Star Tribune from Minneapolis, Minnesota • Page 12

Minneapolis Tribune Saturday, January 24, 1981 Business news i' v. U.S. car sales drop 8.8, but Chrysler shows a gain well," commented Jerry Pyle, vice president for U.S. automotive sales. Chrysler's total truck sales were off 28 percent In the period and its imported cars were down 58 percent An Industry analyst who requested anonymity said he thought Chrysler's rebates left the company "much better off than if they had not done it," though price-cutting moves by competitors could wipe out the gains.

Chrysler, he added, "might even be making money on its cars," though poor truck sales made conclusions about profitability as a whole impossible. Chrysler, which expects to borrow $400 million under another federal guarantee next month, will show a loss of about $1.7 billion for 1980 and has projected an unspecified loss for the current quarter. For 1981 so far, Chrysler was up 8.9 percent from 29,928 to Ford was down 24 percent from 72,428 to GM fell 14 percent from 191,900 to AMC plunged 22 percent from 7,396 to an estimated and VW was off 20 percent from 8,270 to 6,629. cent gain from 3,882 to 4,142 for Its Pennsylvania-built Rabbits; and American Motors Corp. (AMC), which does not report mid-month sales, dropped 15 percent from 3,768 to an estimated 3,200.

i i. 1 The comparisons may be misleading because sales last January were among the best of 1980, as shown by the estimated annual sales rate for domestic makes. That rate, a calculation of what sales would be for the full year If figured on the basis of one period's perform-ance, was 9.1 million in January 1980. For mid-January this year, It was 6.7 million, down from 7.2 million In the first 10 days of the month. Actual 1980 sales were 6.58 million.

Nevertheless, Ford's Harold Poling, executive vice president for North American automotive operations, said he thought the Industry was "regaining the momentum lost In December." On Thursday, Chrysler extended Its rebates, which are tied to interest rates, to all trucks and to its imported cars. "We expect to see future improvements in (those) areas as ByGuyDarst Associated Press Detroit, Mich. U.S car sales of the domestic producers fell 8.8 percent In mid-January compared with the same period last year, but struggling Chrysler Corp. posted a gain. The five companies delivered 137,024 cars In the period compared with 150,294 last year.

Chrysler's 7 percent rebates powered the No. 3 auto maker to its sixth straight improved report, this one showing sales up 13 percent from mid-January of 1980, the company said Friday. Its sales rose to 16,398 from 14,470 In the year-earlier period. Chrysler's share of the market for domestic makes was 12 percent, the fourth straight period in which it has been that high, or higher. General Motors Corp.

(GM) said Its sales for the mid-month period fell 11 percent from 93,017 to 82,976. Ford Motor Co. suffered a 14 percent decline from 35,157 to 30,308. Volkswagen of America enjoyed a 6.7 per if 1 t-i'lA 'AV Inflation report puts damper on market; Dow loses fraction Staff Photo by Bruce Bisping Workers reflect on their job The reflective glass being installed at the new Lutheran Brotherhood Building in downtown Minneapolis does what It's supposed to do, as the Image of these workers demonstrated. Burke leaves Pillsbury after 5 months as VP within the com- erating differences" pany.

Texaco, Ashland had drop in profits By William Glasgall Associated Press New York, N.Y. As rising oil prices and a sluggish U.S. economy put a dent in petroleum demand, two major oil companies announced a drop in quarterly profits Friday. Texaco, the nation's third-largest oil company reported a 6.3 percent drop in earnings, and Ashland Oil No. 18 in ranking, said its profits were down 73.4 percent.

But No. 6 Standard Oil Co. of Indiana said it posted a 9.1 percent earnings gain in the quarter. The increase was about in line with those reported by several other large oil companies earlier in the week but was well under the 70.1 percent fourth-quarter gain Indiana Standard announced in 1979. Texaco's fourth-quarter earnings fell to $500.3 million from $534 million in 1979.

Per-share earnings dropped to $1.86 from $1.97, but sales rose to $14.1 billion from $12 billion. Texaco's 1980 earnings were up 27.4 percent to $2.2 billion from $1.8 billion in 1979 as per-share profits rose to $8.31 from $6.48 and sales rose to $52.5 billion from $39.1 billion. The 1980 earnings figure excluded a $402.3 million gain on the sale to Shell Oil Co. of an interest in Bel-ridge Oil Co. Indiana Standard, best known for its Amoco brand name, said fourth-quarter earnings rose 9.1 percent to $402.2 million from $368.7 million in 1979.

