Soybeans at 8.36 per bushel. Prices reflect yesterday's market close for Butter Eggs and metal prices noted in the same listing.
AP reports yesterday wholesale prices for nonferrous metals copper zinc tin and gold with copper at about 404 to 73 cents per pound and zinc near 92 to 53 cents. Silver around 8720 per troy ounce and mercury 322 to 335 per 76 pound flask. Eggs prices in major cities show various carton sizes from extra large to small with per dozen ranges and nest run and breaking stock noted.
The Creston sale moved 1287 head of stock plus one dairy cow and 12 goats. Prices ranged widely from hay and straw to calves hogs sheep cattle and bulls with calves and feeders showing strong demand and clear market signals.
Consumers added 5.87 billion to installment debt in March while businesses boosted inventories 0.9 percent. The reports, amid fears of higher rates, note revolving credit surged 2.96 billion as retail sales fell. Inventory restocking lifted the stock to 531.8 billion, pushing the inventory sales ratio higher and prompting views of a possible rate rise and slower economy later in the year.
President Reagan, at a White House briefing, suggested Fed policy tools are imperfect and that money supply moves may occasionally occur without Fed action. He defended the Fed while noting inflation controls and growth targets, saying the aim is steady growth without renewed inflation. He cited banks lifting prime rates to 12.5 percent as part of market dynamics.
FRANK S. DeTILLIO of Elyria rises to vice president and general manager at WXFL Channel 8 Tampa NBC. ROBERT J. ELBERT Jr. becomes consumer credit officer at National City Bank after joining in 1983. RICHARD C. MORGAN is named employee relations manager at Nordson Corp Amherst plant. THOMAS L. BEDOCS advances to vice president of human resources and administration for Fairchild Space Co. and Fairchild Communications and Electronics Co. in Farmingdale NY based at Germantown MD.
Washington reports higher discounts on short term Treasuries as Monday auctions sold 10 billion dollars in new T-bills. Three month bills averaged 10.07 percent, six month bills 10.40 percent, both up from prior levels. Yields mark the highest since 1982, while the government trims supply toward the debt limit.
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