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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Dec 10, 1979
Page
10
A United Press table shows Selected composite prices at 10 30 a m in New York with many large firms listed such as Aetna Air Prod Avnet Gen Mills Merck Exxon and Pfizer. Prices move with gains and losses across sectors while notes explain dividend policy and trading conventions.
Nationwide composite prices for selected Amex stocks as of 11 20 am reported by United Press International. The data include mixed bid and last sale figures for firms such as Lowes, Sysco, Syntex, Union Carbide, and Sturrett with varied pricing, indicating a volatile mid morning session across multiple listed names.
United Press International reports U S stock market figures with the Dow Jones average at 830.12, the S P 500 around 253.94, and notable declines in other indices including a 3.07 point drop. The S&P index shows a slight loss of 0.37 percent.
Cedar Rapids markets show steady hog prices for butchers and packers across weight grades with adjusted declines for heavier cuts. Sheep market steady with lambs priced 40 to 60 dollars. soybeans and corn quoted for December January and March crops with minor shifts from Friday. Wheat No 2 hard red and soft red wheat priced near 4.09 and 4.? per bushel. corn around 2.38 to 2.98 depending on grade and contract.
UPI reports Monday hog trade slow to moderate with demand fair and butchers steady. No. 1-2 200-230 lb hogs at 38.00-39.00, some to 39.75. No. 1-3 230-250 lb 37.25-39.50. 270-300 lb 33.50-37.50. sows 27.50-29.00. Receipts about 100,000. Other MI notes include egg prices steady and cattle values varying across Omaha and Joliet markets.
Inflation distorts earnings reporting as dollars lose value, making profits appear higher. Analysts warn inflation adjustments reveal weaker operations, and a pair of reforms promise more accurate inflation adjusted figures in 1979 annual reports for major U.S. firms.
On Monday Iran inflation and interest rates dominated trading as the Dow eased about 1.7 points to 831.48 by 1 15 p.m. EST. NYSE volume fell to 16.83 million shares. Active issues moved mixed with Gulf Oil up 1 1 2 percent and Paramount Pictures down amid a $42 million Star Trek review batch.
In London the dollar weakened on world markets as Tokyo saw its sharpest one day drop, finishing at 231.25 yen from 241.65 Friday. Gold edged higher while major European rates also eased, with bullion at 432 dollars an ounce.
The Gazette corrects an earlier financial page item about the W R Grace plant in Cedar Rapids. The plant will shut for five days at Christmas as reported, but will close only from Saturday through Tuesday for the New Year holiday. The paper regrets the error.
In Peterborough New Hampshire UPI Brookstone Co of Peterborough and Quaker Oats Co of Chicago tentatively agree on a merger. Brookstone operates stores in Atlanta Philadelphia Boston and two New Hampshire locations and will keep current employees at its Peterborough headquarters and warehouse. Founded in 1965 by P S DeBeaumont the firm employs about 400 people and expects 25 to 30 million dollars in sales this year.
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