Housing starts rise to a year high as rates ease
The Commerce Department reports April housing construction at a 1.91 million annual rate, led by apartment building offsetting a dip in single family homes. Mortgage rates have fallen from last July’s peak, spurring optimism that lower rates will lift overall economic growth amid a factory utilization drop to 80.6 percent.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
White House
Larry Speakes
Bankers Trust Co. of
New York
Federal Reserve Board
U.S
David Berson
Wharton Econometrics
James Christian
U.S. League of Savings Institutions
United Fire Reports Q1 Loss Due to Reinsurer Liquidation
Cedar Rapids based United Fire and Casualty Co. posted a Q1 net loss of 239000 dollars, or 14 cents a share, largely from a 1.2 million charge tied to a reinsurer’s liquidation. Excluding that item the firm would have earned 961000 dollars, 57 cents per share. Premiums rose for both property casualty and life lines, with a 20 cent quarterly dividend approved payable June 15 to holders of record May 31.
MENTIONED IN THIS ARTICLE
United Fire and Casualty Co
Cedar Rapids
United Fire
Senate approves repeal of daily tax-use record law
The Senate gave final approval to a bill repealing a year old requirement to keep daily records on the use of tax deductible vehicles and home computers. Reagan is expected to sign. retroactive to Jan 1, the repeal ends the costly rule.
MENTIONED IN THIS ARTICLE
Washington
Senate
Reagan
House
Congress
Market Scores Broad Gain as Rates Fall Bias Lifts Stocks
The Dow rose 4.53 points to 1278.05 boosting its May rally to 36 points as other market measures hit new highs for the week. NYSE volume slipped to 99.42 million shares while Bankers Trust cut its prime to 10 percent, a move not yet matched by other banks.
MENTIONED IN THIS ARTICLE
New York
New York Stock Exchange
Bankers Trust of New York
Third motor freight rate rise announced by Middlewest bureau
The Middlewest Motor Freight Bureau of Kansas City says July 1 increases will lift minimum charges 6 percent and class rates 4 percent for shipments under 20 000 pounds while raising other rates 1 to 4 percent. The move targets interstate shipments across 18 Midwest states including Iowa to cover higher labor and non labor costs.
MENTIONED IN THIS ARTICLE
Middlewest Motor Freight Bureau
Kansas City
Midwest
Iowa
Middlewest Bureau
Canada
Rocky Mountains
Mexican
Gulf of Mexico
Mississippi and
Ohio
Appalachian Mountains
Money supply M1 jumps $21 billion in early May
The Federal Reserve reports M1, the money supply measure of cash plus checking deposits and some travelers checks, rose by 21 billion dollars to a seasonally adjusted 577.6 billion in the week ended May. The prior week was 575.5 billion dollars.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve Board
Fed
Nash Finch raises quarterly dividend to 25 cents
Nash Finch Co directors approved a quarterly cash dividend increase to 25 cents per share from 24 cents. The dividend will be payable June 7 to shareholders of record May 24. An automatic dividend reinvestment plan will be available in Q3.
MENTIONED IN THIS ARTICLE
Minneapolis
Nash Finch Co
Cedar Rapids
HP Earnings Down Despite Revenue Rise in Q2
Hewlett-Packard Co reported a 12 percent drop in net earnings for its latest quarter while revenues grew 10 percent. Net income was $129 million or 51 cents a share for the second fiscal quarter ended April 30, down from $147 million or 57 cents a year earlier. revenues rose to $1.68 billion from $1.52 billion.
MENTIONED IN THIS ARTICLE
Palo Alto
Calif
Hewlett-Packard Co
Tribune to Buy KTLA TV Los Angeles for 510 Million
Tribune Co agrees to acquire KTLA TV in Los Angeles from Golden West Television Holding for 510 million in cash. FCC approval required. completion aimed by year end. The deal creates a major broadcast asset for Tribune, potentially prompting sale of some LA newspaper and cable holdings.
MENTIONED IN THIS ARTICLE
New York
Tribune Co
Ktla-Tv
Los Angeles
Hearst Corp
Wcvb-Tv
Boston
Golden West Television Holding Co
KTLA
Federal Communications Commission
John Madigan
The
Chicago
Atlanta
Denver
New Orleans
FCC
Madigan
Golden West
Kohlberg Kravis Roberts & Co
Anthony B. Cassandra
FMC to terminate 23 at Cedar Rapids engineering facility
FMC confirms job losses for the Cedar Rapids engineering center as the crane plant closes May 31. About 400 total layoffs now include 200 production and 180 white-collar workers. remaining operations and clean‑up duties post closures noted.
MENTIONED IN THIS ARTICLE
FMC Corp
Cedar Rapids
Engineering Department
Chicago
the Gazette
FMC
Kentucky
IRS Q&A on contributing to a spousal IRA after 70
The answer explains that a working spouse can contribute up to 2000 dollars to a spousal IRA if filing jointly and the couple remains married and meets age and work status tests. If the spouse is younger than 2014 and not working, you may continue contributing for years.
Also Mentioned on This Page
Ancay
Amjjasondjfma
UFC
Treasury Department
Sen
Russell Long
D-La
Internal Revenue Service
David Pryor
Dark
Nash Finch
James E. Olson
American Telephone & Telegraph Co
Olson
At&t Technologies Inc
William M. Ellinghaus
Tribune
Los Angeles Times
Main Bank
Second Avenue
Third Street
S.E. Noelridge Park
Council Street
N.E. Amana
Amana
FDIC
Merchants National Bank
Mambai Emic
Banks OF Iowa’ Bank
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