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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 28, 1988
Page
21
Idaho lawmakers propose a $5 voter tax credit to spur turnout after a primary with less than 25 percent participation of the 520,000 registered voters. Ada County Clerk John Bastida suggests a stamp on ballots to certify eligibility on state tax returns. The plan aims to raise civic participation in elections.
At the annual stockworker meeting in Des Moines the Banks of Iowa re-elected all directors except one Bernard B Marks who has been a member since 1983 did not stand for re election. All officers were re elected at the following board meeting. Banks of Iowa is a statewide banking firm with Merchants National of Cedar Rapids as a subsidiary. Holmes Foster is president and CEO and three Cedar Rapids board members include Donald P Hattery Joseph F Hladky and Henry Royer.
Americans’ disposable income dropped 0.9 percent in April per the Commerce Department, the steepest fall in a year, with tax payments trimming paychecks and consumer spending roughly unchanged. Before tax adjustments, incomes rose 0.1 percent. Analysts cited tax bills, Easter timing, and March bonus effects at Ford as factors. The savings rate slipped to 3.8 percent while tax payments surged.
The Consumer Product Safety Commission announced recalls of about 6,500 Sweet Home Shoe House playsets and 7,800 Ice Cream Dolls for choking hazards. Wisconsin Toy Company Inc. recalled the items labeled 1984 Jumbos International Hong Kong Co. No. 698 and Ice Cream Doll Made in Hong Kong.
Three downtown Cedar Rapids eateries undergo changes as The Butterfly Cafe at 306 Third Ave SE and Flame Room at 310 Third Ave SE are under remodeling with new names and concepts. The Butterfly Cafe by Susan Luenzi will reopen with breakfast to dinner service and beer wine. The Flame Room becomes The Fox and Hounds after redecorating. The Fourth Street Diner at 213 Fourth St SE reopens June 2 under new owners John and Stephanie Breslin with a 1950s decor and lunch. Downtown Pantry at 310 Third Ave SE is bought by Robert and Rama Becker and may convert to a restaurant while retaining the name.
The stock market drifted downward in a meandering preholiday session. The Dow fell 10.31 to 1956.44 as volume eased to 133.59 million shares. Eastern Town stocks showed small moves while Texaco and CyCare traded lower. Duquesne Light and Texas Utilities led activity amid dividend-focused moves and takeover chatter.
Texaco Inc directors rejected Carl Icahn's $60 a share takeover offer valuing the company at $146 billion and prepared for a proxy contest for five board seats. Icahn pressed for a pressuring move arguing management should boost stock value and consider breaking up the company.
Negotiations for First National Bank to acquire Hawkeye State Bank in Iowa City failed. Bank officials announced March 1 that a tentative deal had been reached, but Friday's statement said the parties could not finalize a mutually satisfactory agreement. Hawkeye State Bank, founded in 1965, has assets around 20 million and would have merged into First National if completed.
Cattle producers and cattle and beef importers voted overwhelmingly for a $1-per-head market ing checkoff to fund a national beef promotion and research program. About 79 percent of 256,505 ballots favored the plan, with 21 percent opposing. Iowa results echoed the nationwide result though slightly lower.
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