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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 07, 1974
Page
9
A broad trading day left stocks mixed on the New York Big Board with blue chips recovering and declines trimmed as investors awaited clearer guidance. Traders cited light corporate news and inflation chatter, while major averages fluctuated with notable moves in industrials and financials and a wary tone prevailing at session close.
Anderson, the Baltimore County executive successor to Spiro Agnew, faced trial on 43 federal counts including bribery and extortion as part of a Maryland kickback probe. He pleaded not guilty as the investigation into architects engineers and consultants doing government work continued. The probe followed Agnew's resignation and tax case plea during his term.
Chicago cash grain reports show gains across wheat and corn as prices rise. Wheat futures up, corn higher, soybeans edge up with varying bids across grades. Demand signals and market limits influence session activity and price quotations.
Prices paid today were steady to slightly lower across county markets and plants. Cattle weighed 20 to 230 pounds varied by grade and condition with prices around 39 to 10 dollars per hundredweight. Packing hogs 30 pounds sold around 2.50 to 3.50 per pound. Beef butchers 400 to 900 pounds had reductions of about 50 cents per hundredweight, with weights over 950 pounds receiving adjustments. Packers discount weights by grade and size, with lighter cattle and heavier weights carrying different deductions.
Linn sheriff's office reports a stolen doll wagon and a glue like substance from a house moving crew. The item, valued at $128, was taken between Friday and Saturday from the Glen Burrell farm area. Separate notes mention Kohoutek comet observations and Skylab researchers, but the clear crime detail centers on the burglary and missing Dolly and glue like material.
A jumble of notices includes an annual address requirement for aliens, with details on reporting delays and penalties. It mentions stolen items from residences, such as a pistol and a gas powered chain saw, and references immigration reporting offices. The article also digresses into astronomical commentary about a bright object and dust particles.
Tokyo reports the Japanese government effectively devalued the yen by nearly 7 percent amid a persistent balance of payments deficit and higher crude oil costs. Officials at the Bank of Japan and the finance industry signaled a minimum rate near 300 yen per dollar, not the 22h per dollar level in effect since November 1973.
Des Moines governed by RP report describes a study committee urging a no ceiling system for revolving charge accounts. The plan would trial one year and require a committee to report back on abuse. Most Iowa retailers charged about 18 percent on such accounts. Iowa Supreme Court rulings cap at 9 percent.
An eight seat engine Air East commuter plane clipped lights near an embankment and crashed killing 11 and wounding six. Passengers include Mrs Richer Maye wife of the Totaltown Tribune Democrat publisher and their 11 year old son Richard. Four youths from Johnstown aided survivors and one man comforted a wounded twin sister Cindy Imhoff as others pulled victims from the wreckage.
An Atlanta lawyer is appointed to represent Wayne G. Knutson in an appeal to the state supreme cabinet of a life sentence by Linn district court on a rape conviction. The 52-year old man was sentenced December 2 in connection with the November 28 incident catching and rape of A. L. Cedar Rapids woman. The appointment was requested by the defendant. no notice of appeal has been filed.
DETROIT UPI Ford Motor Co. reversed layoffs for 5,500 Saturn workers who faced indefinite furloughs, saying they would be recalled as the company shifts to smaller cars at the home plant. Despite the action, about 4,000 Ford workers remain on indefinite layoff.
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