The Journal Times from Racine, Wisconsin • 16

Business '''( 4B the Journal Timet, Wednetdty, October 13. 1982. Bcin, Wi. Harvester debt plan Bits of business Mattel Inc's Western Publishing Co. subsidi Chrysler talks resyme Friday may have bankers' CMC ing: the current quarter, the Sun-Times said.

The CHICAGO (AP) International Harvester Co. has won lenders' approval of a plan to reorganize and avoid filing for bankruptcy, two newspapers reported today. The Chicago Sun-Times said maker of farm equipment and trucks had received verbal approval of the plan from its approximately 200 creditor banks as of late Tuesday, and was waiting for documents to put that approval in writing before making a formal announcment. The Wall Street Journal quoted an unidentified source as saying the company would announce the pact today. Tbe latest version of the 10-month-old debt-re-' organization plan would excuse Harvester from paying any interest on its $4 2 billion in debts dur company would pay 2 percent Interest in the first quarter of fiscal 1983, with the amount rising each quarter to il percent In the fourth quarter, of, fiscal 1983, the newspaper said.

At the same time, Harvester is seeking conces- 'l sions from suppliers in the form of price cuts and easing of payment terms, to take advantage of another clause in the new debt agreement. That provision allows the company to convert $3 debt into equity for each dollar of concessions, up to a maximum of $350 million. Harvester has re-: celved $10 million in concessions so far. The new agreement, which expires on Dep." 15, 1983, was drawn up because Harvester was unable to meeting the provisions of the earlier one. The UAW summoned its national Chrysler bargaining committee nine representatives of the rank and file and the presidents of its U.S.

Chrysler locals to meetings Thursday to plot bargaining strategy. An unofficial tally Tuesday from 32 UAW locals showed the tentative accord losing by a 69.1 percent margin, with 24,902 votes against ratification to 11.089 in favor. Voting began Oct. 1 but it was Immediately evident that the contract was In trouble. Local union officials and analysts predicted defeat because the pact tied wage boosts to Chrysler earnings, with the earliest increase scheduled for December if the company made a quarterly profit of at least $20 million.

DETROIT (AP) The United Auu) Workers and Chrysler Corp, said, they plan to resume bargaining on new contract Friday, the day afte rank and file union members arex expected to reject overwhelmingly a tentative agreement rea'hed Sept, 16. contract does not meet the expectations of the Chrysler workers," UAW President Douglas A. Fraser said Tuesday. "The principal problem was they expected to get a wage increase, up front, Immedi-atew." vjoting on the pact continues through Thursday, but Fraser admitted it was being soundly defeated. "It's resounding, It's convincing, it's overwhelming," he said, Union members vote on pact despite leaders' objections Competitors gain On Tylenol's losses closing its suburban Cudahy plant.

The plant packages pork products ranging from canned hams to lard. It employed about 2,000 workers in the 1960s. It now has only 400, not counting about 400 others on layoff. The current contract affecting 800 employees i expires Sept. 1, 1983.

The proposed pact would re-, place it immediately, establish lower starting wages, reduce merit wages, shorten the work week and cancel cost-of-living provisions, a state-' ment to union members said. MILWAUKEE (AP) Meat packing plant employees balloted outdoors Tuesday after they were locked out of their union hall by union leaders who did not want them to vote on what some members call a last-ditcn job-saving contract. After about eight hours of voting at tables in the open, the national headquarters of the United Food and Commercial Workers International, AFL-CIO, told its officials at the hall to invite Local P40 members inside and finish the voting. The proposed contract grants concessions to Patrick Cudahy which lias said it considered Interest rates and yields drop again NEW YORK (AP) Drug companies are rushing in to fill the void leftf by the withdrawal of Tylenol carjsules from the market. 16 the week after seven people died from taking cyanide-laced Tylenol capsules, sales of other over-the-counter pain relievers jumped 10 percent.

Until 12 days ago, one of every three dollars spent on nonprescription pain relievers went to Tylenol. American Home Products Corp. increased production of Anacin 3. an aspirin-free pain reliever that had beep, a distant second to Tylenol in sales. Plants in New Jersey and In diana that normally operate two shifts are now working around the clock, the company says, to meet an "unprecedented" demand.

Tylenol is still sold in tablet and liquid forms, and its manufacturer, Johnson Johnson, has offered to exchange any capsules for tablets or cash. All Anacin products, including those with aspirin, made up 12.3 percent of the $1.2 billion U.S. market for over-the-counter pain relievers, the so-called analgesics, according to Advertising Age magazine. That's about a third of Tylenol's previous market share. ary, 1220 Mound said David Torok has' been named corporate director of operations and resource planning, a newly-created post.

