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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 13, 1988
Page
18
Business Week dismissed its broadcast editor S.G. Rudy Ruderman for violating the magazine’s ethics code and possibly trading on advance stock knowledge before issues were released. A spokesman said Ruderman did not disclose stock trades and full holdings.
Des Moines District office of the U S Department of Commerce plans an agribusiness trade mission to Turkey Egypt and Saudi Arabia from November 5 to 21. Up to 30 companies offering agricultural machinery chemicals fertilizers and food processing packaging machinery may participate. For information call John Steuber at 515 284 4222.
The U S treasury releases one dollar silver and five dollar gold Olympic coins this week. The sale is expected to raise about 49 million dollars for the nation’s Olympic athletes. Coins are available at financial institutions and shops including Kmart Sears and Montgomery Ward.
Inventories grew 1.5 percent, lifting overall stock to 733.9 billion and sales to 490.6 billion. The gains follow 0.7 percent inventory growth in May, marking 18 straight monthly increases, while sales rose 0.8 percent in May and were flat in April.
EPA complaint accuses Ford Motor Co of not repairing under warranty emission control devices that failed due to another component not covered by regulations. Ford may face civil penalties up to $230,000.
Federal regulators added three Texas banks to the insolvent list, bringing the year’s total to 86 after counting all 40 First Republic Bank former subsidiaries as failed. First Bank Balch Springs, Galena Park State Bank, and West Houston National Bank were declared insolvent on Thursday. two will merge, and the third will provide depositor access at a nearby bank.
Hawkeye Bancorporation of Des Moines reports for the first half of 1988 a net income of 5.6 million with 11 percent nonperforming loans down and shareholder equity rising to 50 million. The firm cut staff 55 percent from 1,608 in 1984 to 734, sold 12 banks, and kept five on the sale list while maintaining deposit loyalty and solid earnings potential.
SouthernNet Inc announces letters of intent to acquire Touch & Save Co of Nashville Tennessee and Telemarketing Corp of Baton Rouge Louisiana. The deals hinge on formal agreements board approvals and regulatory clearances. Together with Teleconnect the additions would form the fourth largest long distance company in the United States.
Friday trading showed a sluggish session with the Dow dropping to 2037.52, down 1.78, and the week posting an 81.61 point loss the biggest weekly fall since late March. Quaker rose to 5414 amid takeover speculation while Trans World Airlines jumped 24 to 37.44 on news of a September 7 shareholders meeting.
Freddie Mac reports one year adjustable rate loans at 8.00 percent, up from 7.90 percent, the highest since early November. Thirty year fixed rates climb to 10.57 percent, near the year's peak of 10.58 percent, as of the latest weekly survey.
United Fire and Casualty Co. of Cedar Rapids reports quarter earnings of 5.1 million dollars up 21 percent and per share 1.55 up from 1.25. Half year operating earnings total 9.8 million dollars up 11.6 percent, while net income declines 8.9 percent to 10.1 million due to 2.2 million in realized gains last year. Premia earned rise 9 percent quarter and 11 percent half year. investment income up 10 and 15 percent respectively. Book value per share stands at 25.52 with a 27 cent dividend declared for Sept. 15.
Roanoke Virginia misspelled sesquicentennial coins spark sales as collectors seek the error. Carolyn Wagner of the sesquicentennial committee says calls boost after the misspelling is found with many buyers preferring the incorrect form, while banks also inquire about the misprinted pieces.
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