Per-share earnings gained to $1.38 from $1.23, and sales rose to $7.7 billion from $6.1 billion. In 1980, Indiana Standard earned $1.92 billion, up 27 percent from 1979's $1.51 billion. Per-share earnings rose to $6.54 from $5.12, and sales advanced to $27.8 billion from $20.2 billion. Ashland's earnings in the first fiscal quarter ended Dec. 30 dropped to $20.2 million from $75.9 million a year earlier.

Per-share income fell to 55 cents from $2.44 as sales rose to $2.07 billion from $2.03 billion. The reports represented a slowdown in profit growth from the torrid pace of 1979 when world crude oil prices exploded. The price increases were touched off in late 1978 by the Iranian revolution. The price spiral lifted the cost of a 42-gallon barrel of imported crude from about $13 at the end of 1978 to $33 at the end of last month, prompting conservation here and abroad. "Fourth-quarter earnings were adversely affected by the inability to recover increased crude oil costs in prices for refined products," said John Swearingen, Indiana Standard chairman, who added the company's domestic gasoline sales fell 10 percent in 1980.

Ashland's chairman, Orrin Atkins, said hts company's profits "declined significantly" amid "a determined effort by motorists and industry to achieve fuel conservation." At Texaco, whose 1979 profits were more than double those of 1978, Chairman John McKinley said fourth-quarter 1980 earnings were affected by declining crude oil production, increased spending on energy exploration and "reduced profit margins" in oil refining and marketing operations. nowmobile firm raises loss estimate Arctic Enterprises, Its books stained with red because of the lack of white on the ground, raised its loss estimate Friday for the fiscal year ending March 31 to more than $16 million. The Thief River Falls-based manufacturer of snowmobiles had forecast a loss of $10 million for fiscal 1981, Arctic President Ken Severin-son said. Ironically, the higher loss estimate, at least in part, results from greater success in reducing its bulging inventory, he added. The reason: Rebate incentives to dealers that are very costly as the inventory declines.

Severinson also said Arctic will lay off more workers. glance Dow Jones averages Opan High Low Clou Cho. 30 Ind 3 5 947.10 34.30 -0 25 20 Trn 31.7 3547 MS 70 391 41 15 Un 111.4 112.9 111.10 111.74 45 SIH 345.54 341.4 342.17 345 27 Amex Amax datlnf IMax S4I.MS.S Apprai.totalMlM UtMH Most active VoHjm Clou Cht. Average HouOflM 17100 S2M 1 RanearOHt GHCangt 12100 PatrldiPtwtt 111.200 AmlvMt ,000 DWG Corp WaneB 44400 15H 20 1H 4V 35 Comdralnt I 5400 M'M -PA Champ Ho 55,400 IH CrvitarOil 3244 VA Amex gainers Latl Nat Pet. DruoFalr 13 2'- 23 0 21' iv 14 ApoldDavc .4 Vt 14.3 AUtinSvc 4 14.3 GoMNXatt 'A I4J Amex losers Latt Nat Pel.

Klalnart 7 41.7 atari Extr 3 147 RoWlnlnd iM 11.1 1 3 LakaSnrMn 24 2 1.4 points Friday HI i i i I Bosworth regional index of 15 tacurlllat of malar flrmt In Minnatota, North Dakota, Montana, Iowa, Nabraika and wattarn IrVii-contln; and raportad ov Daln Bosworth Inc Indlcat batad on 165. Cng Cha. Food 2S33 135 By Alexander R. Hammer New York Times Service New York, N.Y. A government report that the inflationary spiral was increasing Helped send stock prices down slightly Friday on comparatively light volume.

The Dow Jones industrial average eased 0.25 to 940.19. For the latest five trading sessions the blue-chip barometer lost 33.10 points. Losers on the New York Stock Exchange outnumbered advances by 780 to 683. There were few major price changes except for some special-situation Issues that responded to specific news developments. Turnoverdropped to 37.22 million shares from 39.9 million shares the day before.

