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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 24, 1981
Page
17
Treasury sold 4.7 billion three month bills at 10.560 percent and 4.7 billion six month bills at 10.915 percent, both down from last week. Yields match levels last seen in September 1980, with a total cash raise of 825 million after maturing issues.
USP Real Estate Investment Trust trustees announced neutrality on Life Investors Inc bid and on a rival tender by Minneapolis investors and a Texas firm. Life Investors offered 10.75 per share for 325000 shares while the other group offered 10 for 300000 shares. Trustees noted asset value estimates of 13.14 to 15.91 per share and said the board believes values exceed both offers.
In Sheffield Alabama UPI reports union leaders refused to enter a plan for workers to take ownership of Ford's aluminum casting plant leaving 1 100 employees facing job loss as the facility will be dismantled starting January 1 over wage and benefit cut proposals. The plant is the largest of its kind and closing will take about two years with all jobs lost.
Ozark Air Lines announced it will start service to Norfolk International Airport on January 2. The carrier will offer one daily flight from Norfolk to Baltimore and St. Louis with a return leg from Kansas City St. Louis and Baltimore, per public relations director Charles Ehlert.
The November Readers Digest cites methods claiming Super Bowl results forecast stock performance. If the winner traces to the old NFL, the NYSE ends higher. if from the old AFL, it declines. Experts question whether the link is real or merely coincidence.
Mobil disclosed it had attracted 23 million Marathon shares, about 38 percent, under its 5.1 billion takeover offer at 85 dollars a share. Marathon shareholders may withdraw by December 4. U S Steel has offered 125 dollars per Marathon share for 51 percent. Ohio AG Brown warned of possible antitrust action. Marathon seeks injunction against Mobil. court case ongoing in Cleveland. Stock moves: Marathon down 2.75 to 104.50. U S Steel down .25. Mobil up .25.
UPI reports a subdued pre Thanksgiving session as takeover concerns reemerge. Major averages slipped while traders weighed recession risks and the federal budget, with limited demand for most stocks as tax-related selling increased. Dow fell to 851.79, NYSE index at 70.91, S&P 500 at 121.60.
The Donaldson Co. plant in Oelwein cut 39 positions Friday, about a third of its 125 staff. Management cited reduced orders for air cleaners and related tractor equipment as the reason behind the layoffs.
UPI reports October backlog for imported cars in the United States climbed but remained far below the domestic backlog. Automotive News shows foreign car stock at 54 days on hand November 1, up from 45 days, versus 81 days for domestic. Japanese makers averaged 52.5 days, German 57, and other countries 59.
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