The Journal Times from Racine, Wisconsin • 21

ale n' hug-fin Shipper piriic.es ScHg as gDranmi of this year, BN loaded .36,781 car-, loads of For all of the--railroad loaded 69,353. One is about 3,400 bushels of corn, SW said. When's the corn going, to sfar moving in Nebraska?" she That is the same thing as asking when prices for corn will go up. The immediate outlook on that question is bleak, according to Darwin Stot-te, president of the U.S. Feed.

Grains Council who spoke in Columbus this week. "We're dealing in the U.S. with; basically a satisfied market" fojp-grain. The solution, Stolte is. to.

encourage exports. But he said President Reagan has not been able to do that. Until he does, Stolte farmers can expect more rock bottom prices. And that means more, idle rail cars. milo, beans and wheat all are up from a year ago, Trandahl said.

tike the Chicago and North Western, UP boosted Its grain shipping equipment following the car shortages. "We bought or built' several thousand additional covered hopper cars," Trandahl said. "Now, we're having to cut expenses in order to help maintain profits." In St. Paul. BN Man-'ger of Marketing Communications Lynn Casey said that last year, grain and grain products represented 17 percent of the railroad's gross shipping revenue.

1 "That's a pretty big hunk, and when you have a dropoff like we've had this year, it's got to affect you," she said. "We're going to be hurting a little bit this year because the car loadings are down." Casey said that through October Steve Kline of The Assocleted Pren OMAHA, Neb. (AP) When America's amber waves of grain are selling for a song, it means tough times for heartland railroads that depend on shipping farm products lor a large part of their revenue. Sagging prices for what is expected to be a record 8.3 billion-bushel corn crop have prompted farmers to store their products, waiting for prices to rise. That decision has brought grain shipping on the nation's railroads to a standstill.

"We. have literally thousands of grain cars sitting on sidings, doing' absolutely nothing," said Chicago North Western spokesman Jim McDonald in Chicago. "Grain moves as a function of the price of grain, and months of this year was $78.2 million, Trandahl said, down from $129.4 million in 1981. He said the recession In the farm economy in general, and the drop in grain shipping business in particular, can be blamed for the decline. To illustrate the drop in business, Trandahl pointed out that by this time a year ago, UP had shipped 4.1 million tons' of Nebraska corn.

This year, the railroad has shipped 1.8 million tons. "Without a doubt, it definitely hurts us," Trandahl said. "We've had some 'improvement in other areas, like piggyback (loading truck trailers on rail cars). That's a very-big boost, but it hasn't been enough to offset the grain loss." Corn appears to be the biggest problem. Shipments of Nebraska right now, the amount moving is minuscule.

Those bins out there are Just jammed, with grain." More than 4,000 6f the railroad's hopper cars are Idle, McDonald said, and the company's grain shipping revenues through October are down $28 million from a year ago. This year's corn prices are expected to average 12.20 to $2.40 a bushel, down from $2.45 a bushel last season and f3.ll in 1980-81, according to the U.S. Department of The USDA's inventory of grain stocks on Oct. 1 showed that there were 86.6 million metric tons of corn, sorghum, barley and oats in the U.S. marketing pipeline, the most since the record Oct.

1, 1961, stockpile of 92.6 million metric tons. "It's a tough, nasty recession," McDonald said, noting that many railroads tripled the number of their covered hopper cars following widespread grain car shortages five years ago. Letting that equipment stand idle is expensive, he said, "It hurts. Those cars are financed through lease arrangements' and grain is the largest commodity we haul In terms of revenue," McDonald said. "We're feeling the economic recession virtually everything we haul is down." The Union Pacific Railroad and the Burlington Northern are in the same situation, according to spokesmen for both companies.

"Our grain (shipping) is down about 25 percent from a year ago," said the UP Ed Trandahl in Omaha. "Grain is one of our biggest commodities, and our overall business is down about 16 percent." UP's net profit for the first nine Was that industry's lowest since a big strike in 1959. For the first time in the recession, overall factory use fell below the 1975 low of 69 percent, a figure that had been the lowest level in statistics going back to 1948. Allen Sinai, a vice president with the private consulting firm of Data Resources said the new operating rate "is further evidence that the U.S. economy has suffered a near depression over the past few years" as a result of efforts to bring down the high inflation rates of the USDS! the Journal Times Thursday, Nov.

