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July 16, 1980 - Image 9

Resource type:
Michigan Daily, 1980-07-16

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aily-Wednesday, July 16, 1980-Page 9

under dual
mast heads
DETROIT (UPI) - The Detroit News
and rival Detroit Free Press, attempt-
ing to thwart a strike by Free Press
drivers and delivery employees,
published a joint edition yesterday and
vowed a substantial circulation drive.
The Free Press also agreed to a
federal mediator's call for a meeting
today with striking members of Team-
sters Local 372, who walked off the job
Saturday, said William Lowers, the
newspaper's labor relations chief.
"IT'S A SESSION to bring the parties
together," Lowers said, adding that
although bargaining was not scheduled,
it was not ruled out.
The two dailies published a single,
morning edition under one masthead,
consisting of 92 News pages and a 24-
page Free Press section.
The News, which publishes a limited
morning edition in addition to its
regular afternoon editions, ran its nor-
mal press run plus 150,000, officials
THE UNUSUAL move was an effort
to salvage Free Press coverage of the
Republican National Convention,
disrupted when 523 members of the
Newspaper Guild, which represents
editorial, advertising and clerical em-
ployees, refused to cross picket lines.
Thee newspapers normally have an
agreement to shut down together if one
is closed by a strike.
Free Press Executive Editor David
Lawrence Jr. said the convention was
being handled by the paper's conven-
tion editor and reporters and editors
from -other newspapers in the Knight-
Ridder group, of which the Free Press
is a member.
About 15 newsroom department
heads were staffing the remainder of
city and state coverage, Lawrence said.

PRINTERS AT THE Detroit News in Sterling Heights, Michigan check the ink at the start of the press run early yester-
day of a 92-page integrated edition which also carries the masthead of the Detroit Free Press. It includes three sections
written by News reporters and one 24-page Free Press section.
Chrysler to seek another loan

WASHINGTON (UPI) - The finan-
cially troubled Chrysler Corp. announ-
ced yesterday it is seeking another $300
million in federal loan guarantees to
stave off bankruptcy and finance
production of its new "K" car.
The company arranged to make the
request at a late-afternoon closed
meeting of the Chrysler Loan Guaran-
tee Board, a special government panel
headed by Treasury Secretary G.
William Miller.
EARLIER THIS year, Congress ap-
proved up to $1.5 billion in loan guaran-
tees to the nation's third-largest auto
manufacturer, and created the loan
board to authorize the relief when it
was needed.
1 On June 24, the loan board gave
Chrysler the green light to issue $500

million in 10-year notes at a handsome
yield of 40.35 per cent. In virtually no
time, the automaker had lined up
buyers for all the notes, which carry the
federal government's guarantee they
will be paid off no matter what happens
to Chrysler.
The guarantees are being issued in
stages, with each step requiring the ap-
proval of the loan's board's three voting
members: Miller, Federal Reserve
Chairman Paul Volcker and -Com-
ptroller of the Currency Elmer Staats.
Company officials declined comment
yesterday on a New York Times report
that the company sustained losses of
between $900 million and $1 billion
during the first six months of this year.
One Detroit-based auto analyst told
the newspaper Chrysler's losses during

the April-to-June quarter of this year
represented the largest quarterly loss
by a major company in U.S. history.
The loan guarantee program is the
largest and most complicated federal
effort ever undertaken to assist a
private firm on the verge of bankrup-
Platinum does not produce dust
during heating and cooling, so it is used
to plate furnaces that produce fine op-
tical glass.

Cardinal Dearden, area
Catholic leader, resigns

CARNEY::,. < : bLODes5t ACeetIpndr 71-70
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Thurs, Fri-7:20 9:30
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DETROIT (UPI)-Cardinal John
Dearden, head of Detroit's archdiocese
during 22 tumultuous years for both
church and city, resigned yesterday ash
spiritual leader of the area's 1.2 million
Catholics, citing poor health.
Church leaders, although saddened,
praised the 72-year-old archbishop's
"noble" decision as a means of en-
suring continued strong leadership in
the nation's seventh-largest diocese.
THE SEARCH FOR a successor to
Dearden, who helped elect two popes,
was to begin immediately, church of-
ficials said.

Dearden, first president of the
National Conference of Catholic
Bishops and recognized as a top leader
of the American church, said he felt
frustrated at his inability to conduct
church affairs vigorously since suf-
fering a heart attack in April 1977.
Dearden, named archbishop of
Detroit by Pope John XXIII in 1958
and elevated to cardinal in 1969 by
Pope Paul VI, declined speculation on
who would succeed him, saying the
selection process would take at least six

D E WED. $1.50
ti15:00 B Er
, 8:20 WED-2:50,6:30, 10:10 R
-8:20 THURS, FRI-6:30, 10:10

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