Opening stocks extend slide as Dow drops further
New York markets opened broadly lower extending the prior session’s retreat. The Dow slid about 3.46 points to 1225.61 after half an hour as losers led gainers on the New York Stock Exchange with steel retail and oil shares among the declines.
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NEW York
New York Stock Exchange
T bill yields hit lowest level since June
Washington AP reports short term Treasury yields drop to new lows with three month bills at 9.04 percent and six month bills at 9.14 percent. New discounts imply 9.41 percent and 9.74 percent yields to investors. Private accounts linked to rates also relax savings and money market certificate rates effective Tuesday with various caps and minimum deposits.
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Corn drop to push food prices up
Agriculture Secretary John R. Black says a reduced 1983 corn harvest due to heat and drought will lift retail food price inflation to as high as 6.5 percent, higher than a prior 4 to 5 percent forecast. The 1983 harvest could be the smallest since 1970, with 4.39 billion bushels.
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Chrysler to retire government warrants in stock buy plan
Chrysler Corp outbid rivals to retire 14.4 million warrants held by the government that would have allowed buying Chrysler stock at below market price. The sale yields about 311.07 million to the Treasury, part of a loan-guarantee package to avert Chrysler’s collapse. Salomon Brothers won the bid at 21,602 per warrant, with three other bids and an unsolicited offer ranging up to 260 million. Robert Miller of Chrysler said Salomon arranged the transfer and later repayment.
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Port of Cleveland cargo rises for sixth straight month
International tonnage at Cleveland Port topped August totals with 81,499 tons, marking a 232 percent rise over August 1982 and continuing a six month stretch of higher cargo compared with the prior year.
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