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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Oct 09, 1984
Page
7
Stocks opened higher on Monday with gains led by auto, computer and airline shares on the New York Stock Exchange. Trading was light as banks and many businesses observed Columbus Day in a quiet market.
New York spot nonferrous metal prices reported yesterday show copper at 62.56 to 65 cents per pound with U S destinations noted. Lead 22 to 26 cents per pound zinc 45 cents, tin 60,342? per unit, aluminum about 45 to 65 cents per pound, gold 3416 per troy ounce, mercury 320 to 327 per 76 pound flask, platinum 226 to 328 per troy ounce.
Lorain County Farm Bureau Cooperative Association lists yesterday’s closing grain prices for local farmers Wheat 311 dollars per bushel and Shelled Corn 282 dollars per bushel. Oats 2.15 dollars per bushel Soybeans 568 dollars per bushel.
Analysts say the tentative GM UAW agreement is a revolutionary settlement with GM cashing up to expand freedom from unions. Experts from MIT and Chase Econometrics praise the plan as a rare win for both sides, linking productivity gains to big wage increases.
A broad debate on deficits taxes and spending dominates the 1984 campaign with a banker's mindset seen among candidates. Experts discuss costs of a GM labor deal including a three year program raising labor costs and creating a billion dollar retraining fund, plus bonuses and pension shifts.
UAW President Owen Bieber and GM Chairman Roger Smith predicted ratification by the 350,000 GM workers after early returns showed 52 percent in favor and 48 percent against from 34 of 147 locals. By weekend, totals may settle with a 29 to 13 overall vote in favor. The contract includes about 2.25 percent annual pay raises and a potential up to 1 billion dollar fund to aid workers due to automation or layoffs. Local 1999 in Oklahoma City expressed displeasure but backed the pact amid the nationwide vote.
The tentative agreement halting a nationwide GM strike faces likely defeat in Ohio with five plants voting. By Monday, five Ohio plants including Lordstown Local 1112 Mansfield Columbus Euclid and Toledo rejected the contract by about 6,668 to 4,331, casting doubt on broader approval despite assurances from union leaders.
The notice explains that bonuses amount to about fourteen percent and that many benefits such as overtime vacation pay and insurance coverage are calculated on the base pay.
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