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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Dec 24, 1981
Page
19
Chrysler Corp announced cash rebates ranging from 300 to 1000 for select 1981 and 1982 model cars and trucks. The program runs January 1 through February 28 and applies to Omnis Horizons Ram Wagon and Imperial with rebates usable as down payments or taken as cash.
U.S. car production for 1981 ended with an estimated 6,260,000 autos built, down 1.8 percent from 1980 and the lowest total since 1961. Truck output rose 2.4 percent to 1,675,000. General Motors led with 3,906,204 cars, Ford followed with 1,320,860, Chrysler at 751,200, while Volkswagen and American Motors contributed smaller shares. Canada also saw declines in car and truck production.
UPI reports December 10 day sales show a 22.4 percent drop year over year with Ford down 41.7 percent GM down 14.5 percent and Chrysler up year to date. Total 104,654 cars sold in the period, annual rate 4.8 million, marking the worst since 1959 and continuing a broad industry slowdown.
UPI reports a dull trading day as major indexes fall for the third consecutive session amid year end tax selling and recession concerns. Dow down to 869.67, NYSE index at 70.97, S&P 500 at 122.31, NASDAQ at 195.45. Big volumes noted with mixed bank and tech activity and several large blocks traded.
The week ended December 18 saw gasoline inventories rise to 251.9 million barrels and distillates fall to 191.1 million. Chrysler and GM announce plant shutdowns and layoffs in early 1982 to align inventories with weak sales. Ford plans large-scale closures affecting 42,300 workers.
The Treasury announced the tax exempt All Savers Certificates will rise to 10.16 percent effective Sunday, replacing 8.34 percent. The new rate applies to certificates purchased through Jan. 23 and is fixed at 70 percent of the 52 week treasury bill rate, based on latest auction.
American Telephone and Telegraph asks the FCC for permission to offer full color Picturephone Meeting Service in 16 cities in 1982 and 42 more by end of 1983. The plan envisions coast-to-coast, face-to-face meetings for businessmen using the Bell System network.
On this date in 1943 President Franklin D Roosevelt announced General Dwight D Eisenhower would command Allied forces in Europe during World War II.
General Mills reports for the 26 weeks ended Nov. 29 sales up 14.3 percent to 2.84 billion and earnings up 10.3 percent to 141.6 million with per share of 2.80. Second quarter earnings rose but were trimmed by non operating factors. sales near 1.5 billion. Beatrice Foods posts third quarter per share 0.82 on 2.248 billion sales. nine month earnings 2.92 a share on 6.8 billion revenue. currency losses trimmed profit 6 million.
International Harvester announced the completion of its debt restructuring, replacing short term borrowing with term loans. The new facilities total about $1.5 billion for the parent company and roughly $2 billion for International Harvester Credit Corp, maturing December 15, 1983.
The 6th U.S. Circuit Court of Appeals issued two decisions in the Marathon Oil dispute. It kept intact a finding that Mobil’s proposed takeover violated antitrust law while reversing a ruling that U S Steel’s bid was entirely legal. The court barred two unlawful options that Marathon granted to U S Steel and ordered the U S Steel tender offer to stay open for a reasonable time without those effects. All judges agreed Mobil cannot buy Marathon shares.
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