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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Sep 10, 1982
Page
4
A Lorain County executive declines to explain a layoff decision affecting about 180 workers citing it as private business. The piece examines newsroom reluctance from both sides amid recession pressures and a desire to shield corporate actions from public scrutiny.
The author argues business news has moved to Page One as readers demand more information. Companies often share plant tours with reporters, aiding fair, informed reporting. The writer defends press access and asserts it serves the public who read The Chronicle-Telegram.
Washington reports a drop from record highs as lenders trim mortgage rates and industry officials urge buyers and sellers to adjust expectations. Experts say a 14 percent rate is no longer extreme and that higher income shares for housing are common. concessions by sellers may be needed to move millions of homes.
The Commerce Department reported a 4.4 percent real decline in planned 1982 capital spending by businesses, the first drop since the 1975 recession, with manufacturers cutting 6.6 percent and other firms 3.1 percent, as sales and profits weaken. Auto plant layoffs rose to 220,195, and Ward's notes a 9.8 percent drop in production due to the Labor Day week. Gold prices swung from 515 to 445 an ounce amid rumors of crises in Germany and Bolivia. Manville Corp filed for reorganizaton amid 16,500 asbestos lawsuits threatening its future. creditors warn broader implications unless federal action limits lawsuits.
Braniff Airways faces anger from former employees as it seeks to end its pension plans after bankruptcy filing. Workers blame a decade of sacrifices and unpaid benefits while PBGC would take over. A bankruptcy judge extended deadlines and set a hearing for Tuesday amid union critique of executives' prior pension arrangements.
New York stocks closed mixed as energy and transportation shares rose while the Dow Jones industrial average slipped 3.22 to 912.53. Volume on the NYSE reached 73.09 million shares, below Thursday's 77.96 million, amid a weeklong pause after a record 16-session rally that added over 148 points.
Lorain County Farm Bureau Cooperative Association, Inc. reported yesterday's market close with Wheat at 2.92 dollars per bushel, Shelled Corn at 1.95, Oats at 1.65, and Soybeans at 5.06 per bushel.
Regional Eastern trade wires show egg and butter price lists from Columbus and Chicago with varied wholesale egg quotes and carton deliveries. Separate Midwest nonferrous metal prices report copper nickel aluminum and precious metals quotes, including copper at 0-75 cents per pound and gold at 486.00 per troy ounce.
Heavy Thursday consignments were light due to harvest weather but prices held. Hog demand stayed strong with 180-190 lb hogs at 56 to 59.75, feeders 25-60 lb rising to 85 for plus weights, calves profitable with back-to-farm Holstein bulls 61-95, cows and dairy cattle trading steady. Hay and straw sale followed with volumes and prices listed. total head 2,013 from 498 consignors.
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