Page 2 - The Michigan Daily - Wednesday, April 11, 1984
SHAREHOLDERS ENDORSE NUCLEAR PLANT
Midland constructison to continue
From AP and UPI
JACKSON - Consumers Power Co. shareholders
yesterday overwhelmingly rejected a proposal to halt
construction on the troubled Midland nuclear power
plant, which is 10 years overdue and more than 10
times over the original budget.
The vote was 58.7 percent, or 53,926,567 shares
against the proposal, to 6.1 percent or 5,563,747 in
favor of the proposal, with 5.6 percent, or 5,182,407,
THE CAPUCHIN Franciscans, a Detroit-based
religious order holding 1,000 shares of the utility's
common shock, had proposed delaying construction
of the $4.43 billion project for a year pending an
independent study of the project.
The plant, proposed in 1967 at a cost of $350 million,
is 85 percent finished and is scheduled for completion
by late 1986. Many of the delays were caused by
construction problems such as sinking foundations,
poor welding and flaws in reinforcing steel.
Earlier in the day, Consumers asked the New York
Stock Exchange to halt trading on its stock pending
the shareholders' vote. The suspension was lifted
after the vote and the stock was selling at 9 1/8, up
5/8, in late trading.
Under the board-approved plan, the quarterly
dividend due May 20 will be 35 cents-per-share,
compared with the 63-cent dividend paid Feb. 20.
THE ACTION will free up $100 million annually for
the Midland project and will show Wall Street
concerns that Consumers is being as prudent as
possible, said Michaek Koschik, a spokesman for the
"We're saying we're willing to have stockholders
bite the bullet in order to get the job done," he said.
"We got over 5 percent," said Capuchins' priest
Rev. Michael Crosby. "This is a victory under the
rules of the Securities and Exchange Commission.''
Crosby said under SEC rules, a shareholder
proposal gaining more than 5 percent can be placed
before shareholders the following year even if
managed is opposed. He said the order would bring
the proposal back next year "if we keep our stock."
CONSUMERS' chairman John Selby said
yesterday it will cost $3.95 billion for Midland's Unit 2
to be completed by December 1986. The previous cost
estimate on Unit 2 was $2.5 billion, with a completion
date slated for mid-1986.
The project's Unit One - on which the company
has spend about $1.6 billion - was not discussed.
In the meeting only Crosby spoke in favor of the
proposal, while a handful of shareholders opposed it
and blamed state Attorney General Frank Kelley and
the press for the problems at Midland.
Consumers Power has rejected recent proposals by
state officials, citizens groups and major industrial
energy-users - including General Motors Corp.,
Ford Motor Co. and Dow Chemical Co. - that the
$4.43 billion plant be abandoned.
Compiled from Associated Press and
United Press international reports
Reagan predicts lower deficit
WASHINGTON - The Reagan administration said yesterday the
economy's swift expansion should bring in more money to the government
and help reduce this year's deficit by $5.9 billion to $177.8 billion.
The budget red-ink soared to a record $195.4 billion in 1983.
In the new budget projections, the administration did little to change the
estimate for the upcoming 1985 fiscal year, marking it down just a bit to $179
billion, from the $180.4 billion forecast in the budget plan president Regan
sent to Congress in February.
Congress is considering a slew of proposals to trim the deficit for fiscal
1985, which starts Oct. 1. But the revisions by the Office of Management and
Budget don't reflect any of those plans.
The changes take into account the rapid clip of the economy in the first
quarter of this year, which works to bring in more money to the Treasury
coffers in higher income and payroll taxes from the bigger wages workers
likely will earn.
Also, budget officials in higher income and payroll taxes from the bigger
wages workers likely will earn.
Also, budget officials are predicting a lower unemployment rate, which
means the government pays less in jobless benefits. The inflation rate, they
said, should be a bit under previous forecasts which helps hold down the
amount of money paid Social Security recipients in cost-of-living adjustmen-
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(Continued from Page i)
Matland (GEO treasurer) finding out
what she should do in Washington."
BUT GANTNER defended her trip by
pointing out that two voices in
Washington are better than one, and
she thought she could add her support
to other lobbyists'.
"I thought I would take the oppor-
tunity to plead our case," said Gantner.
