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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 13, 1978
Page
19
The market shows scattered gains and losses across many major stocks with notable moves in Disney and Gulf Oil amid a broad turnover. Investors track prices, with composites reflecting varied performance across industries as New York trading winds down.
Des Moines report says market remains steady with moderate offerings and light demand. Trading is spotty as plants near capacity from prior bookings, with supplies moderate to heavy at farms and commercial flocks, quoted per pound from 62 to 72 cents.
In New York, Federal Reserve Chair G William Miller's grim rate and economy warnings sparked profit-taking, pulling the Dow to about 822.07 by 1:15 p.m. EDT. Traders noted the market had risen in recent sessions and anticipated further declines despite some early afternoon buying tied to Atlantic oil drilling speculation.
Stocks and American stocks ease in fairly active trading while bonds trend lower. Cotton and gold futures rise as Chicago grain futures retreat. Cattle sales fail to establish a market trend.
The Cedar Rapids hog market was steady for butchers and 50 to 75 cents higher for packers. Butchers 200 to 230 pounds sold around 45.50 to 46.00 while packing sows 300 pounds brought 38.50 to 39.50. heavier weights showed progressive declines. Sheep, grain, and feed prices also reported with lambs 52 to 54 and grain quotes for corn soybeans and oats from Pro Farmer Grain.
Des Moines livestock reports show moderate demand with steady hogs and sows, varying weights priced from 37 to 47 dollars. Omaha hogs and cattle trade limited with higher gilt and hog bids and diverse cow price ranges amid receipts around 3,000 cattle and hedged pork values. Chicago commodities list grain prices for wheat corn oats and soybeans with modest moves.
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