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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Oct 29, 1982
Page
5
The market fell broadly as selling continued after a confidential Federal Reserve forecast called for very slow growth and high unemployment next year. The Dow dropped 6.81 to 984.18 in early trading, with declines outweighing advances over 2 to 1 on the NYSE.
Kidron consignors reported strong harvest time activity in Wayne County as market hogs held steady to higher with a 55.57 range, feeder pigs heavy with near dollar-per-pound values, beef cattle slipping but good Holsteins around 395, heavy dairy consignments at 188 head, springer cattle near 900 to 1200 dollars, and hay and straw prices rising to 172.50 per ton for second cut and 145 for first. Total head 2,358 from 470 consignors. hay and straw loads 48 with various by the bale and market items including horses and other farm goods.
Lorain County Farm Bureau Cooperative Association Inc posted yesterday's grain bids with Wheat 272 per bushel Shelled Corn 185 per bushel Soybeans 508 per bushel. The first national automobile show occurred in Boston in 1900 with 31 makers displaying vehicles.
Washington reports the All-Savers certificate yield will drop to 6.66 percent effective through Nov 27 after Thursday's Treasury one year bill auction. The rate, set at 70 percent of the one year yield, marks a new low from the 12.61 percent initial rate and 9.51 percent one year note.
International Harvester Co stockholders backed a plan to issue new stock as part of a debt to equity conversion up to 350 million dollars, amid a management strategy for survival. Chairman Louis W Menk warned a bankruptcy filing remains possible as the company owes about 42 billion dollars to lenders and faces up to 16 billion in losses this year. The vote, attended by about 500 stockholders, was overwhelmingly in favor. Don Wissmann said the gamble could preserve value, noting the stock trades around 3 to 4 dollars while potential value could reach 30 to 40 dollars. The lenders’ deal converts debt to equity at three dollars per one dollar of supplier and dealer concessions.
Governor James Rhodes touts Liederkrantz cheese as a job creator for northwestern Ohio after an IH plant closure looms near Van Wert. He cites a 500 daily cross-border workforce and says IH president Don Lennox pledged regional help though specifics were not given.
AP reports varied wholesale buying prices for eggs and nonferrous metals across cities including Columbus and Chicago. Wholesale class 1 large eggs listed at 212 per unit, with other classes and mids ranging down to 37 to 48, while metals like copper at 72 to 78 cents a pound and zinc 40 to 42 cents. NY daily quotes show gold 418.26 per ounce, silver 98.60, platinum 342.50, mercury 465 per flask, with Handy & Harman cited for prices.
A Murray Ridge school program cares for 250 children and 600 adults with developmental disabilities. The piece asserts progress and potential, noting even severely retarded individuals can learn and contribute, seen in the children’s eyes and the workplace atmosphere.
Murray Ridge boards place a 1.5 mill replacement levy on the ballot to fund a local program that has had no new funding since the last levy. A $40 000 home would incur about 2 cents daily and a $50 000 home about 3 cents daily. The administration states they must have funding to operate.
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