The Journal Times from Racine, Wisconsin • 24

the Journal Timet, Thursdoy, May 27, 1982 Racine, Wit. AC Business i AMC wage cuts hit salaried force Also, workers with three or more weeks' vacation will give up one week in each of the next three years in exchange for credits, AMC said. The credits will earn 10 percent interest, compotjhded annually. The companyalso will eliminate quarterly white-collar, cost-of-living allowance increases on June 1 until the beginning of 1985. There will be no increases in insurance and pensions, and overtime pay will be reduced, Calmes said.

The salaried workers will be repaid beginning in 1985 under profit- sharing formulas that are identical to the one for hourly workers, Calmes said. Repayment will be by one of two plans: based on automotive profits or production. In addition to the 1,250 Kenosha employees, the plan affects about 2,000 salaried workers in Detroit and at AMC's headquarters in Southfield, a Detroit suburb, about 800 in Toledo, 350 In Milwaukee and 850 at zone offices and parts depots around the country. American Motors Corp. is 46.4 percent owned by Regie Nationale des Usines Renault, the French state-owned automaker.

DETROIT (AP) American Motors said 5,250 salaried employees, including 1.250 in Kenosha, will defer up to $40 million in vacation time and pay raises over the next three years to help AMC pay for product development. Under a plan announced Wednesday and to continue until Jan. 1, 198S, the sacrifices will amount to about 11 percent of worker wages and benefits, said Richard A. Calmes. AMC's personnel vice president.

The plan is similar to a concessions agreement negotiated earlier with the United Auto Workers union 'that will provide AMC as much as $110 to $115 million that is to be paid back to UAW members with 10 percent interest. Under the plan, AMC, which lost $136.6 million last year and $51 million in this year's first quarter, will delay 1982 and 1983 merit raises for a year, for white-collar workers, and 1984 raises won't begin until Jan. 1, 1985. Employees i will accumulate credits over the 12-month delays for repayment later. i r.

rW(liVH -wm Work around Racine Workmen put a bridge over the the bridge was stood by at the new concrete deck on the Highway 31 detour if a call came in from that area. The bridge proj- Root River near 4 Mile Road. Because ect is a small part of the overall. Highway 31 widening closed, Caledonia fire and rescue units and repaying project. Work on the bridge is expected south end of the bridge to avoid a long to be completed by next Tuesday.

Car output down 27 but sales surge in May Japan offers a new foreign trade plan lion cars, down 22 percent from last year's second period. Industry officials, the Journal reported, said the conservative plans reflect the companies' concern that the strong sales of the past 20 days might be temporary. "Auto makers have been paying for the higher sales with expension promotion programs," an auto analyst said. "If they turn off the faucet, demand could dry up. The five major domestic automakers sold 215,181 cars In the middle 10 days of May, up 12.2 percent from 191,821 in the year-earlier period.

General Motors Corp. posted a 23 percent gain. Ford Motor sales were down 0.6 percent. Chrysler rose 5.5 percent. American Motors Corp.

's sales fell an estimated 32.6 percent and Volkswagen of America Inc. was off an estimated 62.9 percent. The mid-May gain followed an 18.2 percent rise for the month's first 10 days, marking the first back-to-back sales increases since last summer. Grain Futures CHICAGO (API Futurat trading on mt Chicago Board ot Trade Wd WHf AT MM kv mfcilmwni Opto Low Last Chg TOKYO (AP) Following months of internal debate and growing pressure from unhappy trading partners, Japan today offered an eight-point package of proposals aimed at opening the nation's markets by reducing tariffs and removing or easing some import quotas. In an official briefing prior to Cabinet approval on Friday, a senior Foreign.

Ministry official announced details of the trade package. It includes tariff reductions on 119 agricultural and industrial items and tariff cuts for another 96 products. The announcement was timed to precede the Versailles summit of major industrialized nations on June 4-5. when Japan is sure to face hard questions about its huge trade surpluses with the United States and other Western trading partners. Japan's offer represents its third attempt in recent months to ease the growing trade new package focuses mainly on easing of restrictions on manufactured goods, with less emphasis on increases in agriculture imports, one of the main controversies between the United States and Japan.

