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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 12, 1971
Page
15
Financial and market news from New York reports soybeans rising and wheat mixed amid hopes for economic recovery. The Dow Jones Industrial Average advanced 7.46 points to 842.00 as rails showed mixed performance and oils and metals fluctuated with investor optimism.
Chicago soybeans gained more than 3 cents as futures corrected higher after early losses. Corn and wheat dipped on profit taking and liquidation pressures, with oats also easing. January soybeans around 24.00, March wheat near 1.70, March corn about 1.56, oats at 0.78.
A Chicago market roundup notes slight stock shifts while New York produces subdued price moves as traders weigh demand and supply. The New York Produce exchange shows modest butter demand and plentiful offerings, with farm receipts and cattle trends amid broad market uncertainty. A Santa Clara grand jury report references Nixon campaign protest activity and ongoing investigations.
A garbled market summary lists meat prices and items including beef and pork cuts. It mentions weights and prices such as 1.00 and 1.50 2.80 for various portions, with references to belly cuts and liver, plus figures like 4.07 and 5.50 in an unclear regional listing.
Quotations from Jamison Bros show frozen pork bellies trading around 2.07 to 5.09 with various bids and sales noted. Omaha and Sioux City live cattle listings describe steers and heifers with prices largely in the 24 to 29 per 100 pounds range and multiple quality grades, including prime and choice, across feeder and slaughter categories.
Jet captain William Guthrie, fired by Eastern Air Lines after opposing fuel dumping to fight pollution, was rehired as a pollution consultant. Eastern agreed to rehire him, with back pay and severance, after a ten year career and a $37,000 annual salary. Guthrie noted the practice sent kerosene mist into the air, increasing haze and collision risk, and NAPCA urged alternative methods.
C. R. Markets reported steady price levels for Cedar Rapids Tuesday with Monday’s bulk county and plant deliveries ranging from 15.00 to 15.50 dollars for standard butchers weights, 12.00 to 12.50 dollars for packing sows, and various deductions by weight for larger cattle. The report lists grades and prices for steers, cows, and utility cattle, plus poultry and feed commodities like soybeans and oats, based on weight and quality.
Information International of Los Angeles has been awarded a contract by Collins Radio for three FR-8 COM Recorders to be installed at Collins facilities in Newport Beach California Richard son Texas and Cedar Rapids. Installation of the first system occurred in December 1970. Collins Radio leads in computer output microfilm in electronics manufacturing and is among the largest COM users.
Washington reports the Federal Communications Commission approved a long distance rate increase for American Telephone and Telegraph Company to raise about 385 million dollars annually, effective January 19. AT&T could add 200 million from Jan 15 after hearings to decide the final adjustment. Estimated impact shows average residential bills rising around 14 cents monthly and business bills about 1.49 dollars per month.
Trenard D Ritchison age 31 of 5 Mayden Avenue and W were bound over to the Linn grand jury after a preliminary hearing in municipal court on a charge of receiving stolen property. He is linked to the April 22 theft of an all terrain vehicle valued at $900 taken from Harlan McLees of 141 Twentysecond Avenue SW. The machine was found in Ritchison's garage.
Paul Meadlo, 23, Terre Haute, testified that Lt William Calley ordered him to fire on two groups of civilians at My Lai, firing as many as 140. Meadlo described scenes of killing while Calley, under command, faced internal turmoil yet appeared to condone the acts. Capt Ernest Medina faces separate investigation for overall responsibility.
Washington AP report: federal agencies insuring mortgage loans cut the maximum allowable interest rates from 7.42 percent to 7.42 percent. The reductions announced by the FHA and VA apply to mortgage insurance applications received after business hours Tuesday. The new rate does not affect about 70 billion dollars in outstanding FHA mortgages. The agencies will honor existing commitments at previously contracted rates, urging downward adjustments when feasible.
Major General Carl Turner former Army provost marshal general is indicted on charges of unlawfully obtaining more than 40 firearms from the Chicago Police Department and evading 16000 in federal taxes. Turner retired in 1988 after a role in graft inquiries and admitted selling weapons for personal profit during a 1969 Senate hearing.
UPI reports December wholesale prices edged up 0.1 percent after a November drop. The Labor Department's Bureau of Labor Statistics noted a rise before seasonal adjustment and no change after adjustment, reflecting a modest uptick in prices for the month.
The United States and Britain withdrew from the UN special committee on colonialism, citing anti-Western resolutions and perceived bias. Ambassador Yost and British envoy Crowe notified Secretary-General Thant of the moves, objecting to the panel's current program of action adopted by the General Assembly.
FDA disclosed 116,700 tins of ground black pepper recalled from wholesalers nationwide due to salmonella contamination. The pepper, from Frank Tee & Spice Co. of Cincinnati, distributed under 16 brands, may pose a food poisoning risk if used in dressings over several days.
In the Parc de Chambord Georges Pompidou, joined by friends, fired at wild boars during a hunting trip outside Alois France AP report. The incident highlights the president's publicized recreational activity alongside political duties abroad.
Bethlehem Steel Corp plans roughly 14 percent increases for construction and shipbuilding steel with Feb 16 and March 1 effective dates for structural steel and carbon sheets respectively. The move ends a prior 12 month price-freeze policy. Other major producers had no comment as the industry faces rising costs and a pending U.S. Steelworkers contract.
In Chicopee Massachusetts a gunman killed the bank manager Edward Eiseman and a woman Mary Hammack during a ranch bank holdup on Monday. The robber fled with about $10 000. Police said he ordered the pair to the floor and fired twice before fleeing.
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