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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 11, 1982
Page
26
Wall Street analysts argue food processing and related staples may lead the next market upswing, citing defense against inflation, recession resistance, and strong earnings growth from firms like Borden J M Smucker CPC International and International Multifoods.
Commerce Clearing House notes two tax provisions affecting home sales for 1981 returns. The replacement period for residence gains now runs from two years before to two years after sale, replacing an 18 month rule. The Economic Recovery Tax Act raises the maximum single exclusion for ages 55 plus to 125000, or 62500 for separate filers, with ownership and use requirements of at least three of the prior five years.
Whirlpool will check about 21 000 dishwashers sold since 1979 for a wiring defect that could cause electric shock. Repairs are free and can be done at home. Affected models are SHU9000 SHU9001 SHU9004 SHU9900 and SHU9904. Owners should contact their dealer or call 1 800 253 1301.
United Fire & Casualty Co of Cedar Rapids posted a 25 percent jump in net income to 6.6 million for 1981 and per share earnings of 3.79 after a five for four stock split. Net premiums rose 30 percent to 76.6 million, aided by the Protective Fire and Casualty Co inclusion. Equitable of Iowa Companies showed higher revenues but lower net income, with 15.7 million earnings on 446.1 million revenue. Younkers unit recorded 164.5 million in sales, life subsidiaries sold 1.2 billion in insurance, while terminations and higher selling costs reduced overall results.
UPI reports a small market gain after a late rally faded amid bargain hunters and recession fears. RCA drew attention amid takeover speculation with Bendix purchasing large blocks, while Exxon and Gulf Oil posted gains. Dow up 1.05 to 804.89, NYSE up 0.33 to 63.04, NASDAQ up 0.71 to 170.42.
In Iowa City 94 to 93 Teamsters Local 238 vote against management proposals to defer a March 1 dental insurance plan and drop Good Friday as a paid holiday. The firm sought union cost sharing of a 2 percent rebate requested by suppliers. similar talks occurred at seven other Sheller Globe plants with Morganfield, Kentucky accepting concessions. The Iowa City plant employs about 650 with roughly 140 laid off amid ongoing layoffs and recalls.
Commerce Department report shows February retail sales up 1.6 percent to 87.6 billion after seasonal adjustment. Durable goods lead with a 3 percent gain helped by auto rebates and price cuts. auto sales up 4.2 percent.
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