Analysts blamed the low volume on investors usual Friday anticipation of the Federal Reserve's money supply figures. After the close the Fed reported that the nation's money supply figure, called M1B, dropped $2.3 billion in the latest reporting week after rising more than $11 billion in the preceding week. The dropis not expected to change the Fed's current tight money policy. Contributing to the market's weakness yesterday was the Labor Department report before the opening that consumer prices in December rose 1.1 percent, which boosted the 1980 Increase to 12.4 percent and provided the nation with its second consecutive year of double-digit inflation. George Jacobsen, executive vice president of Trevor Stewart Burton Jacobsen said that the news that Inflation is increasing and the probability that interest rates may continue high over a long period of time "is eroding investor confidence." Jacobsen noted that as a result the Dow Jones average "should continue to weaken over the near-term." One of the bigger percentage losers was the RLC which dropped 1 Vi to The company reported it lost $1.1 million in its first fiscal quarter compared with a profit of $5.8 million in the same period the year before.

Raytheon fell 3 to 96 after losing 24 points Thursday when it an-' nounced that its fourth-quarter prof-Its rose slightly to $1.64 a share from $1.43 a share the year before. Texas International, which jumped 914 points Thursday after announcing an "indicated major gas discovery" In a deep wildcat well In Louisiana, added 3 to 57 14 yesterday. Purolator Jumped to 4T after Tiger International said it acquired about 5.5 percent of Purolator's outstanding common shares and that it was Interested in acquiring Purolator's services group. Tiger dipped to 20. Stocks at January 23, .1981 NYSE Frl Thur Advanced Ml 447 Declined 7M 1024 Unchanged 411 374 Total ritual 174 1147 New hight 24 Now lows ....21 20 NYSE Index cio eng.

Indt Induttrlal Trentport .73 2 0 22 UtHitv 0.21 Finance 24 0.07 Apprex. total utrn Most active Vofume Clou Che. Gulf OH 40' Taxat InH 57 IUI SouCalEd 24' OaaraCo 471,700 42 Vi Gen Motors .39 ,400 4S'A Texaco Inc .342,200 44 vt NIT Corp ..331,400 24'A 1 Mob .319,200 77 11 AmerTAT Ml SHriKoW ...30700 1SV Wetlgh El ..22,100 27' Mi Champ tat ....20,900 23' Delta AlrL 42' Vi FedNet Mtg JSOOO 10 (. ToicoCpn 2644 -1 NYSE gainers LaH Nat Pet. Onion Corp SVi 1 21.1 Horlion Cp 124 144 GokMNiwet 25 3 IS Elixir tad 4 MA Queno 3 11.4' NYSE losers Latl Nat Pet.

NtPw4S4pf 30 4 11.1 Duq2.t0ptg 13 1 10.S Arctic Ent 2' 100 Nla S.25pf 13 1' 14 RlcCorp 14' l'i 15 Dow Jones Industrial ohaneaa In NASDAQ index High Low Lail Cha. Comp 17.53 17 07 17 52 0.40 Itxh 251.47 250 251.47 061 TranISI9 157.05 1514 1.23 UID 154 155J1 155.47 -43 Astra, total iala.2,40,40 Mobil, Exxon raise price of wholesale gasoline Associated Press New York, N.Y. Mobil the nation's second-largest oil company, said it raised wholesale gasoline prices 2 cents a gallon across the United States Friday. Exxon the nation's largest oil company, said It raised wholesale prices for gasoline a penny a gallon in the far West, and industry sources said No. 4 Standard Oil Co.

of California was likely to announce a gasoline price increase today. The average price of Organization of Petroleum Exporting Countries crude oil has risen about 10 percent since early December. In the United States, the gradual lifting of federal crude oil price controls is raising refiners' oil costs about 1.5 cents a gallon each month. Northwestern Bank VP named Robert C. Brown was named a senior vice president of Northwestern National Bank of Minneapolis, in charge of Its bond department He will remain president of Chicago-based BancNorthwest, a wholly owned subsidiary of Northwestern, which underwrites municipal securities.

