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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 26, 1983
Page
18
The stock of active automobiles has risen 31 percent over ten years with a 2.5 million annual increase. Yet annual scrapping stays between 5.7 and 7.3 million, indicating most new sales go to replace scrapped vehicles.
Cedar Rapids Paint and Design Studio and Hilltop House Furniture will merge to form C R Paint and Design Studio occupying 17 000 square feet at 729 Third Ave SE. Linda Schulte will head the residential design unit with Mary Chesebro leading commercial design. The project, backed by 250 000 in industrial development bonds, aims to start after city action within 30 to 60 days and finish by May or June next year.
Brenton reports nine month net income down 2 percent to 4.159 million with a 41 percent rise in loan loss provisions. Martin Marietta notes Iowa quarries and former Cedar Rapids HQ. Standard of Indiana markets Amoco in Midwest. Curtice Burns parent of National Oats in Cedar Rapids. Chicago & North Western Railroad runs through Cedar Rapids.
Domestic new car sales climbed 41.1 percent in mid-October from weak year-earlier levels, hitting the best daily rate in four years. GM led gains with 143,368 autos sold, Ford 55,658, and Chrysler 27,175 as industry analysts call the results a sign of continued recovery.
New York markets climbed as auto shares fueled gains on Tuesday despite rising international tensions including the Grenada invasion. Dow inched up 3.46 to 1252.44 as GM hit a new high and Ford Chrysler and AMC rose with strong mid October sales.
The National Association of Realtors reports a 1.1 percent rise in September single family home resales to a seasonally adjusted annual rate of 2.74 million, up from 2.71 million in August. September sales are 43.5 percent higher than a year earlier, with the median price falling 1.5 percent to $70,400.
The Commerce Department reports a 0.5 percent drop in overall durable goods orders in September led by a 14.5 percent fall in transportation equipment mainly from motor vehicles and parts. Excluding autos, orders rose 3.9 percent, signaling ongoing economic strength.
American Isuzu Motors Inc recalls about 2,400 1983 Impulse sports cars for a loose rear brake caliper bolt that could reduce braking power. No crashes were reported. A clunking sound signals the issue, and brakes otherwise function. Free repairs available at Isuzu dealers. The problem was found by an Isuzu dealer in Whittier California.
J C Penney Co recalls about 4300 coffeemakers model 2278 with date code 0005 sold June 1980 to January 1983. Units may overheat and scorch countertops. owners should stop use and return to Penney stores or catalog desk for exchange or full refund.
Washington AP report says the Federal Trade Commission charged that advertising for the Pollenex Pure Air 99 filters was false and misleading. Associated Mills, the Chicago based maker, was contacted for reaction but no spokesmen were available.
The Federal Home Loan Bank Board says it will withdraw over 400 million dollars from New Biskayne Federal Savings and Loan Association if required to return it to prior owners. The board says it would restore the bank to its condition as of the April 6 takeover in court filings.
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