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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 14, 1973
Page
17
New York stock prices fell Tuesday amid weak trading and jitters over Phase 4. The Dow Jones industrials stood at 877.71 at 2 p.m., down 5.49, with more decliners than advancers but not as broad a drop as Monday. Analysts cited high rates sapping confidence and funds, while investors seek income in cds and treasury bills.
The daywide overview shows many shares gaining and dropping in percent change with no regard to volume. Key movers include Di Giorgi and Amrep with notable up or down moves, while the Dow Jones average hovered around a midday level as traders watched utilities and industrials.
A dense list shows company names and dividend figures, with notes on payout types and timing. The Associated Press 1973 data column includes many firms such as Pfizer, Monsanto, Nabisco, and IBM style tickers, plus footnotes about extra dividends and ex-distributions.
C R Markets shows Tuesday quotes for hogs and cattle with lower prices on the Cedar Rapids market. Monday deliveries of country and plant butcher stock 200 to 230 lbs. ranged 59.50 to 60.50 with adjustments for weight. Sows 300 lbs. and down ranged 52.00 to 52.50, while heavier butchers saw reductions per 10 lb increments. Packers' weight grades faced further cuts. Sheep and eggs listed with limited detail. Grain bids include No. 7 yellow corn at 2.80 and No. 1 yellow soybeans at 10.50.
Chicago wholesale selling prices show limited egg data as USDA notes too few offerings to establish a market. UPI reports uncertain supply due to small inventory and transport factors affecting egg pricing.
Hogs 6,000 head with barrows and gilts mostly 2.00-2.50 lower, several 1-2 215-241 lb offered. Cattle and calves 5,000 head with steers and heifers strong up to 25 higher, cows steady to 50 higher, feeders steady. Prices show mixed quotes across weight classes with various loads and ranges noted.
Wheat and corn futures rose while other farm commodities were mixed. Wheat hit the limit for the 12th straight session, September at 4.94 per bushel, up about 5 to 20 cents. September corn gained 10 cents to 3.47 per bushel, oats and soybeans mixed.
Wheat No 2 soft red 5.04. Wheat No 2 hard red 4.89. Corn No 2 yellow 3.47. Oats No 2 extra heavy white 1.47. Soybeans No 1 yellow 10.59. Prices reported from Chicago cash grain market.
UPI reports softer hog demand with mostly steady to lower prices. Carcass weights show declines in latest quotes, with Tuesday receipts estimated at 65,000 and Monday actuals at 72,000 versus 68,000 a week earlier and 86,000 a year ago. Prices listed for U S 1-3 and various hog weights range from 56.25 to 60.50 per hundredweight with sow ranges from 49.25 to 53.00.
Waterloo hog prices show No 2 butchers at 200-230 lbs from 59.25 to 59.75 dollars with a 50 cent drop, while No 2 sows at 300 lbs trade from 51.75 to 52.25 dollars, under packing plant delivery.
JOLIET market notes strong cattle and heifers with mixed values. Cattle traded at 50 to 56.50 per hundredweight with no canner or cutter cows. 200 to 240 pound range listed. Wednesday's run peaks at about 2,000 cattle and 800 hogs.
The Postville beef market Tuesday quoted prime at 55.00 to 56.50, steers up to 56.50, good cows 34.00 to 28.00, utility cows 30.00 to 33.00, and heifers around 54.00, with other ranges showing mixed demand and small lots sold.
AP dispatch notes varied fresh meat weights and prices with higher ranges for hams picnics and bellies and steady to higher values for roasts and beef cuts. The report compares current quotes with last Wednesday and details per pound pricing across several weight categories.
Core 200 steers and heifers steady with top prices 56.00 for hi choice prime. Cows 38.00 to 42.50, bulls 40.50 to 41.25, sows 52.00 to 53.75, boars 49.00 to 46.00. Estimated yarded cattle around 300 with 1000 head total.
The report notes mixed moves in cattle and hog markets with many items down about 50 cents. Heifer and steer prices show softness in the 840 to 1,300 pound range, while sows and other hogs trend lower or steady where noted.
