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The Salina Journal from Salina, Kansas • Page 18

Location:
Salina, Kansas
Issue Date:
Page:
18
Extracted Article Text (OCR)

18 Tuesday, May 22,1990 The Sallna Journal Market again reaches new high during spring rally NEW YORK (AP) The atock market Monday reached a new high for the fourth time in the past six sessions, getting more mileage out of its Wail Street spring rally. The Dow Jones average of 30 industrials climbed 24.77 points to 2,844.68, surpassing the previous closing peak of 2,831.71 on Thursday. Advancing issues outnumbered declines about 9 to 5 in nationwide trading of New York Stock Exchange-listed stocks, with 997 up, 538 down and 486 unchanged. Volume on the floor of the Big Board came to 166.28 million shares, against 162.52 million in the previous session. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 201.14 million shares.

Interest rates were mixed to slightly lower in the credit markets Monday. Yields on long- term government bonds hovered in the 8.68 percent range. But analysts said hopes persisted that rates could resume a more emphatic decline. As measured by Wilshire Associates' index of more than 5,000 actively traded stocks, the market increased $31.57 billion, or 0.93 percent, in value. The NYSE's composite index of all its listed common stocks added 1.73 to 195.28.

Standard Poor's industrial index rose 4.48 to 417.23, and 500-stock composite index was up 3.36 at 358.00. The NASDAQ composite index for the over- the-counter market gained 4.58 to 452.89. At the American Stock Exchange, the market value index closed at 359.36, up 3.04. New York Exchange NEW YORK (AP) no. tional prices for New York Stock Exchange issues PE Last Chg.

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ATST 1.32 1720267 V. Ametek .64 17 278 14 V. Amoco 2.04 173987 54V. V. AMP 1.36 203494 53V.

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74V. 9-16 27 34V. 65 Winnbg .101 130 Wolwth 2.08133331 64V. Wolwt wi 1 Wynns .60 13 5 Xerox 3 84180 ZenithE 535 a also extra or extras, annual rate plus stock dividnd. liquidating dividend, declared or paid in the preceding 12 months, dividend or earnings In Canadian currency.

(No price- earnings ratio is given for such stocks because they are traded in U.S. currency.) i declared or paid after a stock dividend or split. I paid this year, dividend om- mitted, deferred, or no action taken at last dividend meeting, declared or paid this year, an accumulative issue with dividends in arrears, Issued within the last 12 months, declared or paid In the preceding 12 months plus stock dividend, split or stock dividend of 25 percent or more within the past 25 weeks, paid in stock in preceding 12 months plus stock dividend, vi company in bankruptcy or receivership or being reorganized under the bankruptcy act, or securities assumed by such companies, wd when distributed, wi when issued, ww with warrants, xw without warrants, indicates single share totals rather than hundreds, means that anyone buying this "ex deividend" stock on the day in question will not receive the most recent dividend. indicates single share totals for ex dividend stock. American Exchange NEW YORK (AP) national prices for American Stock Exchange Issues Pf Seles Lest Chg.

