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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 10, 1980
Page
26
Nationwide composite prices for selected stocks as of 11 20 am show varied gains and losses across major names including Exxon, General Electric, Dow components and utility issues. Investors awaited cues on economic data and corporate results.
ON THIS DATE in 1975, Ugandan President Idi Amin released British lecturer Dennis Hill. He had sentenced Hill to death for calling him a village tyrant in an unpublished book.
Futures on the Chicago Mercantile Exchange push soybeans higher by five tenths as of Thursday morning for July August September and new crop contracts. White corn and oats hold steady while NO2 corn and yellow soybeans rise with specific bid prices listed for Cedar Rapids processors. Pro Farmer Grain provides the quotes.
The Cedar Rapids hog market Thursday remained steady for butchers and packers from 400 to 550 pounds and over 550 pounds. Prices for country and plant delivered butchers 200 to 230 pounds ranged 41.00 to 41.50 dollars. Sows 400 to 550 pounds 33.00 to 34.00 dollars, sows over 550 pounds 32.50. Heavier butchers 230 to 240 pounds were 25 cents off, with 50 cents off per 10 pounds over 240 up to 280 and 75 cents off per 10 pounds to 300. The Cedar Rapids sheep market was steady with spring lambs at 63.00 to 65.00 dollars. Buying hours are 7 a.m. to 10 a.m. Monday through Friday.
UPI dispatches show slow hog trade but demand options stay good with No 1 2 hogs 200 230 lb selling around 41.00 to 42.50 per cwt and larger weights up to 43.50. Beef and pork trends remain cautious with limited sales and varied prices across weights and cuts.
Chicago reports USDA bulk selling prices with butter prices held steady for delivery and egg prices moving higher. Grade A cartons deliver 56 to 60 cents per dozen, extra large and large sizes range 54 to 55 cents, medium eggs around 44 to 2 cents per dozen.
Utilities and dozens of Iowa companies oppose changing from cost of service to set electric rates with hearings set to begin Monday. They argue the present method is fair and cost-based, while Lifeline plans favor the poor and would harm competitiveness with other states. The commission will hear views on cost-of-service and four other methods, with witnesses including David Osterberg.
General Mills of Minneapolis reports 1980 sales of $4.17 billion up 11.4 percent and net earnings of $170 million up 15.6 percent. Earnings per share rise 15.4 percent to $2.92. For Q4, sales hit $1.01 billion, earnings $34.2 million, and EPS $0.68. Chairman E Robert Kinney cites 14th straight sales and 18th straight earnings growth. Consumer food unit including Cedar Rapids up 7.6 percent to $2.2 billion with profits about $211 million.
The Dow falls 3.92 to 893.34 as profit taking offsets early gains despite institutional buying. Trading remains active with 1,745 NYSE issues moving and 25.62 million shares changing hands. Burlington Industries, Citicorp, Lear Petroleum and other names show notable activity amid a broad market retrenchment.
The Distribution Trustees of American Equity Investment Trust Tuesday declared a cash distribution of 25 cents per share for the quarter ended June 30. The distribution will be paid on or about July 28 to shareholders of record July 18. The board also approved an expansion of the trust's asset base over the next several years. The trust is affiliated with Life Investors Inc. which has headquarters in Cedar Rapids.
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