Torok previously was corporate director of manufacturing resource planning. He joined the company in 197S as inventory control manager, Separately, a Western spokesman said John C. Worrell, vice president for consumer products operations, retired Sept. 30. Worrell had been with the company since 1967.

Fred M. Young Jr. has been named chairman of a newly-formed, 11-member Legislative committee of Racine Area Manufacturers and Commerce (RAM AC). Young is vice president and assistant general manager of Young Radiator 2825 4 Mile Road. Richard F.

Reich of Racine Millwork Supply 1219 18th has been elected vice president of the Architectural Woodwork Institute's Wisconsin chapter. A.O. Smith Milwaukee, said Robert A. Rietz, 57, formerly senior vice president for finance, has been elected vice chairman. David H.

Stieber, formerly senior vice president for. corporate development, has been named executive' vice president. National Steel Pittsburgh, the nation's fourth largest steelmaker, said it has temporarily reduced base salaries 10 percent for 6,000 salaried employees. National said it will continue to review economic conditions and will restore the salary cuts "as soon as business conditions permit." CBS Inc. said it will close its record and cassette manufacturing plant in Terre Haute, by the end of the year, eliminating about 1,250 jobs.

Robert Altshuler, vice president of the company's records division, described the move as a consolidation of the company's manufacturing operations in two other plants, in Pitman, N.J. and Carrollton, Ga. The plant is Terre Haute's largest employer. Columbia House, CBS's direct-marketing branch, will continue to employ about 1,000 in Terre Haute, and a nearby vinyl plant will continue operations. Carl G.

Thor, vice president of the American Productivity Center, Houston, will talk about the measurement and improvement of productivity as featured speaker at the National Association of Accountants' Mid-America Regional Conference on productivity Friday at the Sheraton Racine hotel and conference center, 7111 Washington Ave. Registration fee for the day-long conference, which is open the the public, is $75 and includes lunch, said Robert E. O'Brien of the association's Racine-Kenosha chapter, a financial analyst at Twin Disc Inc. Schultz Sav-0 Stores Sheboygan, operator and franchiser of Piggly Wiggly supermarkets, declared a quarterly dividend of 121 cents a share on common stock, payable Nov. 5 to shareholders of record Oct.

25. International Harvester Co. lost a $28.5 million patent suit in federal court in Rock Island, 111. In a lawsuit filed in 1976, Deere Co. had charged Harvester infringed on its patent for a device that cuts cornstalks and feeds them into combines.

Harvester said it will appeal. Separately, Harvester said it has signed a letter of intent to sell Yumbo S.A., its French construction equipment unit, to a group of Yumbo executives. A Harvester spokesman said terms are still being negotiated. For the year ended last Oct. 31, Yumbo had sales of about $34 Farmers are harvesting a record corn crop of more than 8.31 billion bushels this fall, 1.4 percent more than in 1982 and virtually the same as forecast a month ago, the government reports.

The Ariculture Department said Tuesday that the huge harvest will mean larger U.S. grain supplies in the coming year and additional pressure on prices paid to financially stressed farmers. It also will help dampen consumer food prices through 1983. General Motors Corp. said it will lay off 2.500 workers at its assembly plant in Lordstown, Ohio next week because of a backlog of unsold subcom-pact J-cars.

The plant should return to production Oct. 25, although the start-up date depends on sales, GM said. The company has more than a 70-day supply of unsold cars among models made at last week's 9.643 percent. The Dow Jones average of 30 industrial stocks, measuring the performance of major corporations, fell 9.11 points to 1,003.68. On the New Stock Exchange, 932 stocks advanced, 318 stocks were Unchanged and 776 stocks declined.

After the four major banks cut their prime lending rates Tuesday, the government announced, that home buyers also Would be getting a break. The interest-rate ceiling on Federal Housing Administration and Veterans Administration loans for single-family homes was cut 1 percent from 13.5 percent, the lowest rate since August" 1980. By The Associated Press Four major banks cut their prime lending rate to 12 percent Tuesday, and the government said it was lowering the interest-rate ceiling on certain federally-backed home loans to 12.5 percent. Meanwhile, the average rate paid on new six-month Treasury bills auctioned to the public plunged nearly Vz percentage points, to 7.734 percent. That means people buying six-month savings certificates sold by banks and savings institutions in minimum denominations of $10,000 will earn 9.15 percent interest starting today, down from Asbestos settlement will cost $2.38 million involve workers from Tenneco Inc's Newport News Shipbuilding Dry Dock Co.

subsidiary, said J. Anderson Stalnaker, an attorney for Owens-Corning. Owens-Corning is only one of nine asbestos manufacturers named in the suits, but Robert Hatten, an attorney for the workers, said other attorneys for the workers had spoken with some of the other firms and he expected more cases could be resolved out of court. Newport news, va. ap An asbestos manufacturer says it has agreed to pay an average of $17,000 per person to settle its part in about 140 health-related damage suits filed by shipyard workers.