3S4Vi 3M .03 3Vi 3.73 .02 3 0 33V 4.0SV 4.M' 01 4.12V 4. IS .01 4.15 4.14 .01 DETROIT (AP) By week's end, domestic carmakers will have hit the 2 million mark for auto production for 1982 a month later than last year and about two months behind the pace in better days, an industry trade journal says. Automotive News said Wednesday the carmakers will have built an estimated 2,093,802 this calendar year by the week-end, down 27.2 percent from 2,875,956 in 1981. In 1981, the carmakers made No. 2,000,000 in April.

In better years, they reached that milestone in Looking ahead, the automakers are sticking with relatively cautious production schedules for the next few months despite recents sales improvements. Sources quoted by the Wall Street Journal said that in June, the domestic manufacturers plan to build units, down 17.3 percent from the 706,200 cars assembled in June a year earlier. That would put second quarter production at about 1.6 mil- Local interest Courtesy Robert W. Balrd I Co. Inc.

Quotations of 10:30 a High Low Latt Alleg Int 17' 27 77 Am Motori 3 3 3 Ameteh 77' 24 24 Bucyrus 13 13' 13 Cont. Can 27' 27 27' Emr. Elec 44 434 44 Evans First Wis Corp 73 23 23 GnSigCorp 3 3S 3S Gould loc liVi 74 34 Inco 10' tO'4 mart 174 Lot TS'M Uvi Strautt 34 231 24 MaiMy 34 Mattal Inc 17 1H I6H Matttl inc.lpfd) 3 35 3M Mown II Rinnord Inc vs iv Rt(2Mpdl 301 SchllU Brtwlng Ittfc IMi Snap-on Tooll 22i tt'l 22 Sit Ritt Inc IfrVi lot Ttnntco 2 2M 2SV Taitronlnc 21 2IH 2IH Twin OIK Vulcan Mat 43 43 43 Wli El Pom 31 31k 32 mPiv. MVi 20 20V 21 21 21 Nat -V -Vl NC NC -Vl NC NC NC NC -V NC NC NC NC NC -V NC NC NC NC Over the counter Bid A Marina Corp Martnall II Corp Vi 2H Pabt Brewing Mutual funds i Bid 7 23 .1013 ..14 13 .17 74 7 74 70 .10 34 .17 45 ..1500 704 1.30 Ask 700- ML. 71 130 0 41 10 54 11.17 NL ML.

ML NL Affiliated Century Snares Trust Fidelity Fund Investors Mutual Investors Stoc. investors verlaote Massachusetts Inv. Tr Massachusetts NtchoMsfund Selected Am. ViMconsM Inc Silver, gold SILVER Chicago Mid America 1,000 Ounces June 37 per troy ounce June (4 45. August 54.

Septemoer 45. October 75, Oecemeer S4 03. January 10. February S7 00 March S7 X. June 17 37.

20 Tuesday's sales 50 contracts GOLO CtMcaoo mki America 33 2 troy ounces June U24 40. August 5330 00, September S)3S 00. October 1X5 00; March 131 00. June SIT 20. July 5333 70 August tU4 70.

October 1343 50. December U5O40. February S357 00. Tuesday sates 1.172. contracts Foreign exchange (Quoted American dotrs) Air carriers in lottery for old Braniff routes journal Times photo by Ptui Roberts IHC changes pension plan investments CHICAGO (AP) In what it terms an effort to enhance the value of its pension fund, beleaguered International Harvester Co.

is selling millions of dollars' worth of pension fund securities and replacing them with securities bringing a higher rate of return. "Through an investment manager. International Harvester's pension fund sold approximately $200 million to $300 million worth of equity securities to a major investment banker, and purchased fixed income securities," Harvester said in a statement Wednesday. "This moves these assets into investments with higher fixed returns," the maker of farm machinery, trucks and construction equipment said. "Similar decisions to shift pension funds have recently been made by other large companies." The move is a simple conversion from one type of pension fund note into another type yielding higher rates of interest, said Harvester spokesman Norman Buckingham.

