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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Mar 23, 1981
Page
2
US Trade Representative Bill Brock meets Japanese Foreign Minister Masayoshi Ito as Washington moves toward asking Tokyo to curb automobile exports. Japan already urged voluntary cuts until the US makes specific proposals. Kiichi Miyazawa urged concrete US action and Tokyo signaled openness to talks.
Board Chairman Paul Volcker warns that restricting Japanese auto imports would be a dangerous policy. Lewis favors a voluntary rollback to give U.S. firms breathing room to retool, citing Capitol Hill tensions and possible Congressional action. He says Japan could cut imports if overtime output is reduced, aiming to ease the U.S. market impact while noting Japan’s 20 percent auto capacity gain and the need for U.S. hours and jobs to remain domestic. He supports free trade but cites higher U.S. car prices once duties, tariffs, and transport add costs, and notes Italy France and Britain limit Japanese imports.
Fraser in an NBC Meet the Press interview rejects long term quotas and backs a voluntary marketing agreement if enforceable while seeking firm restraint signals from Japan. Volcker on CBS Face the Nation urges caution on import restrictions noting risks, potential retaliation, and vulnerabilities for American textile and chemical exports.
The Dartnell Institute survey finds 85 percent of employers provide at least eight paid holidays annually, with 26 percent offering 11 days or more. From 1971 to 1978 the share offering eight or more days rose from 70 to 77 percent, and salaried workers often receive a week off after six months.
The Chicago Tribune reports ongoing Wall Street whispers about bids and mergers. Standard Oil of California bid Amax previously rejected. new talks reportedly target 90 to 100 dollars a share. Other stocks like Newmont, First Charter Financial, U.S. Life, Felmont Oil, Colonial Penn, and Storage Technology figure in rising chatter, with SEC probes into insider trading tied to last week’s bids.
Ford Motor Co extends 10 percent cash rebates on six small and sporty car lines through April 5 amid industry wide price relief. Ford reports sales rise and orders doubling as GM and Chrysler keep their programs, with Ford offering price breaks of 610 to 767 on Granada, Fairmont, Mustang, Cougar, Xephyr and Capri.
New York stocks opened higher as the Dow edged up to the 99396 level with a 1.17 point gain after a 7.03 point weekly rise. Analysts note potential for a sustained advance if profit taking subsides and the market can clear the 1980-81 high of 1 004.65. meanwhile money managers face pressure to buy quality stocks after energy gains, while concerns grow over a sharp rise in the money supply reported by the Fed.
UPI reports cash grain prices paid to farmers by elevators in Ohio after the weekend close. Northeast totals show No 2 wheat 386, No 2 corn 318, No 2 oats 238, No 1 soybeans 728. Northwest lists No 2 wheat 390, No 2 corn 317, No 2 oats 225, No 1 soybeans 728. Central shows No 2 wheat 334, No 2 corn 323, No 2 oats 238, No 1 soybeans 723. Trend: No 2 wheat sharply lower, No 2 corn lower, No 2 oats unchanged, No 1 soybeans sharply lower.
Inva care Corp a Elyria based company introduces the Rolls IV a luxury wheelchair for the permanently disabled developed in cooperation with physical and occupational therapists homecare dealers patients and independent industrial designers according to company president Mal Mixon
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