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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Oct 08, 1982
Page
18
The Dow climbs to 969.65 amid a third straight surge as stock volumes outpace declines. Analysts cite expectations of a looser credit stance by the Federal Reserve to spur a recovery, with talk of a discount rate cut and rate cuts fueling optimism despite a 10.1 percent unemployment rate reported last month.
Local brief from Elyria Ohio dated October 8 1982 summarizes community items and upcoming events as listed in the Chronicle Telegram page C-3.
A $1 million lawsuit filed in Cuyahoga Common Pleas names Halle's Associated Investors Corp and H W Realty Co as defendants alleging breach of a 1964 pledge to keep full line operations at the Westgate Mall building until 1985. The suit says closing the nearly 200000 square foot store will diminish Westgate's value as a regional shopping center.
Metal quotes show copper 67-70 cents per pound and zinc 40-42 cents delivered. aluminum 76 cents per pound. silver 780 per troy ounce. mercury and platinum also listed with varied figures. Egg prices in Ohio and Chicago wholesale rates indicate mixed trends with Class 1 large at 51 and various other sizes sold for mid forties to mid fifties per dozen.
Kidron consignors delivered 2,386 head across 533 consigners. Livestock prices showed notable declines on hogs and beef cattle while feeder pigs and dairy cattle remained strong. Holstein calves and dairy cows drew steady to high bids, with hay and straw loads also marketed.
Investors bought aggressively on Wall Street marking the busiest NYSE day ever with blue-chip averages near multiyear highs. Industrial stocks jumped and bonds rallied as rates fell to two-year lows while gold prices surged amid a weak economy and strong liquidity. Banks cut prime rates to 13 percent matching last week’s move, and 30-year Treasuries rose in value as yields dropped to 11.2 percent.
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