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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 28, 1978
Page
16
New York stocks show fluctuating activity with composite prices as of 10 30 am and 11 20 am from United Press International. Major names include Exxon Mobil Coca Cola and Dow Jones indexes with various highs and lows across sectors, while dividend and earnings details appear in the market summaries.
A Sunday PARADE feature examines how a midlife divorce reshapes family dynamics. It discusses parenting changes, financial adjustments, and emotional impact on spouses and children, with expert insights and practical coping steps.
New York stocks fell broadly as the Dow Jones average dropped 2.25 to 746.10 by noon, after a 34 month low. NYSE composite fell 0.24 to 48.57, AMEX index down 0.43 to 122.91, with 8.79 million shares traded on the Big Board.
Livestock report shows hogs under pressure with 50 lower on 195-240 lb and 240-260 lb ranges, sow trade down 75 early. Cattle and calves firm to higher with steer and heifer prices up about 25, prime and choice lots noted, cows weaker to steady. Estimated Wednesday receipts: cattle 4,500, hogs 3,000.
Iowa hogs show moderate demand with prices mostly steady to lower across weights. No. 1-3 200-230 lb butchers 45.00-46.00. 230-250 lb 44.50-46.00. sows weaker. Chicago futures reflect light offerings with spot bids for late March and April while eggs prices move varied as FSMS notes steady to unchanged prices. Joliet reports hogs 1,000 head, prices 46.00-47.75 for 200-250 lb, cattle too few for test. Wednesday hogs projected at 1,300 with cattle 2,500.
Investors on Wall Street faced little panic as Columbia Pictures established trading activity after a halt to review a New York Times report. The stock remained volatile within a narrow range, finishing down 14 points after resuming trading on Monday.
Yamaha Motor Corp ordered a nationwide recall of about 36,000 XS750 bikes from 1977 and 1978 models due to a stopper bolt defect that could let the gear shifting drum move and lock the rear wheel, potentially causing a crash.
The Cedar Rapids hog market traded Tuesday with butchers $1.00 lower and sows $0.50 lower. Delivered butcher weights 200-230 lbs. fetch $45.00-$45.50, sows 300 lbs. $39.00-$39.75, with various weight-based reductions for heavier hogs. Sheep prices were steady with shorn lambs at $65.00-$69.00 and wool lambs $60.00-$65.00. lambs over 105 lbs. discounted.
A crowded Iowa Senate hearing on the Equal Rights Amendment showcases stark divides. Proponents argue the measure enshrines equal rights and remedies discrimination, while opponents warn it threatens family structure and mandates changes to public bathrooms and other societal norms. Speakers include Gretchen Bataille and Rosa Cunningham supporting, with critics like minister Jim Kinser asserting biblical limits.
Iowa Steel and Iron Works will discontinue steel fabrication for building contractors around May 1. The foundry will keep about 160 workers, while the steel shop of roughly 100 will become a support unit for Iowa Manufacturing. Existing fabricating orders will be filled, but no new outside orders. Economic reasons and weak construction demand prompted the move. Prices for soybeans, white corn, and oats edged or held on the Cedar Rapids market with various bid quotes.
The Federal Housing Administration boosts insured rates on single family mortgages from 8 14 to 8 percent and VA loans rise as well. HUD Secretary Patricia Harris says the move will widen access for moderate income buyers and sellers. The typical 35000 loan at 30 years would cost about 6.30 more per month. Conventional rates stay between 9 and 94 percent.
USDA data show butter prices unchanged for delivery to Chicago at 100.71 for both 93 and 92 scores. Retail milk prices range 57 to 64 cents per carton. Sioux City livestock totals: hogs 6,500 with steadier butcher and sow prices. cattle 3,500 with steers up to 25 higher and heifers steady to firm. No 2-4 steers 1,050-1,300 lb at 44.50-45.75 and heifers 850-1,100 lb at 42.25-43.50. On this date in 1946, Switzerland announced it would end the Prussian goose step.
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