27 Jul 1988
Page 1
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 27, 1988
Page
1
Jim Miller declares he will never forget the Korean War where he lost a leg. The conflict ended 35 years ago today. Officials report Linn County Youth Shelter is failing to provide proper care for mentally ill youths, prompting concerns.
A lighthearted quip on fate and luck ends with a playful twist about being bailed up in a fist, delivering a quick chuckle.
President Reagan signed a finding authorizing new covert activity aimed at removing Panamanian strongman Manuel Noriega. Administration and congressional sources say the plan centers on psychological warfare with no imminent paramilitary action. Delvalle was informed by Reagan on July 15 in New York and Noriega remains in control amid sanctions and U.S. drug-trafficking charges.
Federal board approves insurance to rescue MorAmerica Financial Corp and Morris Plan Co of Iowa and free money frozen since 1985 for United Security Savings Bank depositors. Creditors welcome move as reorganization under Chapter 11 advances and MorAmerica plans imminent payout pending details.
United Security Savings Bank plans opening by Oct 1 with staged paybacks for Morris Plan and MorAmerica depositors. Deposits up to 1500 receive one third on opening day. larger Morris Plan deposits get about one sixth. MorAmerica gains begin 1989 with principal and interest. Debenture holders start interest on opening day and principal in 1939. opening date depends on FHLBB conditions.
Cedar Rapids faces a potential fall labor crunch as students return to school. Job Service reports the busiest period in years with multiple openings at Quaker Oats General Mills Rockwell Goss and the Collins Plaza Hotel. Wages of $10 an hour and up attract many applicants even as the jobless rate drops statewide to 3.9 percent and Linn County to 3.3 percent.
City officials approve selling about 5,000 outdated Cedar Rapids street signs at five dollars apiece as they replace signs with larger, easier to read models. Sales proceed on a first come basis and may continue over several years. interest has come from residents including David Beer for signs along Johnson Hinckley E Avenue and Westwood Drive.
The House Agriculture Committee approved emergency drought legislation with a dairy price support rise from $10.60 to $11.10 per hundredweight. It includes about $5.4 million in drought relief, direct disaster payments, and payments based on 65 percent of expected revenues, with higher caps for crop failure and insuranceless farmers, up to $100,000 per farmer.
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