"It enhances the value of the pension fund," he said. As of last Oct. 31, Harvester's U.S. and Canadian pension plans had assets totaling $1.35 billion. In its annual report for the year ended on that date.

Harvester said the plans cover just about all its U.S. and nadian employees. A Harvester spokesman quoted by the Wall Street Journal said the company has about 39,000 active North American employees and about 10,000 retirees. Harvester last week reported a net loss of $198.3 million for the fiscal second quarter ended April 30. That came in the wake of a $299.4 million loss in the first quarter and a combined $1.1 billion bath in the 1980 and 1981 fiscal years.

State offers 1412 mortgages MILWAUKEE (AP A savings and loan association with 28 offices statewide is offering home mortgage loans at 144 percent interest, but with escalator clauses that could boost the rate every half year. Michael Crowley executive vice president of Mutual Savings tt Loan Association of Wisconsin, said the rate is a "psychologically positive move" in comparison with long-term loan rates of 16 and 17 percent. "We feel this might be a way of showing the public that rates are moderating." Crowley said Wednesday. Crowley said his company has not been making long-term loans for about 18 months. He said the 144 percent rate with a six-month escalator clause is available in amounts up to $107,000 on loans of up to 30 years for single-family owner-occupied dwellings with a downpayment of 10 percent, effective Monday.

In addition to the down payment, other charges at the time of closing will include 2 percent of the mortgage amount charged to the buver and 2 percent charged to the seller. The seller also will have to pay for such items as an appraisal, a credit check and a lot survey. Crowley said. Mutual has offices in Milwaukee. Madison.

Beloit. Beaver Dam. Berlin. Janesville, Fond du Lac Sheboygan. Neenah and Portage The eight items in the package: Tariff reduction on 102 industrial and 17 agricultural products and elimination of tariffs on 96 industrial products.

Further reform of import testing and customs procedures. Lifting import quotas on herring, prepared and preserved pork, molasses and canned pineapples. Various measures to improve distribution of imported cigarettes, and to promote private-sector efforts relating to imports of Alaskan crude oil and coal from the western United States. Streamlining of Japan's compli-cated market distribution system and related business practices. Opening up service industries such as banking, insurance and securities to foreign competition.

Promoting free trade in high-technology products. Overall measures such as tunneling food purchases to lesser developed countries in the form of aid, discouraging concentrated exports in specific fields, and encouraging joint ventures, research and other forms of industrial cooperation in order to revitalize the world economy. Chapter 11 of the Federal Bankruptcy Code. The FAA transferred 106 of Bra-niff's routes to various carriers on an emergency. one-week basis immediately after the bankruptcy announcement Those slots have been renewed each week and will be extended now for a 60-day period dating back to May 20, the same period covered by slots awarded via the lottery.

"We're doing it for only' 60 days because of the possibility Braniff might come back." said Gerald E. Lavey. an FAA public affairs officer. "If Braniff does again operate, the slots necessary for continued Braniff operations will be returned to Braniff." Helms said in a letter notifying airlines of the lottery plan. restructuring would probably mean more mortgage credit in the long run because thrifts would have the chance to make new and profitable Any short-term aid package that isn't coupled with that increased investment authority "is merely a blueprint for the long-term liquidation of this industry," said Richard Bits of business Kenosha Memorial Hospital said Marilyn Zuba has been named director of human resources, Susan Ventura director of nursing and Albert Fritz administrative assistant.

All three posts are newly-created, a spokeswoman said. Zuba previously was personnel manager, Ventura assistant director of nursing, and Frits and administrative resident. Ernest, H. Kleiiig, 56, has been named president of Litton Industries' Milwaukee-based Louis Allis division, a maker of special industrial motors and drive systems. Klessig was the division's finance vice president.

As president, he succeeds Julius W. Vetter, 52, who has been named group executive for Litton's Magnetic Components group, of which the Louis Altis is a part. Vetter continues as a vice president of Litton. Louis Allis has about 1.000 employees at its headquarters plant at 427 E. Stewart St.

in Milwaukee, 300 at a plant in New Berin, and about 350 at a plant in Beloit. The Stretch Sew Fabric Center at 6100 Washington Ave. in the Pioneer Village retail and office complex will move this summer to Westgate Mall, 4901 Washington said Mrs. Jerold Spiegelhoff, who operates the business with her husband. Mrs.

