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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 18, 1980
Page
20
A late morning summary shows a broad mix of stocks with gains and losses across sectors on the New York market. Notable names include Avnet and Exxon among others as traders monitor prices, with the Nasdaq and Dow components cited in the snapshot.
United Press International reports a serious malfunction caused by a critical power surge at the New York transmission point. The central computer glitch led to inaccuracies in Thursday's New York stock list. Today's prices are accurate though some net changes may be wrong. The issue should be corrected by Monday.
An archival market note lists intraday values and close figures for the Standard & Poor's index and related industrial utilities. It shows the Prev close at 124.56 with hourly index readings around 124.5 and 50.23, 12.54, and 12.56 positions.
Cedar Rapids hog market Friday fell 50 cents from Thursday for butchers with packers up to 550 pounds steady beyond that. Prices for 200 to 230 pound country and plant delivered butchers ranged 36.00 to 36.50. Sows 400 pounds and up sold 31.00 to 31.50 with variations by weight. Sheep market remained steady. shorn lambs at 63.00 to 65.00 and wool lambs 61.00 to 43.00. Hours listed 7 am to 10 am, Monday through Friday.
Des Moines reports slow hog trade with demand light to moderate. Hog prices mostly steady to down 50 cents. Trade in No 1 200-230 lb butchers 36.50 to 37.50 with western 37.75 for 200-230 lb. other weights 34.25 to 37.50. Estimated receipts 80,000. Thursday 123,000. prior weeks varied. Beef trade very light with steers and heifers down about 2.00. pork trade slow with various cuts steady to 3.00 higher.
On Friday morning Cedar Rapids grain prices declined for January through new crops with soybeans down 2 cents and yellow corn down 1 cent from Thursday. New crop soybeans quoted at 6.93 per bushel, corn at 2.53 for new crop and 3.19 for white corn. oats 1.63 for new, 1.59 old. In Des Moines the Federal State Market News Service noted undertone steady for grains and unsettled conditions for eggs with prices largely unchanged though inventories lean.
On Friday futures trading at the Chicago Mercantile Exchange showed activity across contracts. Traders monitored price movements and settled figures as market assessments shifted amid brief volatility.
UPI reports that personal income rose 1.1 percent in December while consumer outlays jumped 2 percent and savings slid to 44.9 billion, the lowest in 30 years. For all of 1979 income rose 12 percent to 1.923 trillion, as wages and salaries grew.
The American Automobile Association reports Texas has the only statewide gasoline price under $1 a gallon with self service regular at about 99.8 cents. New York holds the continental high, with full service premium near 1.21 dollars and Hawaii about 1.24. The survey covers 5900 stations with minimal supply issues and slightly reduced hours.
New York stocks eased in morning activity with the Dow down 3.41 to 860.15 as 1 701 issues traded on the NYSE. Declines led advances 735 to 516 while volume neared 17 million shares. Reynolds Metals fell 1 1 to 35 and Benguet Consolidated rose 4 to 14 percent amid brisk Amex activity.
Linn County Health Department asks Linn District Court for an order forcing Mike Kane to license or remove an unlicensed vehicle at his home 330 21st St NE The suit demands a compliance date and if missed allows removal of the vehicle with costs charged to the Kane property The case cites violation of city health code and Kane’s repeated refusals to comply.
The New York Fed says M1 fell 700 million in the latest week to 382.3 billion, while M2 rose 1.1 billion to 954.7 billion. Loan demand surged due to a major corporate acquisition as commercial and industrial loans at NYC banks dropped 111 million after a prior 459 million fall. Eastman Kodak announced price hikes for film and medical X ray materials, continuing last week’s adjustments.
Chrysler Corp. will pay $50 to anyone who test drives a car and buys within 30 days, even if buying a competitor’s model. The offer runs Jan 18 to Feb 16 in Cincinnati, Kansas City, Richmond, Portland, with Salt Lake City offering full refund if the car is returned within a month.
U S airlines moved a record 300 million passengers in 1979 as traffic rose 12 percent from 1978 despite a December slowdown. The industry logged 253.4 billion passenger miles for the year, reflecting higher demand amid economic pressures and rising fuel costs. Shell Oil raises wholesale gasoline and home heating oil prices by 5 cents per gallon, second such increase in weeks.
GAF Corp increases prices of industrial and medical photographic films and papers as silver, a key material, climbs to 48.70 dollars per troy ounce, far above the 6 dollar level at the start of 1979, prompting higher graphic arts costs.
AMC reports record first quarter sales of 12.8 million for the three months ending 1979, yet earnings fall 32 percent from the prior year. Renault and other less profitable vehicles boosted revenue while Jeep sales declined. GM, Ford, and Chrysler are set to announce next month with analysts predicting only GM to post a profit.
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