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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 11, 1980
Page
12
Chrysler dealers report a renewed sales upturn with consumers returning to showrooms amid federal loan guarantees. Some salesmen anticipate rehiring laid off workers while others note continued imports' share and wage cuts, as overall car makers face steep declines.
Commerce Department data show a 1.4 percent June gain ending a four month slide. Analysts say the rebound signals slowing declines but warn job prospects and inflation remain concerns. Auto dealers led gains while non durable goods rose across most categories.
Ford Motor Co cuts its third quarter dividend from 1.00 to 0.30 dollars as losses mount, citing cash conservation for a vast capital program. Analysts expect a full year loss. recalls loom as 16 million cars risk unintended transmission shifts.
International Harvester plans a major tech center in Burr Ridge with up to 10 facilities and an $80 million science and technology lab to be finished by 1982. President Potter says the move aims to open thinking, raise profile, and attract top technologists with new pay, fellowship programs, and professional ranks.
UPI reports late year start planned for the Alaska Natural Gas Pipeline, a 4800 mile project by a private consortium. It would move gas from Prudhoe Bay to the lower 48, with western and eastern legs through Canada to California and the Midwest. Construction would begin in 1983 or 1984, with completion targeted for 1985-86 and costs estimated between 15 and 23 billion dollars. The line would deliver 26 trillion cubic feet of gas over 30 years, reducing U.S. import dependence. Pacific Gas Transmission awarded early consulting contracts for the western prebuild phase.
New York shares declined with the Dow Jones Industrial Average down 0.51 at 885.41 in early trading. Declines outnumbered advances by 3 to 2 on the NYSE as traders awaited signs of a recovery after Thursday’s selloff. Citibank cut its prime rate from 11% to 11 percent amid market jitters.
AP report from Columbus notes higher butter and egg prices across Ohio counties with selling prices for dairy and poultry products in several markets. USDA figures indicate strong demand and rising cartons delivered to major Ohio cities.
U S Department of Agriculture researchers have developed a process to convert catfish waste into a high protein animal feed. The innovation could provide a value stream for byproducts and support sustainable aquaculture feed options.
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