At 22 32 Bid Ask 40 70 lonlcControH Javln Kraut! AAtOOft MaKHt MarnaHFoodi MadDav Mad Icon MeiaCom MiCom Hit tii rrfi 14- 10- i- 4- 4- 4-10-12-14- -U I I I Prtc Oahaln PHCIne PtotSaan QualltvHomat QualProdClrc RaoPlattlca RobalBaat Robarhwn Scotti-and bid 30 30 24 24 30 17 1.1 15 1.0 1.0 1 20 2.0 2t 3.4 24 24 20 140 154 35 44 1.4 2.2 40 50 a Dain Statistical avaraoai Dakota, South compilad 100 at of Dae. 31, Thomas Burke, who joined the Pills-bury Co. just five months ago as vice president of corporate relations, left the company Friday after resigning 10 days earlier. He joins a lengthy line of executives who have left Pillsbury in the past 20 months in part because of attractive offers to head other companies, in part because of differences with the company's tough and demanding chief executive officer, Chairman William Spoor. Burke came to Pillsbury from the Marriott Corp.

and reported directly to Spoor, who did not return telephone calls yesterday. A spokesman said Burke resigned because of "op Company earnings Kroy Industries, Inc. Ird Qtr. 1231 Revenue Percent Change Net, ContOps Percent Change Net (loss), DlsconLOps. Net (loss) NetShr, Cont.Ops.

NetShr(loss), DlsconLOps. NetShr (loss) Nine Mos. Revenue Percent Change Net, ContOps Percent Change Net (loss) DlsconLOps. Net Percent Change NetShr, Cont.Ops. NetShrfloss) DisconLOps.

NetShr 1MI $1,417,151 M.4 1171 ($1,135,117) $.24 (152) ($.28) $12,118,172 Ml t4l 4111.1 M.412.NS M.I J15.I $1.47 $.71 ($.37) $1.47 $J3 'Loss from discontinued operations in 1970 Includes provision tor loss on the salt of the Thar-mopltstics Division ol $1,783,000 Note: Per-share earnings have been restated to re-tied i 100 percent stock dividend paid Aug. 22, 1980. Kroy, based In Maptewood, spscializes in visual commumcatione products. First Midwest Corp. 3rd Qtr.

1231 Hit 171 Total Investment Income $112,847 $141,338 Percent Change 31 4 Net Asset Value $417,357 $375,122 Percent Change 24.1 Net Asset ValSbr. $1.17 $.15 Nine Mos. Total Investment Income $542,773 Percent Change 21.2 Net Asset Value Percent Change 13.1 Net Asset ValShr. J2.M Net Asset Value $4,141,711 $2,22221 Percent Change 111 Net Asset Value Per Share $11.71 $5.14 First Midwest Carp. Is a Mlnneapslls-fcased small-business investment corporation.

Dyco stock traded on NYSE Dyco Petroleum Corp. announced that its stock began trading on the New York Stock Exchange under the symbol DYC. The Minneapolis-based company conducts exploration for the oil and gas programs it orpnizes and manages. But a source close to the company described the conflict in this fashion: "Burke was a nice guy who thought he could get along with anybody. But Bill Spoor is not just anybody." Whatever his style, Spoor has clearly been effective.

Since becoming chief executive in 1972, be has transformed Pillsbury from a sleepy, commodity-oriented operation into one of the fastest-growing companies in the food industry. In that period, Pillsbury's sales have more than tripled and Its earnings have quintupled, to more than $104 million In fiscal 1980. Mondale's top aide launches D.C. firm By Finlay Lewis Staff Correspondent Washington, D. James Johnson, a former Dayton Hudson Corp.

executive and top aide to former Vice President Walter Mondale, has launched a business consulting firm in Washington, D.C. Johnson said In an Interview Friday that his new firm, Public Strategies, will advise corporate clients on a range of issues arising from their dealings with the federal government, as well as on a variety of public policy questions. Johnson, 37, will lease space from the Chicago law firm of Winston and Strawn, which has 17 attorneys in Its Washington Johnson made it clear that he located his business so that he could be close to Mondale, -who Is considering running for the 1984 Democratic presidential nomination. Johnson emphasized that he will not lobby on behalf of his clients. Instead, he said, he will advise them on such matters as organizing Internal operations set up specifically to deal with different aspects of the federal government.