She says that GEO has ignored the
legislative aspect of the tuition waiver
problem by concentrating its efforts on
getting the University to discontinue
"It's merely a different angle," Gan-
THOUGH NOT a teaching assistant
herself, Gantner decided to go to
Washington when she "realized that the
TA's would really be in
trouble if (the bill) wasn't
raws GEO fire
passed." Since March 26 was Student
Lobby Day, she thought it would be a
goodstime to "express the student con-
While in Washington, Gantner said
she spoke with members of the House
Ways and Means Committee and
Senate Finance Committee, who were
involved with the bill.
She says that in addition to talking
with legislators, she learned a great
deal about the problem.
"I considered it a success because at
this University you need to know what
kind of information you're getting," she
According to Gantner, the bill could
be ready for the joint House-Senate con-
ference by the end of the week, but the
measure could possibly run into dif-
ficulty on the floor.
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Fighting ends Beirut truce
BEIRUT, Lebanon - New fighting broke out in Beirut yesterday, less than
15 hours after military leaders signed a disengagement accord. Rockets and
shells exploded near the only open crossing between the two sectors of the
Police and hospital officials said at least two people, including a Lebanese
soldier, were killed and 20 were wounded in the exchanges.
A new cease-fire was called at 8 p.m., and a local radio station said it ap-
peared to be holding.
At least three mortar shells landed near the U.S. Embassy offices on the
seafront in west Beirut, one in the water near the western end of the com-
"I think they were probably trying to hit the Holiday Inn," said a U.S.
Marine guard, who spoke on condition he not be named. The devastated hotel
is about a half mile east of the embassy.
At dusk, streets in west Beirut were almost deserted.
Fighting had tapered off late Monday night after the announcement of the
disengagement pact, agreed upon during a meeting at Gemayel's palace in
Army seeks Cameroon rebels
ABIDJAN, Ivory Coast - Gunfire echoed through Cameroon's capital
yesterday as troops hunted down rebels of the presidential palace guard who
tried to topple the government last week, Western diplomats reported.
Army units searched for fleeing rebels throughout the day, often raiding
houses where suspects were believed to have taken refuge, said the
diplomats, who spoke on condition they not be identified. They were reached
in Yaounde, the capital, by telephone from Abidjan.
The sources said as many as 500 heavily armed guardsmen had joined the
attempt to oust President Paul Biya in the West Africian country with a
population of 8.4 million.
There still was no clear indication of casualties from the two days of bitter
fighting that broke out early Friday.
One Western diplomat said he.believed 500 dead or wounded "a reasonable
estimate." Another quoted mid-level Cameroonian officials as saying there
could be as many as 2,000 casualties.
Census Bureau reports one in
three executives are women
WASHINGTON - Women now hold nearly one-third of the nation's
management jobs and have significantly raised their representation in
many other occupations, the Census Bureau reported yesterday.
A new analysis of employment figures comparing 1970 and 1980 found
women increasing from 38 percent of the labor force to 42.6 percent.
But their share of many previously male-dominated jobs increased much
more sharply than that growth would indicate.
For example, 17.1 percent of the nation's judges in 1980 were women, up
from 6.1 percent a decade earlier. And their representation among lawyers
rose from 4.9 percent to 13.9 percent.
The new study compiled by the Census Bureau and the Bureau of Labor
Statistics found women holding 30.5 percent of the nation's executive, ad-
ministrative and managerial positions in 1980, up 18.5 percent from a decade
Gov't to investigate Ford brakes
WASHINGTON - The government, already pressing a suit to have 1.1
million General Motors cars recalled because of brakes that lock
prematurely, announced an investigation yesterday into reports of similar
problems in 431,000 Ford cars.
The investigation by the National Highway Traffic Safety Administration
is focusing on 1979 Ford Mustangs and Mercury Capris, after the agency
received 160 complaints about brakes locking in the cars.
"We have opened a defect investigation" into the Ford cars, NHTSA
spokesman Hal Paris said. If investigators conclude that a safety defect
exists, the government could order Ford to recall the cars to make repairs.
But as has been shown in the GM X-body case, the manufacturer is free to
challenge a recall.
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Wednesday, April 11, 1984
Vol. XCIV-No. 153
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