18, 1982 iise level hits record low factory WASHINGTON (AP) Nearly one-third of the production capacity of U.S. factories stood idle in October. The 68.4 percent seasonally-adjusted factory-use rate reported Wednesday was the lowest since the Federal Reserve Board began keeping records in 1948. Last month's operating rate was down from adjusted rates of 69.2 percent in September and 69.8 percent in August. September's rate earlier was estimated at 69.1 per-, cent and August's at 69.6 percent.

Chrysler, AW to talk jobless pay boosts income statistics WASHINGTON (AP) Americans' personal income rose 0.7 percent in October, the biggest increase since July, the government reported today. However, a big chunk of the increase was due to rising unemployment benefits, a result of layoffs because of the lingering recession. And personal consumption spending rose only 0.1 percent, a discouraging sign for those who hope increases in consumer' spending will push the economy to recovery. In October, the Commerce Department report said, total personal income rose $19.1 billion to a sea Bits of business Bayard Tweedt, James Torres, John Woods, Thomas Kraftzenk, William Sweeti and Christine Conrad were' inducted into the 20 Year Club of C. Styberg Engineering Co.

1600 Goold during the club's 23rd annual dinner meeting Tuesday at the Sheraton Racine hotel, 7111 Washington Ave. Club now totals 61 active employees and retirees. Wisconsin Electric Power Co. has been named Electric Utility of the Year for 1982 by Electric Light Power, a trade magazine published by Technical Publishing, a unit of Dun Bradstreet Corp. In a news release, Electric Light Power said Wisconsin Electric was chosen because of its "strong financial performance in 1982 and for its successful efforts to further strengthen its financial foundation, get long-term capital programs under control, and put itself in a position to make decisions affecting its future based on the merits, rather than on expedition or political necessity." Corcoran, vice president for sales and marketing at Color Arts 1840 Oakdale has been elected vice chairman of Screen Printing Association Internatial, a trade association with 2,200 members.

Dale Cole of 1623 Highway 41 opened a store Monday called Gems Galore, selling jewelry and loose gemstones, in Westgate Mall, 4901 Washington Ave. Cole's son. Scott, is managing the store, which is operated by Interstate Lapidary a wholesale business owned by Cole and his wife. A microcomputer store called Computer Sales of Racine was opened Oct. 15 at 1700 N.

Main St. in the former Dary drug store building by Computer Sales a company owned by Frederick A. Cape 75 Acres Drive. The building is owned by A B. Enterprises, a partnership of Arthur E.

Schaefer. Ronald Schaefer and Benjamin Schaefer, who bought the property in April for $85,000 from Klinkert Realty Co. "Frederick G. Jaicks, chairman and chief executive officer of Inland Steel and Frank C. Osment, retired executive vice president of Standard Oil Co.

(Indiana), have been elected to the board of directors of McGraw-Edison increasing the board to members. McGraw-Edison, a maker of electrical and mechanical products, is based at Rolling Meadows, III. French corporate bankruptcies, liquidations and legal settlements rose to a seasonally adjusted 1.825 in October from 1.777 in September. Steelworkers leaders approve hew contract The decline had been expected following the Fed's report this week that industrial production dropped an estimated 0.8 percent in October after falling 0.7 percent in Septem-. ber.

The Fed's factory use report said: The October decline was the 13th in 15 months. There were new declines in two major industries as factory use fell to 49.7 percent for auto makers and top 42 percent for iron and steel producers. The iron and steel figure president for labor relations, agreed Wednesday to return to the bargaining table, the Wall Street Journal reported. But Stepp said the scheduling of talks for Monday did not indicate a change in the union's basic position in regard to Chrysler. Dollar, gold LONDON (API The British pound steadied todayg from its three-day battering on world foreign, exchanges, and the U.S.

dollar also recovered some lost ground, dealers said. But trading, was hectic and nervous in the 'opening hours. Gold prices, which had benefited from the week's currency tee-saw, dipped lower in quiet trading. "Nobody's learned anything new overnight," said a dealer at Citibank in London, "but after the selling pressure on the dollar and sterling throughout the week, positions are being reversed because of some short-covering. Four days in row it expecting too much." The pound, which earlier in the week had lost 4 percent ot its value against a basket of 14 major currencies and fell to six-year low against the dollar, was steady today.