Acton 10 7 Alia 71 616 Amdhl .10 134891 APelf 3.20 12 6 ASclE 33 AmSwM.Sle 9 592 4 Ampal 33 16 2 Andal 7 Armtrn Astrotc Atari AtlsCM Audvox HO3.20e BAT In Banstr BoyMeo.25e BofrPh BowVol .24 Brscng 1.04 CMICp .48 CfCdo g.0le CoroFd wna.sl Corang Sou 1.24 owe 8 71 5 4 10 35 15 24 18 15 3 22 401 14 85 16 739 65 21 531 887 143 4 212 646 1599 142 142 62 647 834 140 394 1V4 3 11 7V4 26V4 17V, 3V, 7K 29 Vi v. Vi Vi DataPd .16 Delmed EchoBy .07 Endvco ENSCO EntMkt FAusPr 1 Fluke .32 Forstl FdHoly .11 FruitL FurVlt GRI GntYl 1 GldFId GCda .40 Hasbro .16 Hltvst Heico .10 Hilhavn HollyCp HomeSh HrnHar ImpOil gl .80 instSy IntBknt JanBell Kirby LdmkSv.07j Lionel MoiraC Maxont Mfflio .44 1 .10 1033 5-16 1334262 91 4V, 25 3364 95 845 8 6 23 Vi- 29 717 17 417 11 1484 38 3 56 11 59 5 204 49 131056 2 595 17 26 7902 8 8 5556 258 436 9 332 6 66 12 684 20 450 14 96 337 26 4 507 2 72 64 313 5 40 y. Vi 3 24 4V, 51 IVi-r 2V, 2V, Vi Vi Vi Vi MtchlE .32 28 466 NIPatnt 655 NtlRty 40 NY Tim .52 32 1721 NCdOg .20 2 Numac 4 OMI 9 490 OOklep l.76e 3 3 PallCp .56 22 608 PegGId 31 1205 PhllD 6 473 PllwyA .70 PlyGem .12 SoUCon TIE TelDta .28 Telesph TexAIr Thrlns TotlPet .60 TwCty TubMex Unkorp UFoodA UFoadB US Cell UnvPat ValFrg .30 Wthfrd WArnBc .44 WDIgitl WIRET 1.44 12 34 16 157 213 776 78 696 24 1353 1142 20 70 26 x28 9 190 286 6 7 57 7 12 28 381 10 5 1932 1900 15 33 202985 15 x56 6 10 33 17V, 7 IS 1 11-16 2V, Vi 17 At a glance What market did WHAT AMEX DID Monday Advanced 329 275 Declined 249 267 Unchanged 262 255 Total issues 840 797 New highs 21 10 New lows 17 13 WHAT NYSE DID Monday Advanced 997 742 Declined 538 725 Unchanged 486 534 Total issues 2021 2001 New blobs 105 49 New lows 30 33 ys. Dow Averages Industrials Closing 2,844.68 UP 24.77 NASDAQ summary 10 most active NY NEW YORK (AP)-Sales, closing price and net change of the 10 most active New York Stock Exchange issues, trading nationally at more than $1 Nome Volume loit Chg, NovaCpg 2,460,700 7Vi NatSeml 2,402,200 8V. Tex Util 2,340,400 36V, Upjohn 2,107,800 40Vi Amer TST 2.026,700 43V, PhilMors 1,887,000 44V, AMD 1,856,800 RoyalDutcch 1,757,900 V.

IBM 1,735.600 117 FedNMtgs 1.620,100 10 most active Amex NEW YORK Sales, closing price and net change of the 10 most active American Stock Exchange issues, trading nationally at more than Nome Valunw Lait Chg. Hlllhavenn 790,700 I Vi HomeShop 555,600 7V, Amdahl 489,100 15V, EchoBay 428,200 Naborslnd 356,600 5V. EngySvc 336,400 4V. V. WstDigllal 298,500 12V.

Vi SalNikj93wt 281,600 7V, WangLabB 193,200 Weathlrd 190,000 7 V. NEW YORK Most active over-the- counter slocks supplied by NASD. Bid Aiked Chg. TelMex 11,437,400 1 11-16 1 23-32 TIcmAs 4,113,500 15V. Lotus 3,029,100 33V.

Novell 2,919,600 42 Intel 2,874,600 45V, AppleC 2,343,600 39V, Micsfts 2,216,600 70V. SunMic 1,703,700 MCI 1 ,579,800 42V. Oracles 1,494.100 IV. 1V, V. 4 2 Advanced 1,1 38 New highs 195 Declined 820 New lows 64 Unchanged 2, 354 Total Issues 4,312 Total soles 169,570,900 Local stocks Provided by A.G.

Edwards Co. Over counter Bid Atk AirMldwest 5V. Butler Mfg. Fourth Financial Corp. 23V.

New York dost Dillard's 86V. KC Power and light 33V, A.G.Edwards 24V. Security Pacific 40V. KN Energy Berkshire Hathaway 7225 Thar Industries 9 14 24V, 1 Unchg. V.

