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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 26, 1987
Page
19
Washington report notes about 18 million workers have not filed the new simplified W-4 or W-4A as Congress overhauled the tax system. It warns withholding may not match liability, risking penalties if 90 percent of 1987 or 100 percent of 1986 liability is not met by year end.
John Q. Hammons announced purchase of six acres on the south side and ten acres on the north side of the Cedar Rapids airport road near 1 380, for development of Collins Plaza an atrium style hotel with 220 rooms 20 percent suites and a seven story design with celestial glass roof. The project aims for a July opening next summer with about 200 local employees and a $12 million construction cost. Hammons also noted similar hotels in Des Moines and future plans for Quad-Cities sites while stressing a focus on smaller cities and quality service.
Distinctive Printing and Packaging and Assemblers Inc. are sold to a West Point Virginia company, Chesapeake Corp. Acquisition awaits board approval and a signed agreement. Plants span West Des Moines Spirit Lake Omaha Marion with 11 million in 1987 sales anticipated. Employment ranges from 5 to 175 seasonally.
Omaha Farm Credit district moves to merge with St Paul district are paused after the board declined to sign a letter of intent. GOP lawmakers fear Omaha could lose its district headquarters and press Congress to delay merger until Farm Credit System aid is approved.
Middleboro Massachusetts mourns Leonard Hayes Chace former East Freetown mechanic who built LAH Chace and Sons into a high volume Chevrolet dealership. His wake, staged in the showroom, drew more than 200 mourners as vehicles were moved aside for a casket and flowers. His son Len Chace Jr. said the tribute reflected his father's lifelong bond with the business and community.
The stock market posted a mixed Friday amid murky interest rate signals. The Dow Jones rose 3.75 to 2,570.17, while NYSE volume was 137.98 million shares. Banks of Town and Kidde gained, W.R. Grace fell, and Bank of New York contemplated Irving Bank Corp. takeover. Auto stocks slipped with Ford, Chrysler, and GM down, while telecoms and energy issues showed modest gains. Homestake Mining jumped on a 2-for-1 split and dividend boost.
The National Association of Realtors reported August existing single family home sales at a 3.4 million seasonally adjusted annual rate, down 0.9 percent from July. It marks the third straight monthly drop and the slowest pace since March 1986, with August prices averaging 85,400 dollars, down 0.9 percent from July. Midwest sales slid 5.6 percent to 850,000 annually, while the median Midwest price rose to 66,500 dollars.
Dayton Hanson Corp. spurns a 6.3 billion buyout offer from Dart Group Corp. Chairman Kenneth Macke says shareholders benefit from Dayton Hudson remaining independent after a Malne meeting. Shareholder interests drive the decision as the board declares independence.
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