It was worth SI .6025 up from SI 6001 late Wednesday, and 4.115 West German marks, slightly down from 4.12. A falling pound has been welcomed by Brit-' ish Industry because it make exports more competitively priced. a sharp downturn like this week's sudden five-cent plunge, could undermine confidence, halt the recent decline in interest rates, and put risk Prime Minister Margaret Thatcher's ntl-lnflafion policy, cornerstone of her economic strategy. Mrs. Thatcher was expected to give the government's reaction to events on the foreign ex-changes the House of Commons this afternoon.

Bank of England Intervention helped hall the pound's plunge on Wednesday, dealers said, after some panic selling. "We have Sit 5 billion of (Bank of England) reserves with which to defend sterling, and the authorities will use it if they have to, taid one banker. But tome commentators urged the government to let sterling drift lower as a means of creating demand and lobs amid the country's worst unemployment crisis since the 1930s. "The only honest course It to allow sterling to adjust unchecked to a level at which our goods are once again competitive at home and abroad," taid the liberal Guardian newspaper. "The pound should be encouraged to drop, a good way further." The dollar firmed in Europe Thursday morning, after coming under pressure earlier in the week amid uncertainty about the future direction of S.

interest rales. Federal Reserve Chairman Paul Volcker's cautious approach to further cuts hi the Fed's discount rate was widely reported. In Tokyo, where trading ends before Europe's business dey gets under way, the dollar tell to a closing 262.70 yen, down from 263 50 on Wednesday. Later in London, however, the dollar recovered to 263.10 yen. Other dollar rates in Europe at mid-morning, compared with late Wednesday: -2 5665 West German marks, up from 2.5643 1 2.190 Swiss francs, up from 1922 -7 2575 French frencv up from 7 2450 Dutch guilders, up from 2.7t9S Italian lire, unchanged -I 224 Canadian dollars, up from 1.2243 London's five meior bullion dealers fixed a morning recommended gold price ot S409 25 a Troy ounce, down from S4lt 50 late Wednesday.

"There doesn't seem to be much interest." commented one trader. In Zurich, the metal was quoted at 1410 an ounce, down from 1413 75 the day before. Earlier In Hong Kong, gold dropped one cent to close at 5409.41. In New York on Wednesday, gold fell S2 50 to close at S407 in late trading Silver opened in London at I9 60 a Troy ounce, down from 105 Silver, gold SILVEft Chicago Mid America 1.000 ounces November 19 40 per troy ounce; De- cember $9 50; January st February S9 S3. March 70, April 19 12, May I0 25; June 19 95, July 110 50; September tlO X.

Oecember 10 45, Mey 610 10; Tuesday's sales. 769 contracts. GOLD Chicago Mid America 23 2 troy ounces December 140 40: February 4I3 50; March 6417 75; April S4J0 00, June 433 00; Oecember 6422.50. Tuesday's sales. 1.37) contracts.

France's National Statistics Institute said: American Telephone Telegraph Co. said it plans to sell as much'aS $1 billion in new common shares soon, the Wall Street Journal-rev ported today. did not specify the planned sale date or the number of shares to be sold, saying that Information is to be filed soon with the Securities and Exchange Commission. Based in trading on the New York Stock Exchange Wednes-. day, in which stock closed at $61,625, down 25 cents, the company would have to offer 16.2 million shares to raise its $l-billion maximum in new financing, the Journal reported.

current has more than 876 million shares Cincinnati-based Federated Department Stores said its-net earnings for the fiscal third quarter ended Oct. 30 fell 23 percent, to $39.7 million or 82 cents a share! from $51.6 million or $1.06 a share in the year-earlier quarter. Federate ed, which operates the Boston Store; division in Wisconsin, said the recession for the first time depressed profit of several divisions in the' Sun Belt. Sales rose 8.6 percent, to i.85 billion from $1.71 billion. The com-: pany also indicated that costs asso" ciated with its "aggressive expan sion program hurt earnings.