110 Unchg. Commodities AP Business Writer Soybean futures prices fell sharply Monday on the Chicago Board of Trade, continuing a recent trend Grain CHICAGO (AP) Futures trading on the Chicago Board of Trade Monday: Open High Low Last Chg. WHEAT 5,000 bu minimum: dollars per bushel May Jul Sep Dec Mar May CORN 5,000 bu minimum; dollars per bushel 3.B2 3.87 3.69 3.36V. 3.40 3.36 3.41 3.44 3.41 3.41 3.55 3.57 3.54 3.55 3.61 3.61V. 3.59V, 3.60 3.52 3.54 3.52 3.52 3.83V, 3.36V, 2.82V, 2.82V, 2.78V, 2.80 2.80Vi 2.80'/j 2.76V] 2.77 2.70 2.73V.

2.70 2.70V. 2.68 2.68 2.65 2.65 2.69V, 2.73 2.69V, 2.70 1 2.75 2.76V, 2.73'/4 2.73% May Jul Sep Dec Mar May Jul OATS 5,000 bu minimum; dollars per buihcl May 1.48 1.48 1.44V. 1.44Vi 1.51V, 1.58V. 1.70 linked to weather conditions and greater availability of South American supplies. Soybean futures settled 10 cents cents lower with the contract for delivery in July at a bushel.

Wheat futures ended cents to 3 cents lower with July at $3.37 a bushel; May corn was cents to 5V4 cents lower with July at $2.77 a bushel; oats were cents to 3V4 cents lower with July at a bushel. Livestock 2.77 2.80'X. 2.75Va 2.75V, May 1.48 1.48 1.44V, 1.44 1 Jul 1.52 1.53V, 1.50 1.51V Sep 1.59 1.60 1.57 1.58V Dec 1.69 1.70 1.67 1.70 Mar 1.77V, 1.78 1.77 1.78 SOYBEANS 5,000 bu minimum; dollars per bushel May 6.07 6.07 6.02 6.04V, Jul 6.18 6.18 6.10Vj 6.11 Aug 6.22V, 6.24 6.16V, 6.17 Sep 6.25V, 6.26V, 6.18V, 6.19 Nov 6.33 6.33 6.25 6.25 Jan 6.39V, 6.43 6.35 6.35 Mar 6.52 6.53V, 6.45 6.45 May 6.57 6.61 6.53 6.55 CHICAGO (AP) Corn and soybean futures prices fell sharply Monday on the Chicago Board of Trade. At the close, wheat futures were 1 cent to 3 cents lower with the contract for delivery In May at $3.83 a bushel: corn was cents to 5V. cents lower with May at $2.80 a bushel; oats were IV, cents to 4V, cents lower with May at $1.44 a bushel; soybeans were 5 cents to 12 cents lower with May at $6.04 a bushel.

KANSAS CITY, Mo. (AP) Wheat 24 cars: to 3V. lower; No. 2 hard 3.70V,-3.79%n; No. 3 3.59V,-3.78%n; No.

2 red wheat 3.57V,- 3.65%n; No. 33.46V,-3.64%n. Corn 10 cars: unch to lower; No. 2 white 2.85-2.95n; No. 2 yellow 2.63V,-2.72Vm; No.

3 2.43V,-2.71V,n. No.2m!lo4.26-4.42n. No. 1 soybeans 5.98-6.09n. Hoppers 74.00-76.00.

KANSAS CITY (AP) Wheat futures on the Kansas City Board of Trade Monday: Open High low Settle Chg. WHEAT 5,000 bu minimum; dollars per bushel May 3.60V. 3.63 3.58 3.60V, Jul 3.44 3.44V. 3.41V, 3.42 Sep 3.49 3.49 3.46Vi 3.46V. Dec 3.60V, 3.61 3.58 3.59'/4 ar 3.63V.

