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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 19, 1978
Page
18
United Press International reports scattered strength across select stocks in early New York trading withAbbott, Alcoa, Amoco and Exxon among leaders while many issues show fractional losses. Indexes remain volatile as traders weigh earnings hints and economic data.
The Dow Jones industrial avg fell 2.34 points to 783.96 at noon as traders, awaiting President Carter’s State of the Union address, shifted to caution. The NYSE composite inched down while the AMEX index rose, with General Telephone & Electronics leading active issues. Agricultural and livestock market notes from Des Moines, Sioux City, Omaha, Joliet, and Chicago follow, with mixed price moves across many farm and grain items.
Livestock trade in Des Moines steady to slow with prices mostly unchanged or lower. No. 1-3 cattle 200-230 lb to 240 lb fetch 44.50 to 46.00, larger cattle 36.00 to 37.50 for 270-330 lb. Cedar Rapids grain prices show mixed moves with white corn at 3.40 and 5.39 for soybeans new and old crop respectively. Cedar Rapids sheep market steady with shorn lambs 58 to 60 dollars and wool lambs 56 to 58 dollars. lambs over 105 pounds discounted.
A 66 year old Monticello woman had her purse stolen in the lobby of the Professional Building on Fifth Avenue SE around 2 50 PM. A black boy about 12 fled the scene leaving two credit cards and about 30 in cash plus husband’s hospital information. No arrests reported. A separate theft at Town and Country Shopping Center saw a purse stolen from a car after a window was smashed with a concrete block. the purse held 1 25. Actor Victor Mature turns 62 today.
ADM reports net earnings of 14.6 million dollars or 47 cents a share for the quarter ended December 31 1977. Six month earnings total 28.8 million dollars or 92 cents per share. Effective tax rate down due to investment tax credits and TRASOP. ADM parent of Corn Sweeteners in Cedar Rapids. Wheat and grain prices listed in Chicago.
All 120 production workers at Gulf States Paper Corp in Oelwein will be temporarily laid off due to a railroad car shortage. Operations manager Dick Ott said layoffs start Saturday and will run week to week until Chicago North Western cars become available. The halt costs about 4000 dollars daily in wages as grain traffic takes priority and warehouses are full. Out-of-state orders may be affected, though local truck shipments to own customers continue.
The Board of Trustees of USP Real Estate Investment Trust declares fourth quarter distributions of 6 cents, 6 percent, and 7 cents to shareholders of record Oct 10, Nov 10, and Dec 10. The 1977 cumulative distribution reaches 77 cents, up from 74 cents in 1976 and 69 cents in 1975.
The Cedar Rapids hog market Thursday shows delivered butcher weights 200 to 230 lbs at 44.50 to 45.00 dollars. Sows 300 lbs bring 36.00 to 36.50 dollars. Heavier weights incur progressive discounts up to and beyond 550 lbs with price reductions per 10 to 50 pound steps.
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