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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 03, 1978
Page
18
New York markets close with scattered gains across many issues. Heavy trades show varied results in the United Press International composite list and NYT late quotes.
Stocks retreated amid fears of tighter credit as the Dow fell to 771.92 and the NYSE composite slipped to 49.79 by noon. The AMEX managed a small gain to 122.82 while Big Board volume reached 8.36 million shares. Des Moines reports show mixed beef and pork trade with limited sales and steady to lower prices across several cuts.
UPI dispatch notes moderating trade with butchers 50 to 100 down and varied weights for hogs. Eggs show mixed changes with steady to higher undertones and prices per dozen and per dozen ranges across grades, while market news cites ample supplies and uneasy dealer sentiment despite small gains in some quarters.
House Ways and Means Committee chair Al Ullman plans a March proposal to cut taxes on stock dividends arguing double taxation. He aims for about 1.5 billion dollars in relief, separate from President Carter's 25 billion dollar tax package.
Retail Clerks Local 1470 in Rock Island says clerks at Eagle Discount stores in Cedar Rapids Iowa City Dubuque and Waterloo may honor a picket line set by Meat Cutters Local 431 after a failed contract negotiation About 170 meat cutters and wrappers across 34 Eagle stores are on strike and negotiations show no progress Regional manager Lee Rousch says stores will stay open even if lines are honored.
Senate Aging Committee chairman Sen. Frank Church calls on Congress to overturn December enacted payroll tax increases set to begin in 1979. He argues the regressive payroll tax harms low earners and proposes using income tax revenues to cover one third of Medicare hospital insurance costs to ease the immediate payroll burden.
New Jersey state police report show diplomats mixing speed on the Turnpike with 105 mph by an Italian embassy car leading the 1977 violations. Cuba, Benin, Taiwan and China follow with 85, 78, 73 and 65 mph respectively. Diplomatic immunity prevents tickets, warnings issued and escorted off for later offenses. Since 1964, 72 countries have had speeding stops, Russia most with nine but none in 1977. fastest prior was 115 mph by a West German official in 1967.
Midwest livestock summary lists hog and cattle prices from Sioux City Joliet Webster City markets. Hogs and cattle prices decline, with per head ranges for various weights and grades, and Monday receipts estimate for cattle and hogs provided.
A Cedar Rapids federal suit by Yvonne Harvey over a shirt labeled Links Tavern worn by her son Sam Cordero was dismissed after Judge McManus ruled dress codes are allowed but must not curb free speech. The case narrows to specific rights issues with relocation to Minneapolis and the boy’s recovered emotional state.
In Durham a defendant who fainted when the death sentence was pronounced prompted juror Laura Dillman to reverse her vote. After a three hour deadlock the panel returned a life sentence under the state law. Dillman and others offered no comments.
Boilermakers Local 83 picketed the Cedar Rapids water treatment plant project delaying construction on the $60 million facility. A dispute with Iron Workers over a scrubber installation prompted the stoppage, with project manager Robert Bruce stating all workers had left by 10 a.m. and a subcontractor meeting planned for Monday to assign work. The plant was about 40 percent complete with a February 1979 finish target.
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