Spiegelhoff said Stretch Sew will open at Westgate Aug. 2, continuing at Pioneer Village until then. Corporate Images an advertising and creative services agency with offices in Kenosha and Racine, said Deborah Meyer has been named production manager of a newly-formed Audiovisual Images division. Workers protest De Lorean layoffs BELFAST, Northern Ireland -Workers at De Lorean Motor' Co. 's sports car factory near Belfast began a sit-in to protest plans to stop production and lay off most of the 1,500 employees, union leaders said.

All but 200 of the workers are being dismissed following an announcement Monday by official receivers appointed by the British government that that the plant will close May 31 for an indefinite period. De Lorean, which received the equivalent of about $144 million in government aid. went into receivership Feb. 19 with debts of nearly $126 million. say aid Pratt, chairman ot the Federal Home Loan Bank Board.

Legislation to provide the thrifts with some asset flexibility is pending in Congress, but it has taken a back seat to the financial aid proposals. The House passed one aid package last week and the Senate committee was considering an alternative Wednesday. sits was the third largest on record, surpassed only by the record $5 8 billion drop in June 1961 and the $5 5 billion decline the. following month, according to the report from the Federal Home Loan Bank Board So far this vear. savers nave withdrawn $5 9 billion more than they have deposited, exceeding the $5 3 billion for the first four months of 1981.

when the yearly define eventually totaled a record billion. WASHINGTON (AP) Most oi the nation's airlines lined up for a lottery scheduled today to assign 256 routes formerly operated by Braniff Airways at 36 airports. The lottery among at least 69 airlines was 'scheduled by the Federal Aviation Administration to temporarily allocate routes Braniff had in 19 states and the District of Colum-, bia before it filed bankruptcy papers earlier this month FAA administrator J. Lynn Helms told the competing carriers not to bid for the Braniff slots unless they were prepared tQ put the routes into service within 10 days Braniff had an allocation of more than 400 arrival slots about 150 of them at Dallas-Fort Worth when it suspended its operations May 12 and filed bankruptcy papers under 3HV 'Sap .3 70Vi 3SUj 374 3t3 40 4 IS 4 IS DtC Mar 4M'A May 4 14 Jul 4I Prv ulct 14.134. Prav day' optn kit 51.351, up 3,321.

CORN iM kv fnMmwni Dollars par Bwtftal. 27 Sao 277 2 77' 2 75 'i 27v 277 2l1Vi 25 3 03 310' oo .00 .00 01 .01 Mi 2 70' 312' 2.5'4 3.04 Vl 2.76 27v, 22Vi 3 02' 3.01 Dc 200V, Mar 2Vt May 3 03 Jul 10 311 Prav. tale 3.IM Prav dey'i open Int 111, 01. off 20. OATS 5,000 bw minimum; Oatlert per buthel.

Jul ItSVi let' 112 105 Sep 173 1.73 1.75 Dec 171' I7 174 170 Mar I.IIVi 1.13 til' 113 May l.Vi Prev. tale 3.01. Prav day's open Int I.4t3. off 21. SOYBEANS 500 bv mlfltmvmj Detlers par bushel.

.01 .01 01 00 Jul Aug 0 43 14 .44 Jan 013 Mar 0.M MVl e.SI' 54V -02 -01 043' 044 70V I MVl eNVt 0 54 4 57 4 42' 4 50 4 40 4 44 I 7i 45 707VT 7 II 722 475 40 May Jul 7.15 2.11 7.15 A9- prev. saws Prev day's open Int 13,00, oft 2.000. Dollar, god LONDON (API Uncertainties over me Fat- klends crisis sent me dollar sharply higher today as the British pound wee honed and god prices slumped. The Amerkon currency tumped more man two yen Tokyo, despite Inter vent Ion By the Japanese state bank to slew Its rise. Brokers said interest rat considerations had little Influence on trading Mid-morning dollar rates, compered wttti ipsa Wednesday: 2 3315 West German marks, up from 2 3145 1 770 Swiss francs, up from I 070 4 075 French francs, up from 4 0075 2 510 Dutch guMders.

