Consumers Shun Credit as Holiday Spending Slows
An Associated Press survey shows shoppers like Joe Rangel and Shirley Everett paying more cash and using credit less. Banks raise fees and interest after usury law changes while Citibank plans new annual fees and higher rates. Check use climbs 30 percent but overall credit use remains weak during the season.
MENTIONED IN THIS ARTICLE
Associated Press
Continental
Jeff Baer
Telecheck
Denver
Baer
Robert Bartolini
First Pennsylvania Bank
1980 Could Be Worst Auto Year With Plant Cuts
Chrysler plans mid January production cuts at its Belvidere Illinois and Selvidere plants putting about 790 hourly workers on indefinite layoff after holiday downtime. U.S. auto output may total 8 million vehicles for 1980, the lowest since 1961, with 6.4 million cars and 1.6 million trucks expected. Long term layoffs rise to 188,250 as AMC GM Ford also extend downtime and reduce shifts amid slumping demand.
MENTIONED IN THIS ARTICLE
Detroit
UPI
Chrysler Corp
Selvidere, Ti
U.S
Chrysler
Illinois
General Motors Corp
Ford Motor Co
American Motors Corp
Opening stocks drift as Dow rises amid rate hopes
The New York market was mixed with the Dow gaining 1.71 to 931.91 in early trading as investors weighed hopes rates may peak against signs of higher borrowing costs. Citibank lifted its prime rate to 21 44 percent while AT&T GM and Standard Oil moved on light volume. The NYSE advanced about two to one and volume reached 69.57 million shares.
MENTIONED IN THIS ARTICLE
New York
Donald Regan
Citibank
NYSE
American Stock Exchange
Regnet
UPI
Rockwell
Sperry Rand
Alcoa
Amer Air
Amer Can
Owl
Ohio
Tenpeco
Amer Motor
Texaco
Ammer
TelTel
Timken Sa
Trans - Bell Howell
US Steel
Cin Gas
Wastvac
Coca Cola
Weyrts
Woolworth
Columbus Gas
Cin Edison
Phere R. Senith Co
Con Edison
Amer
Mach. & Foundry
Cook United
Sheth Auer
Standard War
Dayton Hd
Ita + Diall
Kennecott
Lone Star
Loten Steel
Sue McNeil
Rash Monsanto
Mobil Corp
Gypeam
Norfolk
As Isn Corp
Eh Ran
Amer Air Hem
Piola Elect
Pil
RCA Corp
Ay Repair Steel
Reynolds
Egg Price Report Centers on Retail and Wholesale Figures
Columbus reports fluctuating egg sales with mixed wholesale and retail figures across regions. Midwest market data show yesterday’s nest-run and breaking stock prices at various levels, while shortages and price shifts surface in regional reports.
MENTIONED IN THIS ARTICLE
Columbus
Etro
Eas Farms
Phew York
USDA
Nghiong
Midwest
Metal price report from New York commodity market
A brief listing records metal prices in New York with a per pound figure and a troy ounce rate, indicating the standard market quote terms. The note preserves numeric codes and abbreviations typical of financial price sheets.
Chrysler talks progress on rescue plan amid talks and cuts
Treasury Secretary G William Miller said Chrysler progress means ongoing talks with workers banks and suppliers as the company seeks federal support. The Chrysler Loan Guarantee Board will wait for Chrysler's 1 billion cost cutting plan before deciding on further guarantees. Chrysler plans wage freezes debt swaps supplier price freezes and staffing and capex cuts. A Belvidere plant cut to 960 daily Omni and Horizon output with 790 more layoffs planned when it reopens.
MENTIONED IN THIS ARTICLE
Washington
UPI
Treasury
G. William Miller
Chrysler Corp
Miller
Cially
Chrysler
Lee A. Iacocca
Detroit
Omni
Horizon
Belvidere
U S and Japan Agree on Open Government Procurement
The United States and Japan announce a free trade style pact opening over eight billion dollars in government purchases to world competition. Japan will open 8.3 billion including 3.3 billion by Nippon Telegraph and Telephone to U S and others on January 1. The U S will open about 15 percent of its procurement market.
MENTIONED IN THIS ARTICLE
Washington
UPI
United States
Japan
Tokyo
U.S
Nippon Telegraph and Telephone Public Corp
Reubin Askew
NTT
Also Mentioned on This Page
Joe Rangel
Hazlet, N.J
Shirley Everett
Jackson, Miss
Rangel
Mrs. Everett
Federal Reserve Board
Margott Rogoff
Bloomingdale's
Continental Illinois
National Bank and Trust Co
Chicago
Visa
MasterCard
Business News
James V. Higgins
Newark
Del
AMC
Kenosha, Wis
Ford
San Jose, Calif
American Telephone & Telegraph
General Motors
Standard Oil of
Indiana
N.Y
Pemfound Insurance Agency
Oeemun Ad
Grange Auto Insurance
Grange Homeowners
Donald H. May
Chrysler Loan Guarantee Board
Federal Reserve
Paul Volcker
Elmer Staats
U. S., Japan
European Community
Canada
Business Builder
Star Building Systems
Star Builders, Inc
RT. Fier
UMBL
Stewart
Wow Oly
Stewart's
Geveland St
Elyria Pane
Eoace
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