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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 02, 1988
Page
19
The Commerce Department reports construction spending up 1.2 percent in July to a seasonally adjusted annual rate of 401 billion dollars, reversing the prior month's revised 1.5 percent decline. Government building projects offices and apartments drove the gain.
Learfield Communications Inc. announces a new corporate headquarters in Jefferson City Missouri breaking ground to consolidate its operations. The firm runs Radio Iowa a news network and holds broadcast rights for Iowa State University sports and originates broadcasts from the University of Iowa.
CyCare Systems Inc. files with the SEC a registration for a proposed public offering of 1.6 million common shares. Of these, 600,000 shares will be issued by CyCare and 1.02 million shares will be sold by HCA Investments, a Hospital Corp. of America subsidiary. Proceeds will reduce debt and support general corporate purposes.
Bondholders who pursued Washington Public Power Supply System in court reach a settlement before trial. Plaintiffs say the agreement will secure cooperation from WPPSS employees who will be key witnesses when the securities fraud trial opens September 7 in Tucson, Arizona. The deal ends litigation over the system's 2.25 billion dollar bond default in 1983.
Massachusetts becomes the second state to implement unisex life insurance pricing after an appellate judge refused to delay the rules. The move aims to end higher rates for men and align with Montana's prior action. Meanwhile at Illinois Eye Research Institute in Chicago a technician tests a laser system to deliver drugs and dye to precise eye spots, treating about 46,000 patients annually including 1,450 laser procedures.
Federal regulators said critics failed to prove the Suzuki Samurai has an excessive rollover tendency. The National Highway Traffic Safety Administration will pursue standards to protect drivers of all light-duty vehicles from unreasonable rollover risk.
American Airlines states lawsuits filed in three cities target individuals and firms alleged to abuse the frequent flier program. The airline argues the program allows transferring benefits but prohibits selling them.
The Federal Reserve reported M2 up to 3033.6 billion from 3027.8 billion, M3 rising to 3830.8 billion from 3824.7 billion, and M1 increasing to 783.4 billion from 780.1 billion.
The Treasury Department scrapped the 24 hour toll free buying line for U S Savings Bonds after investors purchased 4.5 million in bonds from May 3 to mid August. The five month, 800000 budget program will end September 30, 1989, though the line remains to hear rate information.
Construction starts on a 33,000-square-foot office and warehouse facility at 5001 J St SW for KOHO Management by Point Builders Inc. Fred Timko notes the project meets growing local business demand in the Southwest quadrant, with dock-high and grade-level truck entrances and two-story office space planned.
Federal regulators pledge 1.9 billion to rehabilitate 14 Oklahoma savings and loan associations. Board plans to merge them into six larger banks and pursue private sales, as part of a nationwide rescue effort totaling nearly 10 billion in two weeks.
Value of checks cleared through the Cedar Rapids bank clearing house in August rose 17.3 percent from July and 14.6 percent from August 1987. Year to date value declined 3.4 percent from the prior year’s same period.
Federal regulators approve American Stores Inc. 2.6 billion purchase of Lucky Stores Inc. to create a major supermarket chain. California AG John Van de Kamp opposes and weighs legal challenge. American will divest 37 California stores to satisfy competition rules. American now HQ in Orange County. totals 1,600 stores versus Lucky's 480.
The Dow fell 29.34 to 2002.31 as traders awaited a Labor Department report on August employment. In the Eastern Iowa group five stocks rose, fifteen fell, and six were unchanged, with wide NYSE volume and gains and losses spread across blue chips and retailers.
Pisgah Savings Bank and Mingo Trust and Savings Bank failed this week, the sixth and nationwide total for the year. The FDIC will transfer insured deposits to Iowa Savings Bank and Exchange State Bank respectively, with asset transfers and uninsured deposits handled under liquidation terms.
Chrysler spokesman Tony Cervone said notifications were mailed last week to owners of thousands of cars sold as new despite odometer tampering. Owners need not respond to participate. the letters include an opt out form for those who reject the class action. The proposed settlement would pay more than $16 million to affected vehicle owners.
Norwest Corp vice chairman Richard M. Kovacevich says the Minneapolis firm is interested in acquiring banks in Iowa and Nebraska if deals benefit shareholders. He notes several strong franchises in the region and cites existing purchases in 1987 and July, while outlining Norwest’s broad Midwest footprint and Omaha presence.
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