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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 07, 1978
Page
16
United Press International notes a broad index drift with many listed issues showing gains and losses. Absent clear leaders, the market displays uneven momentum as Dow cousins hover near midday values and observers seek direction.
The Dow Jones Industrial Average fell 11.43 points to 793.49 on Friday, its lowest close since October 1, 1975. Volume totaled 26.15 million shares as traders cited dollar weakness and a potential rate hike, with 1,271 declines to 242 advances.
Trade slow with moderate demand as hog prices rise for some weights and fall for others. Receipts and futures show varied grain prices with corn and soybeans moving on Cedar Rapids market alongside pork, beef, and egg price notes across Midwest markets.
Chicago board of trade futures closed mixed as wheat rose on strong demand and export buying while soybeans edged from slight gains to modest losses. Corn and oats moved lower with the soybean oil weakness weighing on the complex. Futures prices cited include January soybeans near 5.87 and March wheat around 2.77.
Hogs bids 45.00 to 45.25 for 200-230 lb, 240+ tier lower. Cattle wholesale steady to weak with feeder bids around 43.50 for 1200 lb steers and dairy-like cows at 22.50 to 26.00. Chicago bulk prices: butter 100.71 per 93 and 92 score, eggs steady, wheat No 2 HRW 2.84 1/4, SRW 2.68 1/4, yellow corn 2.18 1/4. Soybeans No 1 yellow 5.78 1/4.
Livestock numbers show hogs at 1,100 with butchers down 75 cents. No 1 3 hogs 200-240 lb bring 44.00 to 44.50, 240-260 lb 43.50 to 44.00, 260-280 lb 43.00 to 43.50, 280-300 lb 41.50 to 42.50, 300-350 lb 39.00 to 40.00. Sows 25 cents lower at 38.00 to 38.25 for No 1-3 300-700 lb. Cattle none.
Citizens may comment on the Keokuk County grand jury recommendations regarding the county care facility. The plan proposes selling the farm and buildings and personal property with cemetery access retained by easement. Proceeds would fund a new facility, subject to a voters’ approval threshold of 60 percent for any project over $100,000.
The Sigourney City Council considered hiring and rehiring employees. John Campbell becomes deputy marshal at 8500 dollars a year, coming from Hedrick Police. Fred Snakenberg appointed director of public works on a four month probationary period amid Water Department experience. Dan Morrison stays as city attorney replacing Steve Gerard.
In Council Bluffs two nude dancing venues challenge a new county liquor law delaying enforcement. District Judge J L Larson paused the ordinance taking effect Jan 1, arguing it is unconstitutional. Plaintiffs allege the measure bans nudity in liquor venues while allowing topless entertainment in bookstores and theaters for minors not present and fails to define required coverage.
Sigourney Community School District Board of Education rejected ratification of the master contract with the Sigourney Education Association for 1978 79. Terms to renegotiate include base salary for bachelor degree teachers rising from 9400 to 9550, full family Blue Cross coverage, and school district paid long term disability insurance.
Linn County District Court First Avenue division revoked the probation of Rebecca R. Parke 22 of Shellsburg after a second drunken driving arrest within three months. Parke pleaded guilty to the Nov 10 charge and received 180 days in jail with suspended sentence, plus further probation and drinking drivers school. Nine other locals faced DUI charges with fines and jail terms or suspended sentences. In Cedar Rapids James R. Phillips received six months for shoplifting with 60 days in jail then Community Corrections Center. Also noted is a 1967 historical reference to an Israeli U S meeting on weapons.
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