Fe-; derated's net earnings for the first nine months fell 30 percent, to $90.4 million or $1.86 a share. Nine-month sales rose 7 percent, to $5.1 billion. -Runzheimer Co. a man-I agement consulting firm in the; Town of Burlington, has been eleeU ed to membership in Acme air association of management consulting firms. Acme said in a news re-! lease.

Runzheimer specializes in; consulting on travel and living- costs. A day-long conference designed to" show small businesses how to pre-; pare and finance bids for contracts mm mi; ituciai wci unrein qini private manufacturers will be held Tuesday. Dec. 7, at the Sheraton Racine hotel, 7111 Washington under sponsorshop of Racine Area-Manufacturers and Commerce, the Kenosha Area Chamber of Commer-; ce and the Kenosha Manufacturers! and Employers Association. There! is a $5 registration fee.

Western Electric Co. announced! -the indefinite layoff of 800 Indinap. olis shop production workers be'' cause of a "softening in the demand! for telephone sets." Bethlehem-! Steel Corp. said 1,000 workers at its! Burns Harbor. works will be laid off for two weeks starting.

Thanksgiving. which raised its offer from million last week, also agrees to as-; sume $8.7 million in liabilities. Woods rebuffed a $10.5 offer from DeLorean's younger brother, Charles, who sells the stainless steel sports cars at his Ca-; dillac dealership in Lakewood, Ohio. "This leaves the creditors on Die. short end." Charles DeLorean Said after the ruling, adding he would -consider an appeal.

DeLorean Motor Co. filed for pro--tection under Chapter 11 of the fed-1 era! bankruptcy laws Oct. 25. less! than a week after John DeLorean-was arrested in Los Angeles on drug charges. He pleaded not guilty and is free on bail.

may drop 2 lines ilw4M MMili. ic i Judge McMillen is overseeine re organization of the railroad. It was! not known when he will decide ov the special master's tions. The Milwaukee Road asked '1N-Interstate Commerce Commission last June for permission to abandon; the two lines. Tsuvm service it me wmi-tsuningten hm- 0 (SIMlllaTV1Tfl PIC aUT4Jt-9i LM tinhorn.

Detavan. Darren. Earcvretl; ana uinion junction, inosc on- ire Janesville-Madison line include ion junction, r-oepnnn. Mrnirw- 1 1 r- i 1970s. But he said the unemployment rate already at a 42-year high of 10.4 percent, should rise no higher than 10.7 percent.

And he said "the processes for recovery" including lower interest rates and moderately improving sales of houses and consumer goods have begun ans should lead to "meaningful recovery" by next year. Sinai also said the very low level of factory use "suggests a meager upturn at best during the next six months." sonally adjusted annual rate of $2.62 trillion. Private wages and salaries actually declined $1.8 billion but government paychecks rose $3.6 billion oyer September. More than half of the overall increase $10.8 billion was due to increased "transfer payments," which include payments for Social Security and other programs as well as unemployment benefits. Jobless benefits increased $5.7 billion, today report said, mostly because of recent legislation that extended payment of such benefits up to an extra 10 weeks.

current contract, which isn't sched uled to expire until next August. Details of the preliminary pact are sketchy. It was however, that the agreement would change radically the manner in which the 447.000 workers affected are compensated, the Journal reported. The tentative pact seeks to increase benefits for many of the 140.000 steelworkers currently laid off while chipping away at steel labor costs. Union officiate' approval of the agreement isn't a certainty.

The proposed pact is likely to generate controversy among rank-and-file members who aren't convinced that' granting concessions to steel producers will preserve jobs. say until everyone everywhere has signed on the dotted He declined to say how much of the Brazilian unit Massey is negotiating to sell. As reported. Massey is restructuring its operations and finances as it contends with a severe worldwide plunge in farm-equipment markets. The company said in September it expects to save about $600 million from the restructuring.