Way 3.57% .03 V. Cash grain Monday, May 21 Scoular Grain, Sallna Payment-ln-KInd Certificates 100V. percent Wheat Corn Mllo teans Countrycomp. $3.33 $4.08 $5.66 Terminal $3.48 $3.80 $5.58 Farmway, Belolt $3.26 $3.80 $5.58 Gilbert, ClayCen. $3.37 $2.55 $4.05 $5.64 Cooper, Calby $3.18 $2.45 $3.74 $5.22 Decatur, Oberlin $3.14 $2.44 $3.57 $526 Agco, Russell $3.26 $3.82 $5 50 Farmers, Stockton $3.21 $3.80 CHICAGO (AP) Futures trading Chicago Mercantile Exchange Monday: Open High Law Settle CATTLE on the Chg.

40,000 cents per Ib. Jun Aug Oct Dec Feb Apr Jun 74.45 73.70 75.75 75.95 75.90 76.45 73.90 74.90 74.15 76.00 76.12 75.95 76.55 74.00 74.40 73.70 75.67 75.82 75.70 76.30 73.80 74.82 74.07 75.97 76.07 75.82 76.45 73.85 .50 .40 .25 .12 .08 .15 FEEDER CATTLE 44,000 Ibs May Aug Sep Oct Nov Jan Mar cents per Ib. 85.52 84.40 83.62 83.60 83.80 83.50 82.45 85.70 84.80 83.95 83.95 83.95 83.70 82.50 85.52 84.35 83.60 83.60 83.75 83.50 82.45 85.67 84.77 83.85 83.77 83.92 83.85 82.50 .15 .35 .25 .17 ,12 ,35 ,05 Metals NEW YORK (AP- Selected world gold prices Monday: Foreign Hong Kong late: $373.45, up $4.30. London morning fixing: $373.40, up $3.50. London afternoon fixing: $373.10, up $3.20.

London late: $373.25, up $3.50. Paris afternoon fixing: $374.53, up $3.39. Frankfurt fixing: $373.33, up $3.47. Zurich late afternoon: $373.10, up $2.50, $373.60 asked. Domestic NY Handy Harmon: $373.10, up $3.20.

NY Engelhard: $374.38, up $3.20. NY Engelhard fabricated: $393.10, up $3.36. NY Comex gold spot month close Monday $373.30, off $1.40. NY Republic Notional Bank 4 p.m. Monday $372.35, off $0.90.

NEW YORK (AP) Handy Harmon silver Monday was $5.100, up .055. The bullion price for silver earlier in London was $5.1335 up $0.0935. Engelhard silver $5.140, up 0.045, fabricated $5.500, up 0.048. NY Comex silver spot month Friday, 5.122, up 0.096. 30,000 cents per Ib.

Jun 66.80 67.15 66.52 67.00 Jul 65.10 65.32 64.42 64.97 Aug 62.70 63.20 62.20 62.62 Oc! 55.30 55.70 54.75 55.05 Dec 55.00 55.45 54.65 54.95 10 Feb 52.80 52.95 52.40 52.60 Apr 48.55 48.72 48.30 48.70 Jun 51.65 51.65 51.50 51.50 OMAHA, Neb. (AP) Omaha Livestock Market quotations Monday: Hogs: 1600; barrows and gilts steady to 50 higher, many 220-270 Ibs at the full advance; trade active; U.S. l-3s 220-250 Ibs 65.00-65.50; U.S. l-2s 210-220 Ibs 64.00-65.00; sows under 500 Ibs higher; over 500 Ibs 1.50-2.00 higher: U.S. 1 -3s 325-500 Ibs 52.50-53.00, few to 53.50; 500-650 Ibs 53.50-54.00.