The agreement, which would total million, was worked out between lawyers for Owens-Corning Fiberglas Corp. and attorneys for the workers. Ajl but about 10 of the 140 cases Local interest ELHE t7 WEG SAFE 7 VH! ViVLUADLE PIUZEQ Live Remote Broadcast Saturday 1 -4 p.m. i sl Truck 1 00 Washington Ave. Courtesy Robert Baird I Co.

Inc. Quotetions el of 10 30 a High Low Last Cling Alleg4l 23 23'4 23' Am Motors i 5 mttn 31 JO'i 31 Bucyrus 13 13 Cont Can 34 3J 33 Emer. eiec 54 54 -w EvanP 10 10 tot First Wll Corp 291 flj J9' NC Gn Sig Corp 37 37 37 -V Inc 27 24' 'A inco 10 lO'i 10 mart 23 23' 23' LM 29 29 2 Levi Strauss 35' .14 Vi 34Vt -I Masseyf 1 I I -f Mattel Inc. 14 vt Matte) Inc (old) 36' 35 36' NC Modine 17' NC Rennord Inc II II II NC pd 32 NC Sneo-en Tools 23 23 Tennece 32 31 31 4- TetrA inc 25 25V 25 NC- Twin Disc It NC Vulcan Mat 4t 4a 4 Wicor- Inc 19 19 NC 24 24 23 WitPSvc 24 23 24 NC WrtPwrtLt 27 27 27 Vi Over the counter Dollar, Cold LONDON (API The dollar reversed decline of several days today, rebounding in early Curopean trading amid speculation that S. interest rates might halt their slide.

Gold prices were lower. Dealers said Investors were returning to the dollar partly in response to Treasury Secre- tary Donald T. Regan's prediction that American banks' prime interest rates would level off at 12 percent. The dealers also noted predictions of large money supply figure tor October which could signal a firming of interest rates. They also attributed me dollar's rebound to a decline in interest rates paid by European banks, making European currencies less attractive to investors in Tokyo, where trading ends before Europe's business day begins, the dollar rose to closing ol 265 90 yen from 244 25 Tuesday Later in London, the dollar was quoted at 24 13 yen Other dollar rates in Europe at mid-morning, compared with late Tuesday: -2 5042 West German marks, up from 2 4t90 -2 1353 Swiss francs, up from 2 1225 -7 0905 French francs, up from 7 0385 -2 7400 Dutch guilders, up from 2 7215 25 Italian lire, up from 1,414 95 -1 2260 Canadian dollars, up from 1 22S2S In London, the British pound was quoted at SI 7132, compared with SI 7231 late Tuesday London's five bullion dealers fined an indicative price of S429 50 a Troy ounce, compared with S43t 50 Late Tuesday in Zurich, the precious metal was quoted at $432 50 an ounce, compared with 1436 25 the day before Earlier in Hong Kong, gold tell J20 41 to close at S4J2 06 in New York Tuesday, gold fell by Sit to close at S438 00 Silver bullion was traded in London at S9 55 a Troy ounce, compared with 9 475 late Tuesday.

the plant. A 60-day supply is considered normal. Golden Lantern Bid Ask 2 191. 25 36 L. L.

3U 4 14' 1414 Marine Corp Marshall Corp Paosl Brewing Stearns Versa Tech Mutual funds Grain futures Bid Ask u- Chicago Board of Trade Tuesday WHEAT S.ooo bu. miMmumi Dollars per bushel. Ooen Hioh Low Last .141 .12 If .17 73 .10 37 20 II .11 40 ..12 44 .21 70 914 L. 11 27 220 990 12 29 13 41 L. 120 3 Ui 3 MM 3 I9U.

Affiliated fund Century Snares Trust Fidelity Fund Investors Mutual Investors $toc Investors variable Pey Massachusetts inv Tr Massachusetts Growth Newtoe, NnoKS Fund Selected Am Shares Vtitcentin inc Dec Mar. May Chfl. 02 02 02 -02 3 J9Vs 3 49 3 49 1 1 IA 1 3 M' 3 3 47 3 47 3 50 350 has new operator Lou Pappas confirmed that he is out as operator of the Golden Lantern restaurant and cocktail lounge in the Clayton House motel, 5005 Washington Ave. Pappas said the lease on the Golden Lantern, and the business, was taken over Sept. 27 by the limited partnership that has operated the Dayton House since mid-1979.