Wednesday. Massey said it still hopes to complete the refinancing agreement with its lenders by 30. Pabst motion wivria owns about 14 percent of Pabst's shares. "I think the court's decision speaks for itself." a Pabst spokesman said, "and we're pleased the judge has ordered that the Pabst shareholders receive additional financial disclosures from the Jacobs group." G. Heileman Brewing' La Crosse, also has bid for Pabst.

offering $27 .50 a share for 73 percent of the outstanding stock. Heileman has said it later would complete the purchase through unspecified merger trantkxii Tentative agreement on a leaner steel labor contract to supersede the current pact has been reached by negotiators for major steel producers and the United Steelworkers union, the Wall Street Journal reported Pittsburgh. The new agreement was expected to be submitted to the union's executive board today and then to a meeting in Pittsburgh Friday of the union's basic-steel industry conference, a group of union local and district leaders that must approve any change in the master labor agreement with eight large steelmakers. Sources said the new agreement calls for a three-year contract to take effect Dec. 1, replacing the The United Auto Workers union expects to meet Monday with officials of Chrysler' Corp.

to try to negotiate new contracts for U.S. and Canadian workers and to seek an end to the UAW's strike against Chrysler in Canada. UAW Vice President Marc Stepp said Thomas Miner, Chrysler's vice Local interest Courtesy Robert W. Baird Co. Inc.

uuotarions as or a.m.: Net Chn -'A NC NC -k NC NC Vi' NC -V -V NC NC NC Hlo' Low ..27 zm Last 274 364 IS1 33 304 42 'A 35 26Vi 344 3' 2 27 51 16 Wt 334 27 '4 334 26 154 S3 19' 214 23' 24' Alleg Int. Am Cont. Can Emir. Elec Evans 361 36. 15'A 33 .........59 15' 33 -584 304 35 9' 264 34S 38 2 -26 114 27V, 334 25l 53 184 214 23 24 9 First Wis Corn 304 Gn.Si9.C0rp 42 Gould Inc mart JW 34H Levi Strauss Massey J1 Mattel Inc Mattel Modine Rexnord Inc Rex 12 36 pfd) Snap-on Tools 27'4 Tenneco ,..334 Textron Inc 26V Twin Disc Vulcan Mat 53' Wicor Inc Wis El Pow 21 Wis PSc J3V Wis Pwr LI ,.244 Over the counter Bid Marine Corp 33 Marshall II Corp Pabst Brewing N.L.

Stearns 34 Versa Tech Mutual funds Value Affiliated Fund 143 Century Snares Trust .12 93 Fidelity Fund 1164 Investors Mutual 10 59 Investors Slock 19 47 Investors variable Pay 10 01 Massachusetts Inv. Tr 11 0 Massachusetts 13 21 Newton 23 93 Nicholas 21 45 Selected Am. Shares I 24 Wisconsin Inc Jet Ask Jt'1 31 N.L. 4 Price 9.01 N.L. N.L.

IIJ1 2l.lt I0W 11.72 14 32 N.L. N.L. N.L. N.L. CHICAGO CAP) The Wisconsin eog market Wednesday was steady with demand-somewhat improved, supplies were generally adequate.

Prices: Grade A large 66-69, mediums SMI. Grain futures CHICAGO (AP) Futures trading Chicago Board of Trade Wed. WHEAT 5,001 bv. minimum on the Dollars per Dusiwt, Open High Low Last Dec. Mar.

May .331 3M 3 30 .3 52' 3 53 3 45 131 ir. 359 3 6m 1.7'l 157' J.S0' 3511 3 59 3S2S 3 3 61' .3 to 3 604 1.76VI' .04 -04 -02' Dec Prev sales 19.193. Prev day's open Int 42.641. CORN 5,000 bu mlnlmumi Dollars per bushel. Dec 2 36 2 374 2 341 1 344 4 00' Mar 2 47 2 474 2 44y 2 45 00' May 254 2 54' 2 52 2 52-fOIVi Jul 25' 2 60 2 57' 250 Sep 2 63' 2.63' 1 604 fl Dec 261 269' 3 441 3 67 Prev sales 39.764.

Prev day open int 134,337. OATt 000 bu minimum) Oeiiart per bushel. Dec 1 644 1 5' 161' 1.62' -01'. Mar 1 764 1 77 1 73 1.73 02' May I.atvi 1 04 MO 1 bO' -074 lut 1.74 Jtp 1.774 Prev sales 1.441. Prev day's ooen Int 6 202.