up from 3 5732 1.70 50 Italian lire, up from 1.201 00 I 2375 Canadian dollars, up from I 23425 tn Tokyo, me doner closed" at 241.25 yn. up from 23 55 Wednesday In Europe, me British pound eased to II 777 from tl 00075 the previous day Meenwhite. gold tumbled nearly IS an ounce In London and almost 17 in Zurich. London's five mam bullion peelers Used their mid morning recommenced gold price at SJJ4 75 an ounce, down from Wednesday's lata rat of 132 50 In aerty wadtna In Zurich. She precious met was guofed of 5333 50 an ounce, down Oram 5330 SO Eertier In Hang Kong, gold fast 547 ao ounce ta dose at 1325 It Stiver was buesed In eersy trsvjmg at 14.44 an eunca.

compered wtth 54 Wednesday, Livestock MILWAUKEE (AP) Wednesday' marut good to coce steers 00-e 00. 1 catwe ood to steers cnotc haters 43 05-47 0. good Motstem 55 00-43 00. stenoard fa low 40 00-54 0. dairy Iwters 47 5J 00 utility cows 44 a canners and amors 4 00-44 SS.

cemmxrcwi 4 00-52 0. common 4 ot-el OS Wednesday's cH market choice carve 05 0 aoa calves to Os-h) 00 feeder pvtts 105 0. sseder wers 0100-115 00 bwhs tO- Wednesdays hag market leM 5 5. IMwry butchers 53 40-5 50. I SS st a 53 W.

heavy sows 51 00-54 00. boars 40 I Wednesday's lam market good Ss choice tl 954 Ot ewes and bucks 5 to 00 Thursday estimated receipts. 750 coma. 100 catves. Is hogs and no sheep Cash grain CWtTAGO I API Wl Ttwrsdey 3 4t: to 3 son rrZJTZ I 40n Car.

JJT eo20 Itni.nw, I yeoew 4 7wn A I 77W Federal regulators need freedom, not Msv 74 Mar 75 Vr Ago England I 00Q3 I 0C 2 055 Argentine one I OOOI 0003 Canada toes owl U77 Aowee 1 0557 1 553 1 IJTS Austria ft7 'S 04O4 Or-9-um 0771 023 vent oo't mt oho Denmerli IM 1 775 IJt France Istj ,145 172 4311 37 4773 Greece 0'5 Holland 300 3043 ince I0'4 fe-and I 5000 1 507 I 55 04 5 05 i'i 0000 eooo ooo J0 007 0642 004 Mea OT3 1 I '43 Portugal OUJ OU2 0S3 Sou Araa 7'3 J4 74 5o' 00" orw' 0'J Sweden 171 irje I Swrtteriend 502 S'3I 405 Savings outflow continues WASHINGTON AP' As the nation home mortgage lenders struggle for profits against crippling high interest rates, federal regulators are urging Congress to give the institutions more than just short-term financial aid "This laid i program does nothing to solve the underlying problem. said William Isaac, chairman of the Federal Deposit Insurance Corpj, "There must be a restructuring of the thrift industry Isaac and other regulators told the Senate Banking Committee Wednesday that thrifts savings and loan associations and mutual savings banks will not survive if they con- tinue to be denied the same asset management authority that hds kept commercial banks profitable in the face of volatile interest rates Although that expanded authority would mean some thrift funds would be diverted from traditional home 'mortgages, the regulators said a WASHINGTON iAR Americans withdrew $5 2 billion more than they deposited in federally insured savings and loan associations last month, marking the 12th decline in the past 14 months, the government reported Wednesday Net worth of federally insured SALs fell for the 16th month in a row. declining $473 million to a total of 125 25 billion The April decline in nel new depo Eggs CHICAGO Wciw- 0)99 OjW--'1 (Itn. SPOT (), fay 1 IB Ovte to uy edaotwe end i -1 04 was price great A serge so-, mta.um t-.