Market Falls Back on Inflation and Rate Hike
The Dow Jones average dropped 4.48 to 647.61 as inflation lingered and the prime rate rose from 7 to 7 1/4 percent. Trading remained active with losers leading gainers on the NYSE, as investors weighed a new tax proposal and persistent price pressures. Sony led volume, while the composite index eased to 46.98 and the American exchange index fell to 82.51.
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Cedar Rapids Markets Mixed as Friday Hog Prices Edge Up
Des Moines and Webster City reports show Friday livestock trade remains fairly active with No 1-3 200-230 lb butchers around 47.50 to 49.26 and 230-250 lb at 46.90 to 48.75. Sows mostly steady to higher, 270-400 lb range about 35.25 to 38.50, with receipts estimated at 68,000. Also noted are grain and general market prices and a separate legal item on Kerner’s pardon petition.
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Citibank Raises Prime Rate to 7.25 Percent
Citibank increased its prime rate to 7.25 percent from 7 percent, marking a rise in the benchmark rate used by many commercial loans. Citibank, based in New York, is among the nation's largest banks behind Bank of America, affecting lending costs nationwide.
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Grain futures climb as wheat and corn rise on trade
Wheat and corn closed higher on the Board of Trade led by a late rally. Wheat up 4 to 3.44 futures, corn up 1 3/4 to 3.84, oats and soybeans also higher amid technical adjustments and holiday-driven short covering. News Service noted steady market with adequate supplies and favorable bids for various grades, while livestock prices showed mixed signals.
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Board of Trade
Former 0.8 Resident Dies In Truck Crash
Gibbon Nebraska early Friday crash near the interchange on Interstate 80 killed 23 year old Miss Dvorsky. The pickup she drove rolled after leaving the road and she was crushed as the vehicle toppled. Partner Richard Davis 24 was uninjured but treated for minor injuries. They were en route from western Wyoming to Cedar Rapids for the holidays. Funeral arrangements in Cedar Rapids pending.
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Cedar Rapids
Wyoming
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Amea
City Briefs Christmas Gift Ideas and Local Notices
Local items include Health Hut gift shop offerings at 1512 the Ave, a Curiosity Shop at 227 Ave SE with present ideas, and various ads for rentals, gifts, and events. Police reports mention thefts from residences and a church battery theft spike, plus holiday promotions from area businesses and service notices.
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Coffee Ration Slashed at Butler County Jail
Obituary style note reports price trims on inmate coffee as inflation hits, Sheriff Harold Carpenter securing approval to spend funds for cold drinks including iced tea for about 125 prisoners daily, citing costly coffee and supply issues.
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Butler County
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Fromme letter to judge details firing claim
The text reports Lynette Fromme writing to a judge claiming her fiancé knew the gun would not fire as she aimed at President Ford. Sandra Good says Fromme wrote to authorities. A police official says a gun fragment was placed in a .45 caliber pistol and ejected before the morning of the incident. Fromme, 6, is described during sentencing proceedings as a follower of Charles Manson.
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Coy
Punt Brown
Ray Says City Aid Plan Unreasonable in Iowa Debate
Gov. Robert Ray rejected a League of Iowa Municipalities proposal for 100 million dollars a year in direct state aid to cities. He questioned funding sources and warned the plan could raise taxes or strain the state surplus. The discussion follows recommendations from a legislative study committee on property tax relief and funding models.
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Magistrate Hears Four Linn Cases
A Crie Buyrds whanan pleaded guilty to a new charge after a prior charge. Paula Reeves appeared and was fined 75 and costs. David Olefather faced a $701 fine for issuing a check. the case was dismissed due to restitution and costs paid. Donald Midnar pleaded guilty to drink driving and received a suspended sentence. Extwardt Morehyinne pled guilty to multiple drink driving charges and was sentenced to six months in jail with a suspended term.
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Sixtopieh Avenue
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Morehyinne
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Sanbunee
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