Stocks Take Sharp Drop as Inflation Fears Return
New York markets fell sharply as wage and price controls ended. The Dow Jones average slid 12.34 points to 1039.36 while the NYSE index dropped to 64.95. Volume reached 22.23 million shares.
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 13, 1973
Page
2
New York markets fell sharply as wage and price controls ended. The Dow Jones average slid 12.34 points to 1039.36 while the NYSE index dropped to 64.95. Volume reached 22.23 million shares.
In Des Moines Iowa cattle trade described as slow with fair demand. Steers 600-800 lb fetch 60.00-61.00, lighter cattle around 59.50, heifers steady. Fresh pork cuts active with loins 17 lb and under steady, larger cuts up to 2.00 higher. picnics and skinned hams show declines. Meat prices listed for various weight ranges and cuts across the Midwest market areas.
Butchers and sows remained steady with No. 2 butcher weights 200 to 230 pounds at 31.50 to 32.00 per hundredweight and No. 2 sows around 300 pounds at 25.25 to 25.75.
Postville market Friday quotes prime steers 38.00 to 39.00 dollars per hundredweight, choice steers 38.75 to 39.75, 36.75 to 37.00, good steers 35.00 to 37.00, standard steers 33.00 to 35.00, choice heifers 37.50 to 39.00, heifers 33.50 to 35.50, utility cows 25.00 to 28.50, canner and commercial cows 24.00 to 26.50, bulls 33.00 to 35.00.
Central Iowa livestock report for Friday shows limited slaughter cattle with market III. Butchers steady to higher with top 27.50 for cattle and hogs 22.00 to 23.00 above 250 pounds. Day's estimates list 800 cattle and 1,009 hogs.
Cedar Rapids market reports steady prices for hogs on Saturday with Friday delivered prices for 200 to 230 pound butchers at 31.25 to 32.00. Packing sows 300 pounds and under range 25.25 to 25.75. Larger hogs and weight allowances adjust downward per 10 pounds. Sheep Lambs 29.00 to 32.00. Poultry and eggs miscellaneous prices. Grain No 2 yellow corn 1.40, 38 pound oats 0.91, No 1 yellow soybeans 4.12 delivered. Friday prices delivered noted.
Nearly 300 residences and businesses in northeast Cedar Rapids lost power for about 90 minutes late Friday afternoon when an underground cable failed at the Lindale Plaza substation on Collins Road NE. Iowa Electric Light and Power Co. sought the cause, with no determination yet. Lindale Plaza, Collins Road businesses affected. Lindale Plaza shopping center and Collins Radio Co. not impacted.
Clifford A Arduser 63 lifelong Monticello resident died Friday Born March 25 1909 in Monticello married Mildred Taylor November 26 1930 He worked as a butter maker then carpenter retired last year Survived by wife daughter son five grandchildren three sisters and a brother Services at 2 Monday at Peace United Church of Christ Masonic services at 7 30 Sunday at Goettsch's
Four Iowans died in separate crashes while a fifth victim died in a Minneapolis accident. Richard Dale Thompson, 29, of Mabel Minnesota, died after a two car collision near Burr Oak in Winneshiek County. Thompson later died at St Marys hospital Rochester after transfer from Winneshiek county Memorial. Steven Davis, 25 of Lima Springs, and passenger Mary Kulow escaped with minor injuries after their northbound car collided with Thompsons southbound vehicle on frost coated pavement.
Two youths died in a car crash one mile south of Larchwood on Iowa 9 around 11 30 p m Friday. Victims were Dennis Wayne Blick 17 of Larchwood and James Dewitt 17 of Inwood. State troopers released few details.
Er nest Root, 39, of rural Boonesville died Friday night when his pickup slid off an icy gravel road just south of here. The Iowa highway patrol says Root was thrown from the truck and the vehicle rolled on top of him. he was alone in the vehicle.
In Lucas County near Milo Iowa Robert Bauer 19 of Lacona died when a car driven by Claire Dittmer 20 also of Lacona lost control on a gravel road and crashed into a ditch. The driver and three passengers were hospitalized.
James W. White, 47, of Runnells Iowa, died after a car struck him while he stood behind his vehicle on Interstate 35 W near Diamond Lake Road in Minneapolis, police said.
Des Moines AP dispatch reports the Iowa Commerce Commission revoked the Norway Grain Co. warehouse license in Norway Iowa. The action cites failure to post sufficient bond and orders that all grain be returned to depositors and warehouse receipts surrendered for cancellation.
Second Street SE from Second to Third Avenue will close starting Monday to install a new sewer line. Street department officials say the closure will last about a week.
Three people were injured in a two car crash at Tenth street and McGowan boulevard. Donald Landers 32 Howard Peterson 58 and Marie Peterson 51 were treated at St Luke's hospital and released. Landers faces charge of failure to control and intoxication and is to appear January 18. Vehicle damage estimated at 5000. Sell House notice follows.
A long list of churches with addresses and pastors shows service times including Sunday school worship and special services. Notable entries include St Josephs Catholic at 995 5th Ave and First United Methodist at 1277 8th Ave with sermons and schedule notes.
A broadcast schedule lists channel lineups for KCRG, WMT, KWWL, KIIN, KTVO, WHBF, WOC, WKBT, KROC, WHO, KDUB and programs from 6:30 to 12:30 including Petticoat Junction, The Electric Company, movies and News and Weather updates.
Robert Fisher, 54, of rural Keota, died from carbon monoxide poisoning in a car. His body was found by a son on the Fisher farm Friday morning. He was born January 2, 1919, married to Bessie Martin in 1942, and farmed in the Keota area. Services set for 1:30 Monday at Powell's Burial in Keota cemetery.
Lloyd Williamson 62 died Thursday at home after a long illness. Born September 14, 1910 in Keewanee Illinois he farmed in Troy Mills Marion and Anamosa before moving to Anamosa in 1968. Survived by wife Velma a daughter Mrs Richard Biggart four sisters a brother and three grandchildren. Services Monday at 11 at Goettsch's with Cancer Fund contributions suggested.
The Federal Reserve Board raised the discount rate for member banks from 4.5 percent to 5 percent on Monday, describing it as a passive adjustment to align with other short term rates and not signaling further nationwide rate increases. The move marks the first increase in a year.
Rabat dispatch reports 11 Moroccan air force personnel convicted of attempting to shoot down King Hassan II’s private plane were executed by firing squad Saturday.
A brief note urges readers to act quickly to secure a lifetime bargain through local want ads. The item or details are not specified, but the promotion emphasizes speed and value from the classified section.
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