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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Sep 28, 1983
Page
4
New York stocks fall modestly with the Dow down to 1246.65 in early trading after a 45 point rise from mid September. Declines outnumber gains two to one on the NYSE as investors await signs of lower interest rates and a slowing economic recovery.
AP notes mixed nonferrous metal prices in New York with copper delivered values around cents per pound and aluminum near 76-31, gold at 412.25 per troy ounce, tin and silver showing quirky figures, and platinum listed at 347600943200 per troy ounce in domestic merchant markets.
Major carriers move to reduce expenses as deregulation spurred competition from new players. Continental Airlines files under federal bankruptcy law after layoffs and salary cuts. Eastern contemplates bankruptcy without 15 percent wage cuts. Labor costs have surged, with CAB noting pay premiums for airline workers.
New York reports say Republic Steel Corp and LTV Corp plan a merger to create the nation’s second largest steel company. Directors were to meet today as trading was suspended ahead of an expected announcement. Spokesmen declined to comment on details.
Continental Airlines seeks Chapter 11 protection over high labor costs and argues it may seek to reject labor contracts to survive. The case tests bankruptcy power and will coincide with a Supreme Court review of a related dispute between a Teamsters local and Bildisco.
Wright Air Lines will become the ninth largest US regional carrier after merging with Aero Mech Airlines. President Gilbert Singerman announced at airport receptions that the Cleveland based Wright Air Lines will form Wright Air Lines Inc with AeroMech of Clarksburg West Virginia. The new firm will serve 23 airports in 21 cities across eight states with 214 daily departures starting Monday.
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