Cattle and Calves: 1100; steers and heifers weak to 50 lower; moderately active trading; cows steady; steers choice 1075-1350 Ibs 77.5078.25, package 78.50, couple loads 78.75-79.00; select and choice 1000-1250 Ibs 76.50-78.00- heifers choice 975-1200 Ibs 77.00-78.00, load 78.50; select and choice 950-1150 Ibs 75.5077.50; cows breaking 53.00-56.00; boning 54.00-56.00; low to average cutter 50.00-53.00. Sheep: 50: soring lambs 50 higher; old crop lambs 5.00 higher; ewes steady; spring lambs choice and prime 100-120 Ibs 67.00; old crop slaughter lambs choice and prime shorn, No. 1 2 pelts, 110-130 Ibs 65.00; wooled 63.00; ewes cull to good shorn, No. 1-2 pelts, 11.00-15.00. KANSAS CITY, Mo.

(AP) Quotations for Monday: hogs 450: compared to Friday barrows and gilts 50 Mgher; 1-3 230-260 Ib 64.00-64.50. Sows under 500 Ib 1.00 higher, over 500 Ib 3.003.50 higher; 1-2 300-500 Ib 53.00; 1-3 500-650 Ib 54.50. DODGE CITY, Kan. (AP) Trade active. Slaughter steers steady to 50 lower; slaughter heifers steady to weak, instances 50 lower.

Inquiry and demand fairly good. Sales confirmed on 9,500 slaughter steers and 5,700 daughter heifers Monday, For the week to date Including late Friday and the weekend 16,700 head confirmed. Sales FOB feedlot net weights after 4 percent shrink Slaughter steers: choice with end select 2-3 1080-1300 Ib 78.50; mixed select and choice 1050-1125 Ib 78.00-78.50. Slaughter heifers: choice with end select 2-3 975-1025 Ib 76.2S-78.SO, pen 950 Ib 78.00; mixed select and choice 950-1060 Ib 77.5078.50: choice with end commercial and select 1130 Ib heifers and heiferettes 76.00-76.50. ST.

JOSEPH, Mo. (AP) Quotations for Monday: Cattle: slaughter 500: compared to Monday of lost week slaughter steers and heifers unevenly steady to 1.00 lower. Slaughter cows and 1.00-2.00 lower. Slaughter steers, choice 1050-1325 Ib 75.50-77.40. Slaughter heifers, choice 975-1200 Ib 75.00-76.20.

Slaughter cows, high cutter, utility and commercial breaking Jl.00-52.50, high dressing 53.50-57.75; boning 51.50-56.75, high dressing 58.75-64.00. Slaughter built, yield grade 1 1250-3250 Ib 65.75-68.00, high dressing 69.7571.75. Hogs 1,300: to Friday barrows and gilts 50 higher, mostly steady with Saturday's auction; 1-3 230-260 Ib 64.00-64.50; 2-3 260-280 Ib 62.50-63.50. Sows 1.00-2.00 higher; 1-2 300700 Ib 53.00. Investors hope to resurrect bankrupt Minneapolis firm By GORDON D.

FIEDLER JR. Business Editor MINNEAPOLIS The city of Minneapolis will know by the end of next month if it has a future in the recreational vehicle manufacturing business. Local and out-of-state investors hope to resurrect the bankrupt El- Dorado Motor Corp. and begin limited production of recreational vehicles by July 1. The investors have formed a new company called Honorbuilt Industries Inc.

and expect to present an acquisition plan to the bankruptcy court within two to three weeks, said Robert Stewart, Honorbuilt president and former ElDorado chairman. Among the list of investors are Stewart and Wichita car dealer Rusty Eck, who has been an El- Dorado dealer for about eight years. He is one of three ElDorado dealers two are out of state involved as investors. The group also includes former ElDorado officers and managers. "Rusty Eck and myself, along with a few others, formed an investor group to acquire certain assets of ElDorado Motor Stewart said.

The assets include a portion of the manufacturing plant and some machinery and equipment. Stewart declined to reveal the amount the group has raised or how much of the former company the new group wants to buy. The investment will be assisted by a $300,000 Community Development Block Grant awarded to the city. Honorbuilt will get the money in the form of a low- interest loan from the city if the acquisition plan is approved by the court. The new company hopes to succeed where ElDorado failed by concen- "Ultimately it (El- Dorado) couldn't afford some setbacks." Robert Stewart investor trating on fewer, lower-priced models of its class A and mini- motorhomes.

