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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Apr 18, 1978
Page
17
United Press International reports mixed activity on New York and American stock exchanges with Abbott Laboratories and Amoco among notable movers. The composite shows varied highs and lows as investors weigh earnings, dividends, and price changes across multiple sectors.
New York AP reports the Dow Jones average slid 1.91 points to 808.21 as investors sold high flying issues. Declines outpaced advances about 3 to 1 in very active trading amid a rally that began Thursday with foreign investor and institutional support fading. NYSE composite fell to 52.44 and AMEX value index to 135.25, while volume plateaued after a record Friday.
Reports show steady undertone in market news with light offerings in Iowa and surrounding states. Prices vary by commodity with eggs and grains moving modestly, hogs and cattle mixed in Omaha and Joliet markets.
Tuesday's Cedar Rapids hog market showed 50c lower on butchers 250 0 50c and steady sows with 200 230 lb butchers $44.50-$45.25 and sows $40.25-$41.00. Sheep market steady with lambs $60.00-$63.00. hogs 450 head at Webster City down 50 butchers, sows steady. Wheat corn oats soybeans prices listed for Chicago Sioux City and markets.
The Tax Foundation estimates at least 16 states and the District of Columbia will cut overall taxes this year. Seven states may shift the heaviest burden away from property taxes, while only two or three states are likely to raise overall taxes.
Rep. Charles Grassley proposes delaying the outside earnings test for retired farmers and other self employed retirees until January 1 1979. He says current interpretation by the Social Security Administration could reduce benefits for earnings over four thousand dollars annually and urges a one year pause to preserve prior practices.
In Des Moines the pork market shows slow activity with fair demand. Fresh pork loins 14-17 lb fetch 86.75-87.00, 17-20 lb at 83.00, trimmed 85.00 down 25, Boston butt 69.75-71.00, skinned hams 67.50 to 64.50 with drop, seedless bellies 12-14 lb 68.75 down 25, load late-week delivery 69.00 down 1.00-2.50. Beef shows slow trade as well with steady choice heifer and established steer prices around 83.50-84.00 and 82.25 respectively.
Ford Motor Co announces a 1.9 percent price hike on the Pinto Mustang II and Mercury Bobcat effective immediately. The average increase is $94 per model, lifting the Pinto Pony over $3,000 for the first time, and aligning with GM's recent subcompact price boosts amid a weaker dollar.
Government data show personal income rose 1.2 percent in March marking the largest monthly gain since December. The Commerce Department cites better payrolls across sectors with a notable decline in farmers income of $900 million, totaling a $19.4 billion rise to a $1.65 trillion annual rate.
The dollar continued its rally, rising versus West German marks, French francs, Swiss francs, and lire. London pound fell to 1.8440 dollars, Tokyo dollar 222.25 yen, while gold slipped to about 173,375 Swiss francs per ounce in Zurich and 173.30 in London.
Livestock hogs move slowly with demand light to moderate as butchers stay steady to 50 cents lower. No. 1 3 200 230 lb butchers 44.50 46.00, 230 250 lb 43.50 45.50, No. 2 3 250 270 lb 42.50 45.00, 270 330 lb 40.25 44.00. Sows No. 1 3 270 330 lb 39.00 41.50, 330 400 lb 38.25 41.50, 400 450 lb 38 41.50, 450 550 lb 37.25 41.50. Receipts 75 000. Monday 91 000. week prior 91 000. year ago 95 000.
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