He will also help them in their long-range planning, in dealings with foreign governments and in analyzing public policy issues. Johnson, a native of southern Minnesota and son of a late speaker of the Minnesota House, was director of public affairs for the Dayton Hudson Corp. before going to work for Mondale during the 1976 vice presidential campaign. Soviet population up 2 million The population of the Soviet Union grew by more than 2 million in 1980, the Soviet news agency Tass reported Friday in Moscow. The agency said figures released by the Central Statistical Board showed the population reached 266.6 million by Jan.

1, 1981, 1141 045 Flnanca 155.41 -005 230.35 1 53 Ralall 213.77 -401 74.74 Traru 17.41 1.0 Officials announce end of some jobless benefits United Press International This Is the last week that extended unemployment benefits will be paid in Minnesota, officials said Friday. The end of the program will affect about 11,000 Minnesotans. Barbara Beerhalter of the Department 6f Economic Security said the program is ending because the national insured unemployment rate has dropped. The program had been in effect since the seasonally adjusted Insured unemployment rate reached 4.5 percent Industries such as construction with normal seasonal layoffs are not counted In the figures. The' extended benefits program, which went Into effect in July, provides up to 13 weeks of unemployment benefits after initial benefits have expired.

Livestock South St. Paul Friday Cat' Caivat Hoot Shaap Today 2,200 200 4,000 400 2,060 54 7J1S 405 2waakiao 1,922 132 4,94 554 Yaaraoo 2,124 5 330 SOUTH ST. PAUL. Minn. (AP) (USOA) Friday Cattla and mushier neon moderately active I lower; tleughler heltert moderately active 50 to 1 lower; HoHlein (teen ileadv; ilauohter cowl and buMi moderately active tleedy; choice 2-4 1000-1250 lb ilauohter Heart 40 taw toll huh eood and choice 2-3 1000-1250 tot 41.50-42.50; choice 3-4 1100-1300 Kn 57.50-59 mixed good and choice 2-3 1P00-1250 Ibt 44.00-40 50; eood-3 5100-40 00; package choice 2-3 1171 lb Hottleim SO 50; mined aood and choice 2-3 1200-1500 Ibt 57 eood 1-2 1050-1500 Ibt 55 ttandard and low oood 1-2 53.00-55.00; choice 2-4 950-1125 lb tleughler hotter! 59.00-40 50; 3-4 I0OO-II25 Ibt 5tOO-S9 00t mined good and choice 2-3 ISO-1 WO rot 5 00-59 00; good I-3 54 00-51 30; utility and commercial 2-4 Daughter cowt 41.00-45.00; cutler 1-4 4i uu-44 tenner end low cutter 1-2 3100-4100, lightweight 34 00-31 00; yield grade l-1 1400-7100 tleughler bunt 41 00-54 00; 1000-1400 Ibt 45.00-400; veeiert not enough! early taletlo tett the trade.

Hegt barrpwt and olltt How; waightt under 240lbt 50 tower; over 240 lot 50-1. 100 lower; 1-2 200-240 Kit 40 50; few toll 41 00; 1-2 240-260 Ibt 39 50-40 50; 1-3 240-210 Ibt 3100-4000; 2-3 290-300 Ibt 37 50-3 00, towt ttow motNy Heady to 50 lower; In-ttancat 1 00 lower; 1-3 300-450 Ibt 34 SO, boart over 300 lot 34 00 Shaaa 400, all dattat tlaadv; choice and prima 95-115 lb wooled tlaughlar lembt 400-52 00; 115-135 Ibt 40 00-4 00; choice and prima 95-1 15 lb thorn Haughter lambt 51.00-54.00; utility and good Uaugh-tar ewet 15.00-22 00; cud 10 00-15 00, choice end fancy 40-15 lb feeder lambt 55.00-4000, 15- MM Ibt 50 00-54 00. Local over-the-counter Dinneen to join Honeywell Dr. Gerald Dinneen, former assistant secretary of defease, will join Honeywell Inc. as corporate vice president of science and technology, a new position at the Minneapolis-based company.

He joined the Department of Defense in 1977. He was responsible for research and development, and procurement of command, control, communications and intelligence programs. OK sjusietietM tV HAiO meVtJN wsi fcni pntm from meyfce. Maker mti Mtwrify of 1 pm. rate Jt man MrhftJe wtofivt).

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