The company expects to employ between 80 and 100 people, a fraction of the number during El- Dorado's peak. "The old ElDorado company was on a pretty fast growth track," Stewart said. "Ultimately it couldn't afford some setbacks." Those setbacks included poor acceptance of the recreational vehicle; model of the Starfire, noted for its aerodynamic front end. Also, the. company failed to accurately predict the popularity of large motorhomes with below-floor storage.

Stewart said the new firm plans to produce a limited number of Starfire motorhomes designed specifically for commercial use. "Starfires have been built for mobile medical labs (and) mobile radio stations," Stewart said. 'The company plans to commence production as a relatively small company looking at the low- to medium-priced end and size of both the class A and mini-motorhome." Stewart said the new company will continue efforts to distribute orhomes in Europe, a project started, under the ElDorado banner. The company shipped about 20 different vehicles to Scandinavian dealers who were to distribute them- throughout Western Europe. "We continue to stay in close communication with them," Stewart said.

Congress may tighten farm loan forgiveness WASHINGTON (AP) Congress may be getting fed up with a 3-year- old law giving the Farmers Home Administration a free hand in forgiving some big debts, including about 100 of $1 million or more. Bills in both the House and Senate would clamp a lid- on the amount of bad debt that FmHA could excuse and would tighten some other loopholes in the agency's farm lending program. The free hand was provided by Congress in the Agricultural Credit Act of 1987, which was aimed at streamlining and liberalizing debt- collection policies of FmHA, an Agriculture Department agency. By last Nov. 30, the most recent tabulation available, almost 16,000 delinquent farm loans totaling nearly $2.8 billion had been forgiven by FmHA under the 1987 law.

The forgiveness debt owed to FmHA was authorized by Congress on grounds that in many cases the assets held by borrowers are worth far less than the face value of the original loans. Land values, a mainstay for farm credit, plummeted in the 1980s, wiping out much of the previous net worth of borrowers and reducing loan collateral. The FmHA as of Nov. 30 had written off nearly one-third of the $8.8 billion in overdue loans. Last week the Senate Agriculture Committee approved a 1990 farm bill provision aimed at FmHA credit policies, including a $350,000 lid on debt forgiveness.

A similar measure in the House would impose a $250,000 limit on the FmHA practice. The administration wants the" credit loopholes plugged, and the Agriculture Department says it favors a $250,000 lid on FmHA loan' forgiveness. Roland R. Vautour, USDA under! secretary for small community and rural development, told Congress earlier this year that "huge amounts are being forgiven because there is no dollar limit in the law." Vautour, who oversees FmHA operations, said the average of all loan write-downs was $172,857 and that the average write-off was $205,674 per loan. "Most borrowers would be unaffected if the maximum amount that could be forgiven were set at $250,000," he said.

Union wants to protect retirees KANSAS CITY, Mo. (AP) United Auto Workers union President Owen Bieber on Monday outlined a five-point bargaining plan for this summer's Big Three contract negotiations, including a qualified call for inflation protection for hundreds of thousands of retirees. But Bieber, delivering the opening speech at the union's three-day bargaining convention, didn't to say whether that protection should be through lump-sum payments, or cost of living adjustments. In the past, company executives and union officials have said such a contract provision could be extremely expensive and could mean benefit cuts for active workers. Bieber kept open the possibility of pushing for inflation protection when bargaining with General Motors Ford Motor Co.

and Chrysler Corp. begins in July. "While I can't tell you the exact formula by which we will reach our destination this year, I can tell you absolutely that we will achieve the goals we all share of improving current benefit levels and ensuring those gains are protected against inflation in future years," Bieber 1 said Monday. Bieber ticked off a list of bargaining priorities for when the union sits down with the Big Three shortly after Independence Day. For the first time in 11 years, union contracts with GM, Ford and Chrysler expire at the same' Sept.

14. Topping the list were job and income security, followed by wage and benefit increases..

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