NATION AND WORLD
University Daily Kansan, April 20, 1984
Page 11
Seabrook plant owner stops paying dividends
By United Press International
MANCHESTER, N.H. — Public Service Co. of New Hampshire decided yesterday to stop dividend payments on common and preferred stock as hundreds of workers hired for jobs under a construction balt at Seabrook nuclear plant.
Public Service, Seabrook's largest owner with a 35.6 percent share, stopped construction on the plant Wednesday in an attempt to avoid bankruptcy. The utility estimated the halt would save $750,000 a day.
THE DIRECTORS said yesterday that the Manchester utility would save another $38 million overall by cutting dividends and reducing the utility's work force. Public Service plans to save $30 million this financial quarter by eliminating a power company by reducing its non-Searock work force at its Manchester headquarters.
Public Service, which has issued dividends since 1946, had recently paid dividends.
"The board decided with extreme regret to omit the common and preferred dividend — a decision that will save the company about $30 million this quarter. This decision will affect
"It will create a special burden for the people — many of them elderly — who depend upon our dividend for their income. But it is a decision that had to be made in attempt to maintain the viability of the stockholders' investment," he said.
the thousands of people who have invested in New Hampshire's future through our stock," said Public Service President Robert Harrison.
Utility employees earning more than $35,000 will have their salaries reduced 10 to 15 percent, Harrison said. Fees and other director directors will also drop 15 percent.
THE BOARD ALSO decided to save an additional $8 million annually through additional staff cuts. Effective May 1, the utility will begin cutting its Non-seabrock work force by 200, or about 11 percent, "through early attrition," job sharing, terminations and other measures," Harrison said.
The meeting at the utility's headquarters in Manchester took place as hundreds of laid-off Seabrail workers filed for unemployment compensation from the port. Portsmouth. All but 1,000 of the 6,200 workers lost their jobs Wednesday.
U.S. naval forces set to begin exercises in Caribbean Basin
By United Press International
WASHINGTON — About 30,000 U.S. troops st启 staging exercises today that will include an amphibious landing on an island off Puerto Rico, evacuation of dependents from the naval base at Guantanamo, Cuba and sea activities in the Caribbean, the Straits of Florida and the Gulf of Mexico.
The war games, coded "Ocean Venture," will include the aircraft carrier America and Navy, Army and Air Force aircraft of all types.
Asked how close to Central America the maneuvers will take place, the spokesman said ships and other units in the straits of Florida and the Straits of Florida.
A Pentagon spokesman said yesterday that the maneuvers had no relation
to recent developments in Central America and the Caribbean. He said the exercises, expected to cost about $10 million, have been planned since late 1982.
U. S. Marines and Army personnel have been conducting maneuvers and training of Honduran Army units, including amphibious landings on the U.S. coast, since last summer about 1,700 U.S. military personnel remain
FBI agent says De Lorean agreed to launder funds
Bv United Press International
LOS ANGELES — John De Lorean, desperate to deserve his failing car company, agreed to launder narcotics money through his firm as part of a complex series of investigations, an FBI agent testified yesterday.
D. Leorean's enthusiasm was so great that he discussed entering into a long-term drug trafficking compact that would begin after he met the Northern Ireland car company from receivership, the witness testified.
Benedict Tisa, an FBI agent who posed as a corrupt banker, testified that De Lorean agreed to accept $15 million in drug money from William Morgan Hetrick, a major drug trafficker, as the quick fix his allying car company needed in September 1920
Tisa said he first came into contact with De Lorean after Hoffman called and told the auto dealer that she had a serious interest in financing a drug deal.
After that deal, Tisa testified. Do Lorean planned to go into the drug business for himself in partnership with a former neighbor, James Bacon, who — unknown to Do Lorean — had become an FBI informant.
At the request of the defense, Judge Robert Takasumi reminded the six-man, six-woman jury that he had been charged with money laundering.
704 MASS
843-7398
What is Lily Tomlin doing in Steve Martin's body?
FREE SCREENING
A KINGS ROAD Presentation A UNIVERSAL Release
In other economic news, new claims for state unemployment benefits rose sharply during the first week of April to the highest level in nearly three months, the Labor Department reported yesterday.
