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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 15, 1988
Page
16
The New York Stock Exchange will reinstate limits on program trading for six days to curb intra day volatility. Major member firms are urged to avoid using the main computer system for program trading when the Dow moves 75 points or more.
Industry and political observers say the new two place Buick coupe worsens market volatility and exaggerates existing trends. The Brady Commission urged studying price limits on index futures with trading halts as part of circuit breakers. The Chicago Board of Trade set permanent price limits on its Major Market Index futures prompting a halt on large moves.
The Iowa Railway Finance Authority approved a $7.1 million loan with Sanna Business Credit Corp. and First Illinois Corp. to refinance and bolster the Iowa Interstate Railroad. Funds will buy two Chicago yards and upgrade nearly three miles of Des Moines track while the line reports a $3 million loss in its first year but a $207,000 profit in ten months of 1987.
Arne Samuelsson, newly appointed president and owner of Ventronic Inc, will assume leadership of Inter Innovation LeFebure on April 1. Kenneth Watts retires after 30 years. George Miller becomes vice chairman and director liaison with Inter Innovation AB as the Cedar Rapids banking equipment maker expands.
Americans faced an arctic blast but December costs averaged 107.92 dollars, about 9.73 below normal. The Climate Impact Assessment says heating bills totaled nearly 7.8 billion nationwide while Mountain and Pacific states saw colder than normal days.
The NAM says 1987 exports rose 16.5 percent while manufacturing output grew 4.7 percent and after tax profits climbed 20 percent. It credits a weaker dollar and improved efficiency for a potential $40 billion rise in net exports this year, aiding the trade deficit outlook.
Ward's Business Directory ranks Cargill Inc as the biggest privately held U.S. company with estimated 1986 sales of $32.3 billion, up $1.3 billion from 1985. The Cedar Rapids giant operates three units and four locations, including two soybean plants, one corn plant, and San Labs.
The market held near unchanged as traders waited for today's Commerce Department report on the nations balance of trade for November. Dow fell 8.62 to 1916.11 while NYSE breadth favored gainers about 8 to 7 with 783 up and 695 down. Eastern Iowa stocks showed mixed moves led by Longview Fibre up 2.44 and Weyerhaeuser up 1% while Texaco slipped 5% on tax-claim news.
Delegates at the state corn convention in Ames hear a March test market for a new symbol identifying corn sweeteners. Lucy Norton describes the kernel-in-triangle mark with the slogan Contains corn Americas golden sweetener to foster quality and loyalty. The symbol endorsed by the National Corn Growers Association and aims to boost the industry as corn sweetener occupies 50 percent of the nutritive sweetener market, amounting to about 4 billion bushels of corn annually. About 250 farmers attend the convention.
Iowa officials announced a series of pesticide certification tests for private applicators ahead of spring field work. Testing will run 9 a.m. to 3:30 p.m. at sites in Cedar Tipton Elkader Waukon Montgomery Hall Anamosa Marengo Jesup Tama Malcom Vinton, affecting about 11 000 expiring licenses and 60 000 private plus 7 000 commercial holders.
The European Economic Community says Washington’s request for a probe into alleged curbs on U S soybean exports to Europe is ill timed and lacks a factual basis. It notes U S market share fell from 70 percent in 1982 to 48 percent in 1986 while Brazil and Argentina boosted imports.
The Farms of Greeley sold their 35,000 head feedlot to National Farms Inc. of Kansas City. National Farms, run by the Bass brothers of Fort Worth, has acquired eight feedlots in under three years, totaling about 200,000 cattle capacity. No price was disclosed. observers expect over $3 million.
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