01 Jun 1981
Page 1
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 01, 1981
Page
1
Today a Los Angeles based oil giant may acquire Iowa Beef Processors in a move valued at 790 million dollars. The report appears on page 7B with broader business implications for industry and agriculture.
A humorous note on rising barber prices with a $5 charge for a $2 haircut, reflecting the broader cost of living. The piece contrasts current rates with past affordability and hints at a aging audience remembering cheaper services.
President Reagan held a high profile meeting with Democratic leaders described as a media event while House Ways and Means Chair Dan Rostenkowski signaled continued negotiations for a settlement. Reagan seeks a pared down tax cut with a 5 percent across the board cut beginning Oct 1. Rostenkowski aims to target relief to earners between $20 000 and $50 000. Budget chief Stockman warned Congress against sabotaging approved spending cuts as committees prepare to draft details by June 12.
A 2nd Lt. Christopher M. Cooke of the Air Force leaked Titan missile targets and codes to Soviet diplomats, prompting security changes. DOJ will not pursue espionage charges. Cooke is jailed at McConnell Air Force Base for three visits to the Soviet Embassy last December and May. The case raises questions about motive and the exact nature of contacts.
Linn County must reduce its $1.8 million tax levy for the county poor fund after a May 27 notice from the Iowa State Comptroller. The cut, totaling $100,000, stems from revenue sharing funds. officials say the move delays state budget approval and tax rate computation. Supervisors plan an appeal within 20 days, citing no future use of revenue sharing for general assistance and veterans affairs.
Major banks moved the prime rate to 20 percent with several institutions like Continental Illinois and Morgan Guaranty trailing Chase Manhattan. A St Louis firm also touched 19 percent as traders eyed potential easing after Fed data showed a second weekly money-supply decline and the Dow topped 1000.
The justices, in a 7 2 decision, hold Mt Ephraim New Jersey zoning cannot ban all live nude dancing as unconstitutional. The ruling upholds free speech rights while noting zoning must narrowly target unprotected activity.
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