Market checks show weak demand for large white butter and eggs in New York. Prices for Fancy and large items remain limited, with overall demand unsatisfied and slow trading through Tuesday.
The first $5 per bushel wheat trading in U S history occurred at the Minneapolis Grain Exchange. Spring wheat for delivery in September hit a high of $5.07 per bushel as about a million bushels sold in the opening flurry, with September wheat up 20 cents over Monday's close.
About 135 unsung heroes of the Fifth Season registered for the 1973 Mid-Continent Regional Park and Recreation conference at the Town House motor inn. The event closes Tuesday with a 7:15 p.m. awards banquet as representatives from six states and Canada gather.
Two public hearings are on the city council agenda for Wednesday at 9 a.m. One will review 5 dilapidated houses slated for possible declaration as public nuisances and razing after slides and committee reports. The second hearing considers rezoning from R-1 to R-T at Forty second Street and Edgewood Road NE for Life Investors Inc. to build a five story office building with no local opposition reported.
The city plans acquisition prices for 12 Neighborhood Development Program parcels as the urban renewal board recommends pricing at the higher appraisal on each site. Prices span 10 500 to 21 500 with a total of 186 750 dollars.
A meeting is scheduled Thursday night to discuss equal opportunity employment laws and policies. About 100 people are expected at 7 p.m. in the Memorial building armory, with contractors, vendors, agency and business representatives invited, plus officials from Iowa and nearby states and the EEOC.
Five people were injured in Cedar Rapids crashes over the weekend. Kathryn Wisehart of Center Point, 60, is in fair condition after a two car crash at First Ave East and Nineteenth St. The other injuries involved drivers Donald Ortberg, Marcene Palumbo, Chris Stevens, and Diane Dawson in separate incidents with no charges filed.
City brief items note a Five Seasons Toastmasters noon Friday at Embassy club and names speakers Mike O Deen Bob Driscoll and John Spading. Also listed are local ads on beauty supplies sales Cedar Rapids Design Studio hours and police reports of stolen items across Marion Cedar Rapids and surrounding areas.
Michael Magner, 18, of 917 Twentieth Avenue SW, held in Linn County Jail on intoxication resisting an officer and violation of the controlled substance act. Police say a substance believed to be marijuana was found in his possession after a Tuesday arrest near Hawkeye Downs. He allegedly tried to strike the arresting officer. Bond set at 3250.
City council recommended amending its urban renewal land sale policy to bar real estate fees to brokers when planning staff first contacts a purchaser. The amendment, to be considered at Wednesday's meeting, requires brokers to file notice if they contact a potential buyer and only allows fees if the city has negotiated with the buyer.
Gregory Devens, 16, of Independence, suffered a badly lacerated leg Tuesday morning in a motorcycle crash. Louis J. Zieser, 45, of Independence, failed to see the bike as he turned left after waiting for a truck at a downtown intersection. Devens was taken to Peoples Memorial hospital. Investigation continues.
Henry R. Young an 18 year old from 393 Fifteenth avenue SW was held in Linn county jail Tuesday on an assault and battery charge. He was arrested Monday on a warrant alleging a July 20 assault on Ermon Striling. Bond was set at 125 dollars.
Two persons appeared in magistrate court on drunk driving charges. Each was fined 300 dollars and sent to the school for drunk drivers at Kirkwood Community college. Christine Heiderscheid of Cedar Terrace was arrested April 17 and Doug Cornish of 1041 Twenty sixth street SE was arrested February 15.
The Federal Reserve Board raised the discount rate charged to member banks from 7 to 7.5 percent, effective Tuesday, citing rising economy rates. Banks have also pushed their prime rate to 9.25 percent, the highest on record, to avoid wide gaps with general lending rates.
Common motor carriers in the Cedar Rapids area raised rates Monday as Phase four economic guidelines took effect. Prices moved up five percent for shipments under 5,000 pounds, three percent for over 5,000 pounds, and one percent for truck load volumes around 24,000 pounds. The increase, delayed from July 2 by a price freeze, follows a scheduled driver pay rise.
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