The Michigan Daily-Tuesday, October 30, 1979-Page 9
Chrysler's earnings
expected to establish
new record losses
:-_:
Announcing:
LSA Student Government
FALL ELECTIONS
Nov. 19th and 20th
AP Photo
TENANTS OF THE Bunker Hill Towers apartment building in downtown
Los Angeles stare out from their windows during the aftermath of a fire
that broke out on the 11th floor of the building and took three lives.
ALARM MALFUNCTIONS:
:re in L.A. luxury
ap s
apart-ment ki s three
(Continued from Page 1)
SUFFERING FROM this spring's
market shift to small cars, the flagging
economy and enormous capital costs to
meet government standards,Chrysler
recorded a first quarter loss of $53.7
million and a second quarter deficit of
$207.1 million.
Chrysler's - larger U.S. com-
petitors-General Motors Corp. and the
Ford Motor Co.-both reported
dramatic declines in earnings in the
third quarter because of similar
pressures.
GM and Ford both said the dealer
cash incentives they were forced to
provide to sell off inventories of full-
sized and intermediate cars con-
tributed to the drop in earnings.
CHRYSLER IS in even worse shape
in that regard, having topped off its
dealer incentives with direct cash
rebates.
The ailing company weeks ago
prepared its stockholders, suppliers,
bankers, unions and government of-
ficials for a bleak third quarter report.
It announced publicly in September
its 1979 losses would exceed $700
million. Then, in documents filed with
the government, it said its losses could
exceed $1 billion this year and reach
$482 million in 1980.
IT PROJECTED a return to
profitability in 1981 with earnings of
$393 million.
The company is seeking loan guaran-
tees from the federal government to
tide it over until i> brings out its 1981
cars. The company originally asked for
is preserved on
The Michigan Daily
420 Maynard Street
AND
Graduate Library
$1.2 billion in guarantees, but lowered
the request to $750 million at the gover-
nment's request.
It was later reported the ad-
ministration has decided not to recom-
mend a specific aid figure-a move
Chrysler supporters interpreted as
meaning the company could receive
underwriting for more than $750
million.
The largest previous losses by U.S.
corporations were $451.8 million by the
Singer Co. in 1975, $448.2 million by
Bethlehem Steel Corp. in 1977, and
$431.2 million by the Penn Central
Transportation Co. in 1970.
CANDIDATES: Pick up applications
SG Office, 4003 Michigan Union.
applications to MSA, 3909 Union.
Applications due by 5:00 p.m.
Nov. 8th
r
L
7
LOS ANGELES (AP)-A man and
a woman trapped by flames on an 11th-
floor ledge of their luxury apartment
buildirfg screamed for help and then
leaped to their deaths with their pet
dog, authorities said yesterday. A third
resident died of smoke inhalation.
The couples was driven onto the out-
side ledge as flames ate through the
floor of their apartment of the Bunker
Hill Towers, a downtown complex. Fire
officials said newly installed fire alar-
ms apparently malfunctioned and
tailed to rouse some sleeping tenants.
"THE WOMAN LEFT screaming,.
'For God's sake, someone help me,"'
.said one witness, Elizabeth Senia.
"The last thing she said was, 'Oh my
God, the flames are coming through the
floor.' I saw one body jump, and then
she jumped."
The bodies were found in a crumpled,
at LSA-
Turn in
bloody heap with the body of their dog
in a courtyard on the east side of the
complex. The names of the victims
were not immediately released.
FIRE DEPARTMENT spokesmen
said arson had been ruled out as a cause
of the 3 a.m: blaze and that a cigarette
left smoldering in overstuffed furniture
was suspected of starting the fire.
A third victim, Sidney Karton, 44, ap-
parently was overcome by smoke in a
hallway after he fled his anartment His
body was found in the 11th floor hall.
The fire sent several residents
scurrying into the street in their night-
clothes but most stayed inside their
apartments, avoiding the dense smoke
in the hallways.
The fire apparently was confined
mostly to two apartments on the 11th
floor, but thick smoke permeated all
levels of the building.,
Ta ke
the first
ste
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Palacios interprets
Chilean coup d'etat
I I
(Continued from Page 1),
period that followed.
The Allende government, elected in
1971, was the victim of inflation, due to
the rise of oil prices, and a
simultaneous drop in food production,
due to disruptions caused by land
redistribution; according to University
History Professor Thomas Flory.
ALLENDE'S POPULAR Unity
government nationalized the Chilean
copper industry, which comprises some
80 per cent of the country's foreign
trade export credits.
"They thought that if they did these
things legally, the United States would
let them get away with it," Palacios
said.
Palacios asserted that the Chilean
Communist Party, an influential part of
Allende's Popular Unity government,
was used by the Soviet Union to advan-
ce its own interests in Latin America.
BUT THE U.S., which realized
the true nature of the Allende
government, engineered a coup d'etat
to establish the present ruling military
junta, Palacios said.
He said the Allende government,
.while holding legal power, failed to
realize that it did not control the land,
The means of production, or the army.
The role of the CIA in the overthrow
of the Allende government has been
4ell documented by the United Nations
and the Organization of American
States.
THE BLOODSHED which followed
the 1973 coup is also well known.
Palacios estimated that 30,000 were
killed outright, while 150,000 were im-
prisoned.
Flory said although these numbers
were high, thousands were killed and
arrested, and many forced to flee the
country.
The U.S. State Department maintains
that the human rights violations have
decreased in Chile, but torture and
detention of some political prisoners
continues.
According to Flory, Palacios is one of
a number of Chilean intellectuals who
fled the country after Allende's gover-
nment fell and his interpretation of
events there in 1973 is one of many.
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