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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 08, 1987
Page
17
The Treasury Department suspended the sale of U S savings bonds for a second time in three weeks due to Congress failing to agree on a new federal debt limit. Banks and financial institutions were told to stop selling bonds until further notice as the temporary borrowing authority was reset to 2.11 trillion dollars.
Stocks logged narrow gains amid a weekend wary mood as the Dow Jones industrial average flirted with 2,600 before closing down 2.23 at 2,592. Broad indicators reached new highs while technology shares and airlines led advances. IBM, Digital Equipment, and HP rose, while Ford matched GM's financing offer setback. The NYSE composite hit a record high as S&P and NASDAQ posted gains.
Rockwell International's Government Avionics Division sells single and multi channel GPS units to the U.S. government at about 53 percent of the original cost estimate. Two channel sets go for 50 percent and five channel sets for 51 percent. The 1985 Air Force contract has grown from 434 million to 452 million with 235 million in orders to date.
Prices paid to Iowa farmers show No. 2 yellow corn and No. 1 yellow soybeans up to date. Corn prices mostly 1 to 4 cents lower with soybeans 2 to 8 cents lower. Hogs and cattle complex notes mixed trade with higher hogs and steady to higher sow/boar values. cattle activity light with limited market tests.
The IRS plans to withhold 20 percent from interest and dividend payments for about 150,000 savers who did not report such income for 1984 and 1985. Notices have been sent warning taxpayers to respond or IRS will apply withholding. The change follows a partial repeal of 1982 withholding rules and targets those who failed to report income or disclose Social Security numbers.
Chrysler joins GM and Ford with a 1.9 percent financing offer to move 1987 inventories ahead of 1988 models. The program covers several Chrysler and Dodge models with 24 to 60 month loans and rebates up to 750 dollars, with Mitsubishi imports on a separate rate tier.
John Simpson, an insurance agent in Fort Dodge, will surrender his variable annuity license and pay $3900 in interest to settle state charges over alleged misappropriation of more than $30,000 in annuity payments from Fort Dodge School teachers. He retains life and health insurance licenses.
The Merkur Scorpio luxury sedan built in West Germany saw its base price rise by 800 to 24048 dollars. Ford cited the rising West German mark against the dollar as the reason for the 3.4 percent increase. Lincoln Mercury began US sales on May 21 and has sold 2,230 units.
Life Investors Inc of Cedar Rapids reports lower earnings for the second quarter and the first six months. Q2 net income fell to 9.6 million from 14.3 million, with shares at 1.09 versus 1.55. Six months net income down to 21.9 million from 25.4 million, with per share at 2.48 versus 2.74. Revenue rose in both periods, while lower portfolio yields and higher policy costs drove the drop. LeaseAmerica unit boosted earnings.
Eastern Iowa focus includes PaineWebber Group Inc. with Cedar Rapids brokerage office and Mobil Corp owner ship of Montgomery Ward department store in Cedar Rapids. CNW Corp. owns Chicago and North Western Railroad serving Cedar Rapids. Heritage Acres in Cedar Rapids is listed among Beverly Enterprises nursing homes.
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