"I didn't want to leave Racine, but I just couldn't make it," Pappas said Tuesday in a telephone interview from his home at Glenview, 111. "We got in a financial bind. Business was way down. I just couldn't meet the bills." Pappas operated and managed the Golden Lantern through a corporation called S.J. P.

in which he is the majority shareholder. S.J. P. Inc. leased the space in which the Golden Lantern operated from the partnership, a group of six greater Chicago area men headed by All Yusuf of Oak Brook.

Yusuf is the general, or major, partner. Pappas had been associated with the Golden Lantern since it opened in January 1963 as part of a new motel and meeting facility that was called the Holleb House for about six months, until it changed hands and became the Clayton House. Jul .19 93 L. .11 L. Prev sales 11.755 Prev dey open mt 47 54, off 221.

CORN 5,000 bu minimum; Dollars per bushel. Dec 2 24 2 24U 2 22 2 22 3 65 L. Will YOln COMBINATION FHOn THE STATION YITI1 THE vmmtm combination ONLY 200 COMBINATIONS WILL BE GIVEN OUT EACH WEEK ONE COMBINATION EACH WEEK WILL OPEN THE SAFE A NEW "WINNING COMBINATION" EACH WEEK Livestock Mar 2 31 130' 2 36' 1 2 36 2, 2 03 03 -02 02 02 02 MtlWAukEC (AP) Tuesday's cattle mar- 2 44'1 2 55 2 May lalui Jul 2 55' Sep 2 40' Dec 2 47 254 2 59 26 2 54 2 59 2 64 kef good to choice steers S3 00-56 00. good to cnoice heifers SO 00-54 00. good Hoistein steers S3 00 4 00 standard to low 39 00-45 00.

good dairy heifers 43 00-40 00. utility cows 40 00-42 00, cennes end cutters 34 00-40 00. commercial buns 7 00-50 00. common at 00-46 00 Tuesday caH market choice calves 40 00-70 00.. good caives SO 00-50 00.

tecoer bulls 60 00-7 feeder nerters 60 00-100 00 Tuesday hog market light butchers 54 00-5 SO heavy butchers 57 00-54 00. light sows 51 00-53 00. heevy sows S3 00-55 00. boars 41 00 and dawn Wednesday's estimated receipts 500 cattle. 300 catves.

ISO hogs and JO sheep. Prev sales 30 744 Prev dey open mt 123 013, uo 3.702. OATS SeOG )tsj ffHfwnHMfij Dollars per bushel. Dec 1 45'1 47 ii 45 Mar 157 1st 156 156 May 1 65 1 65 1 4 1 65 Prev sales 022 Prev day's open int a 209 SOYBEANS 5,009 mieimwyi) Oetler aer auihal. 01 02 01 S36 5 37 5 34 35 5 49 5 51 S47 49 rv.

5 62 5 65 5 60 5 62 ft Nov Jan SHver, gold $73 5 71 02 01 01 02 01 01 01 00 5 75 Stl 511 79 94 70 76 5 77 76 7S S7I S7t S79 571 S77 5 77 5 76 Correction 77 Nov Prev day open mt 75,360. SILVER CtHcaao Mid America I 000 ounce? October St SO per troy ounce December ST7, January 09 90. February St 90. March S9 90 oril i0 Id. June SI0 IS July tie 10.

SetPeffwer 110 32. October (10 50. Dtcember S0 75. Mondey'S votume 729 contracts GOLD Chicago Mid America 23 I trey ounces October 940 00 per troy ewnce. December S444 February MS 00 Marctt 6454 SO June GMC TRUCK INC, 8 1 00 WASHINGTON HY.

20 BETWEEN 1-94 HY. 31 Dana third-quarter sales totaled $555 million and its per-share net income for the nine-months was $1.54. The figures were misstated in a news item Tuesday. CHICAGO (AP) The Wisconsin egg market 4 6BNiejniiea uas VS. Seeiemoer 6473 00.

Tuesdev wes steady Supones were edeau and demand was fair. Prices, grade A large at T. medium S4-S7, 1 Men oay't volume 3.274 contract. Jf i i i i I I I 3000000000000000DOOOO oocnoo r. 5 ef Ci COL OA Wim I 3 I 4 KG 135-12 FINISH -IZl WheffI you finisri "it i.