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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 20, 1990
Page
20
U S stock and financial markets were closed Monday in observance of Washington's Birthday. Government offices banks and some businesses also closed. Unaffected farm market tables will be found on page 8C.
The 4 Hydraulic Specialty Co. opens a new office at 5200 18th Ave SW in Minneapolis with a Chamber of Commerce ribbon cutting at 11 30 a m today. The facility will provide inventory, service, repair, fabrication and engineering assistance.
Federal Reserve Chairman Alan Greenspan is set to testify before Congress today to reveal the central bank's policy targets for 1990. Market implications center on anticipated interest rates and overall economic growth.
Challenger index president James Challenger reports the median age of discharged managers who found new jobs rose to 46 in both Q3 and Q4 1989, up 12 percent from six years earlier and an all time high in the 15 year index.
ARCAD a Renault and Chrysler joint venture says Valladolid Spain will host European production of a new four wheel drive minisport utility vehicle. The facility will be leased from FASA Renault a Renault subsidiary in Spain.
Baker Hughes reports the total of working oil and gas rigs climbed by 19 this week to 918, remaining well above last year’s 766. The prior week saw a drop of 32 to 899.
State Farm Mutual Automobile Insurance Co of Bloomington has been notified it now holds 66.6 million Blue Arrow shares, representing 9.16 percent of outstanding stock. The shares were bought from NatWest Investment Bank of London in a private transaction.
A provision in a recently signed interstate banking law allows Norwest Bancorporation to expand in Iowa by counting thrifts in its deposit base. The change lowers Norwest’s statewide share from 9.8 to about 6.4 percent, enabling future acquisitions and reducing limits that previously blocked growth. The move, backed by Norwest, shifts the landscape as First Bank System eyes Banks of Iowa pending approval.
Super 8 Hotels Inc announces acquisition of Tony Hellings Col ony Budget Inn south of the Little Amana interchange on I 80. The Little Amana Super 8 Motel reopens as Iowa’s 33rd Super 8 and one of 686 in the US and Canada. The two story, 62 room property employs 20. Barb Iburg named manager. Single rooms start at 25.88 dollars.
Wendy's International Inc reports a 16 percent decline in fourth quarter 1989 profit to 5.7 million or 6 cents a share on 261.1 million revenue. For 1989, full year profit rose to 30.4 million or 32 cents a share, while revenue edged to 1.07 billion. Systemwide sales topped 3 billion for the year.
Goldman Sachs will assume Drexel Burnham Lambert's portfolio of mortgage backed securities with SEC assistance. Drexel seeks Chapter 11 protection while three British units cut 210 jobs as part of an orderly wind down, adding to US lay offs totaling 5,300.
MidAmerica Savings Bank reports 1989 earnings of 1.92 million up from 163 thousand the prior year with fourth quarter 492 thousand. ROE stands at 20.35 percent as assets reach 244 million and loans rise across commercial and consumer sectors. President J Michael Early notes lower rates spur a stronger lending climate. The bank, founded 1905 and recapitalized in 1988, operates offices in Iowa City Waterloo Cedar Falls Decorah Vinton West Des Moines and Waukon.
Inland Steel reorganizes platemaking operations into a new separate business unit to better serve industrial customers. The Inland Steel Industrial Products Co. will be led by President Joseph Corso, announced Monday in East Chicago Indiana.
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