SOYBEANS S.606 bu mlnsmufl DMiers per eusaui. Nov 572 Jan 512 Mar 5 96 May 6 00 Jul 6 10' a 1 Sep 01 Nov 5 99" 5 74' 564 5 644 i 75 57 S96 604 604 57 56 6 07 -03' -0J4 01' -02 -02' 1 0t -641 514' 596 604 6 12' 613 6 01 600 6 10 575 5tt 596 604 604 5 97 5 951 6 10 Jan 6 It Prev ules 46 525 Prev day't open int 05.539. Livestock MILWAUKEE (API Wednesday' cattle market good to etwee steers 52 00-55 Ot. good te cnoxe hetiers St 00-53 to, good Moistem steers 45 00 SJ 00; standard to low 36 00-44 00. good dairy heifers 31 00-43 00.

utility cows 06-Jt 00. centers end cutters 31 00-35 00: commercial bulls 43 at- 00. common 40 00-42 4esdev ceil mar'et cnoKe ceives at to good caies Hoo-toot mo' evws 66 ta-at 0. Seeaer neiters eo 00-90 0 Wednesday hg market: light butchers MSt-UOO. heavy butchers 4 00 54 50.

ligM tows 45 50-47 50. heavy lews 47 Je-49 00; boar 42 at end euyn weexesoey't lem aret- goad ta chotc Mee-Mt aoetuckseaa-sltd Tkyrtoevi estimated aa cattle. 41 carvttt lit nog and Court OKs DeLorean sale M-F is trying to sell part of Brazilian unit DETROIT (AP) A federal bankruptcy judge Tuesday approved the sale of nearly all the assets of the DeLorean Motor Co. for $1.5 million 'to a Columbus, Ohio, firm in what was described as a death blow to the company founded by John Z. DeLorean.

"The court does find that this is in the best interests of the debtor (DeLorean Motor Co. Judge George Woods said in awarding the 649 DeLorean sports cars in storage in the U.S. to Consolidated International. Consolidated also gets all car parts in inventory' in the United States, distribution rights, and parts and office equipment. Consolidated.

MiIwaukee Road The Associated Press A spokesman for the Milwaukee Road said a court official in Chicago has recommended that the railroad's 37.9-mile freight line between Be'oit and Burlington be abandoned imMediately. Special Master Milton R. Gray also recommended to U.S. District Judge Thomas R. McMillen that the 36 4-mile freight line between Janes-ville and Madison be abandoned "at such time that it might be sold to another operator." said the spokesman.

Jim Scribbins. The latter line must first be abandoned before it can be sold, Scribbins explained Torontp-based Massey-Ferguson Ltd. said it is negotiating to sell an' interest in its Brazilian unit. Mas-sey Ferguson Perkins S.A. For the nine months ended July 31, Massey's Brazilian sales were $171 million (U.S..

or 11 percent of total sales. Brazil is Massey's third-largest market, after the U.S. and the United Kingdom. A spokesman for the ailing maker of farm machinery, industrial equipment and diesel engines said the transaction "could well close in the next few weeks." the Wall Street Journal reported. "It's difficult to Court denies VVSUI I 4-l WILMINGTON.

Del. Federal Judge James L. Latchum Wednesday denied Pabst Brewing motion for a preliminary injunction to stop the latest tender offer by dissident shareholder Irwin L. Jacobs. But the court ordered Jacobs and his associates to provide shareholders with additional financial information about the bid by Monday.

JMSL Acquiring owned by the Jacobs group and making the offer, said it will comply, the Wall Street Journal reported. JMSL proposed a two-step buyout, offering shareholders an average $22 a share. Tr Jacobs group already Foreign exchange (Quoted in American dollars 1 Nov 17 Nov It Vr. oo England 15955 1 6241 1 Argentina 0M2 0002 0001 Canada lie 1433 Australia 942 6411, I luO Austria 0556 .0554 0634 Senium .0201 07O0 Braiil .0044 0M4 0W Denmark .1115 .1109 France Am AM Germany H03 36 Ut Greece 0137 0137 Holland ,3591 .3571 400 India Ireland 1JJ05 1 3J7S 1St Israel 0371 0371 05 iiiy 0007 0007 am .00 .003 ews Meaice tee at oo Jjee Norway .1373 .1373 .1711 tm OHO a16 Saudi 7W 274 Seam sou e04 Sweden .1176 awrtaartantl JL, 4SJ SS34 fH.r i uena analime oprwig..