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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 17, 1983
Page
19
U S government data show factory and mine output rising 1.8 percent in July marking the eighth consecutive monthly gain since the recession. Autos and steel led the rise while durable goods and construction supplies also climbed.
Nationwide survey shows AMLs gaining vs 30 year fixed loans. AML rates are over one percent lower, and points are also lower. Balloon mortgages remain rarer, with rates between AML and fixed loans.
Federal grand jury charges the Alderdice brothers of International Gold Bullion Exchange with 18 counts of conspiracy mail and wire fraud. They are jailed in Broward County on New York securities fraud and grand larceny charges after the firm collapsed. The scheme allegedly drew over 140 million from 25 000 customers between 1979 and 1983 with many never receiving metals.
The article explains how buyers can deduct sales tax on building materials for a new home. If a general contractor is used, the contractor is the consumer for tax purposes, but the owners can preserve the deduction by contracting to buy materials directly and paying for each item.
The Dow fell 3.05 to 1190.45 while total NYSE volume dropped to 71.78 million shares. Tech names led declines amid rate uncertainty and housing-start slowdown with Tandy and Data General among notable movers. American Express and Alleghany also slid as Caterpillar cut 1983 sales outlook.
U.S. builders produced housing starts at a 1.74 million annual rate in July, down 0.6 percent from June's 1.75 million. Permits for future construction rose 3 percent to 1.81 million, signaling possible gains ahead. single family starts fell 11.9 percent to 1.0 million, while multi unit starts climbed to 597,000.
The company, the world’s second largest non-food retailer, posts a second quarter record with operating revenue up 12 percent to 4.48 million and net income of 117,700, with per share 91 cents. Six months show revenue of 8.41 million and net income 162,300, with per share 1.26 dollars. Improvement credited to better merchandising and lower costs.
Hewlett Packard reports for the quarter ended July 31 1983 with a 6 percent operating revenue decline to 1 150 000 showing a net income of 91000 and earnings per share of 35 cents. Nine months revenue up 10 percent to 3 380 000 and net income up to 285 000 with 1 12 per share. District sales office noted in Cedar Rapids and rising orders 25 percent as marketing and research costs increase.
Chrysler Corp. announces the Newport will return in 1984 after being dropped in 1981. Production will be at a Fenton Missouri plant with a debut after 1984 begins. company spokesman Thomas Houston declined to release production numbers.
A northeast Iowa livestock market and a Cedar Rapids motorcycle shop filed federal bankruptcy petitions in Cedar Rapids. Mid-Iowa Hog Market and Mid-Iowa Livestock of Nashua report 601 598 dollars in debts and 306 211 dollars in assets with 23 000 exempt. Pazour Motor Sports at 3303 16th Ave SW seeks court protection while a repayment plan is prepared.
Iowa Public Service Co filed a request with the Iowa Commerce Commission for a 9.9 percent electrical rate increase totaling 19.9 million dollars. The company cites funding for a 14.6 percent stake in the Louisa Generating Station set to Online this fall and an expected October 1 implementation. The average residential bill would rise about 4.79 dollars monthly. The commission has up to 10 months to rule and the case could test new caps on generating capacity charges. Texas Air Corp to buy 11 DC-9 Super 80s for 250 million dollars from McDonnell Douglas.
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