FRIDAY, APRIL 20TH 7:30 PM
FINAL SALES, a measure of demand, did not increase, Feldstein said, even though a fluke of accounting in the payment-in-kind grain swap program for farmers made it appear they did.
The department's Employment and Training Administration said that the seasonally adjusted total was 388,000 during the week ended April 7, an increase of 53,000 over the previous week's revised 335,000.
Courtesy of Kodak
HOCH AUDITORIUM UNIVERSITY OF KANAS sponsored by
Regluk film. Because time goes by
It was the highest level since 410,000 claims were filed during the week ended Jan. 14, and it ended a generally downward trend since that time.
STUDENT UNION ACTIVITIES
UNIVERSITY OF KANSAS
GNP rises more than expected
"If you're serious about arms reductions, you finance these weapons systems. You don't talk about canceling them, particularly now," he said.
By United Press International
WASHINGTON - The economy grew 8.3 percent in the first three months of this year, the largest increase since the spring of 1983, the government said yesterday.
The rise in the gross national product was larger than either the administration or private analysts had expected, but White House officials moved quickly to calm fears that it would lead to more inflation.
Commerce Department statistics show that the rise in the gross national product — at an annual rate and adjusted for seasonal factors and inflation — was the largest since a 9.7 percent increase in the second quarter of 1883. It followed a 5 percent rise in the final quarter of last year.
THE GOVERNMENT earlier had estimated a 7.2 percent rise based on partial figures. The latest figure also is subject to revision.
Feldstein said the first quarter figures do not indicate an increased demand in the economy that could cause inflation. More than half the increase was in inventories — goods that a business keeps on its shelves.
percent in the final quarter of last year.
Martin Feldstein, chairman of the president's Council of Economic Advisors, said he expected economic growth to be lower than 5 percent range' in the current quarter. The administration still estimates growth of about 5 percent for 1984 as a whole.
A necessary part of the process of convincing the Soviets the United States is serious, he said. It is a challenge for him, his allies, to go ahead with new weapons systems.
WASHINGTON — Vice President George Bush, just back from Geneva where he presented a draft treaty on eliminating chemical weapons, said yesterday, "I really believe we have a shot" at an agreement.
Bush hopeful on toxic-weapons ban
By United Press International
Bush, speaking at a meeting of the Overseas Writers, said that he thought the new Soviet leadership under Konstantin Chernenko was now estab- lated and that "they're going to undermine we are serious about arms reduction."
A PRINCIPLE OF the administration's approach to arms control negotiations, he said, is to "be in a position to drive a good bargain." The phrase comes from the table in Genoa by Bush calls for a total ban on all chemical weapons.
to start."
He said that the Geneva talks on chemical warfare were 'a good place
DESPITE ALMOST uniformly negative Soviet comments about the proposed treaty, which calls for on-site inspection for verification purposes, Bush said. "I really believe we have a shot now."
He said that he based this belief partly on his knowledge of the Soviets and the Soviet economy. "I believe the reason for that is the reaction. They don't want war," he said.
Another factor working on both sides, he said, "is the enormous demand in the rest of the world" for some sort of arms control agreement between the superpowers, especially on nuclear weapons.
"... If God is for us who can be against us?" But God demonstrates His own love for us in this; While we were still sinners, Christ died for us.
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17.30 W 84d
6:44
Your Rights Are In Jeopardy
The Kansas Legislature is considering legislation that would raise the legal drinking age.
What can you do:
1) Sign petitions circulating on campus
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ASK and the Lawrence
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Come by to sign up for the fall, or call 841-1287
More bike for less money
Buy any remaining 1983 FUJI in stock and save anywhere from $25.00 to $250.00. The 1984 models are here and we need to make room. Sizes and models are limited so hurry! FUJI bicycles only go on once a year. You save
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TEAM, Was 419.95 .379.95
AMERICA, Was 650.00 .489.95
FINEST, Was 750.00 .595.00
CAMBRIDGE III, Was 239.95 .174.95
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