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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 18, 1978
Page
17
UPI noted a broad rally with the Dow Jones average climbing while major issues from Pennzoil to PepsiCo posted gains. Market breadth remained mixed as some blue chips and energy stocks led, with U.S. indices showing strength amid volatile trading.
Stocks rose on Friday as investors weighed Fed rate decision amid upbeat data. The Dow inched up 5.71 to 905.83 at 1:15 p.m. EDT after a prior small gain, with profits up 14.9 percent for Q2 supporting market sentiment. The NYSE index rose 0.23 to 59.44 and the tape showed more advances than declines.
Iowa prices gained on soybeans and yellow corn with August and 1978 crop quotes rising. White corn and oats held steady from Thursday’s close as Cedar Rapids processors received 10:00 p.m. Friday delivery quotes for old and new crops, including No.2 corn at 2.075 and soybeans at 6.49.
Friday prices for 200 to 230 lb butchers ranged 48.00 to 48.50 as market held steady. 230 to 240 lb butchers 25c off, 240 to 250 lb cut 50c off, rising to 1.00 less per 10 lb up to 300 lbs. Packers 25c less per weight break to 500 lbs, then 50c and $1 declines as weight rises. DES MOINES eggs mostly 43 to 45c for Grade A large, other grades 36 to 39%c.
United Airlines plans to apply to the Civil Aeronautics Board for routes from San Francisco New York Chicago Denver Seattle Portland Los Angeles Honolulu to Peking Shanghai Canton Hong Kong Tokyo and Osaka, tying into a CAB study on low cost trans Pacific service.
Washington AP says the Carter administration may limit itemized income tax deductions to simplify the system. If Congress agrees, higher taxes for itemizers could push many to stop itemizing, reducing taxpayer errors and IRS workload. Blumenthal to have staff study changes to deductions. Des Moines UP adds Midwest meat and pork market notes with varied prices and trends across beef and pork items.
The competition at Kenwood Park Presbyterian Church Thursday crowned Lou Harrington and Clyde Nowlin first place, Lydia Leipold and Mrs James Smittkamp second, and Elin Stepanek and Mary Mullin third. The next game is set for Thursday noon at the church.
Diane Faulkner and Gloria Tschetschot tied as medalists with 40s in the Women’s Day event. Irene Hoerther, Mari Griffin, Ruth Scott, Diana Schofenbyel, Maxine Owens, and Irene Phillips won Flight titles in various divisions. Mrs. Thomas Pfiffner won the 18 hole club championship, with Mrs. Robert Sweeney and Mrs. William Bergman claiming flight honors. Senior and nine hole divisions produced multiple winners, and Beat the Pro Day saw five players beat pro Bob Vavra.
Des Moines based opinions from Assistant Attorney General Stephen Dundis and Julian Garrett address safety and banking questions. Dundis rules that a child may not ride in front of a motorcycle operator due to interference with control, while passengers must sit behind the operator. Garrett notes banks cannot initiate pooling of deposits but may accept pooled funds if higher rates are paid. federal rules restrict pooling by FDIC-insured institutions.
UPI reports Friday hog market in Des Moines with slow to moderate trade and steady to higher prices. No 1-2 200-230 lb butchers 48.00-49.25, No 2-3 250-270 lb 46.50-48.25, sows 40.00-42.50. Estimated receipts 50 000. Saturday 15 000. Thursday receipts 58 000. week ago 51 000. year ago 56 000.
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