22 Oct 1987
Page 1
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 22, 1987
Page
1
Ann Cory says her 15 cats are worth the expense as she and two felines attend the Friendly Kat Fanciers annual show on page 1B. The article notes 218P Inc agreeing to pipe waste water from a proposed Manchester pork plant to sink holes in streams.
A light humor line notes you should not marry for money, yet admits it can be the only way to obtain wealth. The quip plays on wedding and riches with a wry stance.
Des Moines report says legislative leaders and Gov. Branstad have the votes to pass a broad tax reform bill that would cut top rates, align Iowa with federal changes, and simplify filings. Branstad plans a special session next week after lawmakers review final details, praising the bipartisan effort and deadlines.
Iowa Supreme Court rules five depositors cannot sue Morris Plan Company of Iowa officers and directors after the firm’s collapse. Justice J L Larson says duty of corporate officers to protect assets is owed to stockholders, not creditors, so depositors have no direct claim. The suit sought 50 million in punitive damages and unspecified actual damages.
The Senate approved a watered down War Powers Act 54 to 44 deferring a decision on Reagan's Persian Gulf tanker convoy policy for 90 days and ordering a Reagan report within 30 days. The measure, praised as preventing a four month stalemate, faces House hurdles and a likely veto.
The Dow Jones industrial average jumped 186.84 to 2027.85, a 10.1 percent gain, as investors returned amid bargain prices. Experts cautioned against overexuberance, warning of possible pullbacks and new investors taking high risks.
Iowa Regents vote 5 to 3 to raise undergraduate tuition about 9 percent at the University of Iowa and Iowa State University and 12 percent for out of state students, with UNI seeing similar increases. Students vow to press Legislature for more state appropriations as campus protests unfold.
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