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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Apr 03, 1982
Page
24
UPI reports the basic money supply fell $3 billion in the latest week as analysts warn of a potential April bulge in M1. Bank of New York executive says the drop keeps M1 above March targets while markets await April figures and Fed policy.
New York traders push equities higher for a second day amid optimism the oversold market has found a bottom. Dow rises 5.33 to 838.57 while NYSE and NASDAQ indices climb and volume increases. IBM leads activity with a 61 percent uptick among several tech issues.
International Harvester, facing potential default on a $4.2 billion loan package, holds creditor talks to seek a waiver. The firm has lost $1.1 billion across two fiscal years, including $299.4 million in Q1 1982, with forecasts of a larger loss and a hoped return to profitability by October 31.
The union rejects multiple proposals intended to ease the Cedar Rapids FMC Cable Crane and Excavator Division finances. Proposals included wage deferral, suspending COLA, eliminating personal days, and loosening work rules. Union argues concessions affect seniority and recalls and questions company books while seeking job security and stock options in return.
A Legal Services Corp of Iowa News Briefs item advises renters to thoroughly inspect a new rental and prepare a detailed list of existing damages or flaws before moving in. This checklist helps document conditions and avoid disputes with landlords.
Legal aid outlines steps for tenants to copy leases with landlord, list repair duties, and ensure responsibilities are clear to minimize damage claims on move out. It suggests attaching the copy to the lease and provides Cedar Rapids and Iowa City contacts for more information.
Wharton Economic Forecasting Associates projected a 1.8 billion dollar balance of payments deficit for OPEC members by year end reversing more than a decade of surpluses. They noted a drop in oil export volumes and a falling oil price as key factors.
UPI reports a federal jury ordered Sears Roebuck and Co to pay Peter M. Roberts of Red Bank Tennessee five million dollars for willful patent infringement of Roberts invention the push button Quick Release socket wrench. Roberts created the wrench in 1963 while employed at a Sears store in Gardner Massachusetts. The verdict follows a 1977 ruling that Sears fraudulently persuaded Roberts to surrender patent rights for ten thousand dollars.
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