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16 Press-Republican—Wednesday, December 21,1983 GM, Toyota accord foreseen By THOMAS FERRARO WASHINGTO*TXUPI) - Toyota and General Motors hope to sign an agreement on antitrust concerns by Thursday, satisfying a federal-de- mand on their proposed joint ven* ture to build a new line of cars, a Toyota attorney said today. Earl Kintner, a local lawyer representing Japan's biggest automaker, said representatives for Toyota, GM and the Federal Trade Commission are conferring today on the \precise language of a con- sent agreement/' Kintner, along with FTC sources, said once GM and Toyota sign an agreement, in which the automakers promise not to violate antitrust laws in their venture, the commission will likely approve the deal. GM, the world's biggest automaker; andToyotar third largest, want to produce a GM- styled car with a Toyota-designed engine at GM's idle plant in Fre- mont, Calif. V Business News V If permitted, it would mark the first time major automakers have joined forces in the United States to produce a specific line of cars. GM and Toyota want to begin prodft- tion next year. The FTC's five commissioners were to vote today whether to per- mit the venture, but the meeting was canceled Monday with the FTC demanding written commitments from GM and Toyota. Specifically, the commission wants the two to place in writing what they have verbally agreed to Limit the venture 4^44 years, from my client, in principle, to a consent settlement that would for- malize three *coriiitions that we believe are already explicit,\ Kint- ner said. Kintner said discussions are under way between Toyota, GM and FTC and, \We have a goal of having a signing by Thursday. I'm confi- dent that once we get the agree- ment, the FTC will approve the ven- ture.\ In Detroit, a GM spokesman said, \We can only confirm that we. are meeting with the FTC today to discuss the whole affair.\ Asked if an agreement could be reached by Thursday, he said, \We simply don't know. This has got to be up to the FTC more than anything else.\ The two automakers announced the proposed joint venture last February, sending tremors through the U.S. automobile industry. Ford and Chrysler oppose the deal, maintaining it would violate the Clayton Act, which prohibits ac- quisitions that substantially reduce competition. GM and Toyota maintain there are no antitrust implications because the deal is for a specific length of time and is only to build one particular car. limit production to 200,000 cars a year and limit the exchange of sen- sitive information. \As of now, I have agreement ^ MRIiSIE/UI Dow dips again; rally unlikely Sounds deceiving Rent-A-Wreck, owned by Al Bailey, opened recently on Cornelia Street, across from Plattsburgh Plaza. The name is deceiving, according to Bailey, and even though all the cars are used, they meet high company standards. Every cars is two to eight years old, clean and in perfect working condition, he says. Rent-A- Wreck is a national franchise. (PR staff photo) By FRANK W.SLUSSER UPI Business Writer NEW YORK (UPI) - Wall Street's hopes for a year-end rally grew dimmer Tuesday when the stock—market—tost—ground—hr moderate trading. The Dow Jones Industrial Average shed 2.64 to 1,241.97. Barr- ing a major rally the next seven days, the Dow probably will not top its all-time high of 1,287.20 set Nov. 29. The New York Stock Exchange in- dex fell 0.16 to 93.64 and the price of an average share decreased six cents. Declines topped advances 943*696 among the 2,066 issues trad- ed. Big Board volume totaled 83,740,000 shares compared with 75,180,000 traded Monday. \It looks like the market just couldn't get cranked up enough to get the yearend rally started and prices fell out of investor disap- pointment,\ said George Pirrone of Dreyfus Corp. \Buyers are not-active and the selling pressure was not great,\ Pirrone said. \This is just a tired market.\ Harry Villec of Sutro & Co.. Palo Alto, Calif., said the drop in prices record Christmah sales \shows the recovery is either going to be slower in the near future or is going to shift its emphasis.\ The American Stock Exchange in- dex lost 1.27 to 217.40 and the price of a share fell eight cents. 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