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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 02, 1988
Page
17
A presidential panel urged measures to prevent a strike that would disrupt Chicago and North Western railroad service, the nation’s largest rail freight hauler in Iowa, though no timetable was set for releasing findings.
The Des Moines district office of the U S Commerce announces a trade mission for Nov 5 21 to Turkey Egypt and Saudi Arabia. It targets firms in agricultural equipment and machinery chemicals fertilizers and food processing packaging. Limit is 30 companies. Contact John Steuber at 515 284 4222.
The Pacific Stock Exchange which runs floors in Los Angeles and San Francisco says it reached an agreement aimed at creating an exchange in Honolulu. Phillip Norris, Honolulu financial group chair, says the goal is to make Honolulu a major Pacific financial center.
General Motors extends buyer incentive campaigns for Chevrolet Buick and Oldsmobile divisions through Sept 28. Rebates for several models are trimmed including LeSabre Nova Spectrum and Corsica while Cavalier Nova Spectrum see smaller increases. New Sprint joins the program with a $300 rebate.
Eastern Airlines and parent Texas Air Corp canceled a contract to sell the Northeast shuttle to another Texas Air subsidiary. Eastern in Miami offered no explanation and provided no further details.
Source Data Systems of Cedar Rapids broke ground for a new office in Rockwell Center Executive Park with more than 60 employees using shovels shaped as the company initials. The event also marked the firm’s 10th anniversary as it outgrows downtown offices.
The Dow fell 10.13 to 2131.58 as the market closed the week with an 11.38 point loss. NYSE volume reached 238.33 million with 617 up, 848 down, and 473 unchanged. Eastern Iowa stocks mostly declined, energy shares fell, and National Semiconductor announced a buyback plan amid cautious trading before the holiday.
The Commerce Department reports May construction activity at a seasonally adjusted annual rate of 407.1 billion dollars, up 1.1 percent from April. Nonresidential work climbs 4.3 percent with office up 7.8 percent and factory up 7.7 percent, while residential and government spending fall.
DES MOINES AP Developers of the NorthRidge Mall say they will not seek a third chance at a federal loan to fund the $60 million project. Mayor Pat Dorrian said General Growth Cos officials have not decided whether to pursue the mall with federal help or drop the controversial venture. Company leaders have been meeting with prospective North Ridge tenants to discuss the mall’s fate.
Final regulatory approvals clear the path for PE Bancorp of Cedar Rapids to join Norwest Corp of Minneapolis. The merged entity will form Norwest Bank Cedar Rapids with about 350 million dollars in assets and eight offices including a main Third Avenue SW branch. John Sayers becomes president and CEO. Ted Welch remains chairman.
Iowa Insurance Commissioner William D. Hager announced that Principal Financial Group will move Principal National Life Insurance Co. from Delaware to Iowa effective Jan. 1. Principal officials say the switch boosts Iowa jobs and growth, aided by Iowa’s repeal of the premium tax on non qualified annuities.
Iowa Power and Light Co will not contest an $18.8 million rate decrease in court and will file an application seeking higher rates. The Iowa Utilities Board denied a second rehearing on the cut, enforcing a 5.5 percent reduction.
The AP reports many companies remain unaware of the need to report releases of any of 328 toxic chemicals under a new law. NAM says about 1,000 questions were received, while a PR firm found only 24 of 81 surveyed had a program. EPA estimates up to 30,000 installations should file, with thresholds set for employee size and chemical amounts. Reports go to EPA and state authorities, with a hotline at 800-535-0202.
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