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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 21, 1978
Page
20
New York and Nationwide composite price data from United Press International list hundreds of listed shares with last prices, changes, and price earnings indications. The compilation covers Amex NASD Philadelphia and other exchanges, including major names such as Dow Jones components and notable firms across sectors.
In New York, concerns over double-digit inflation and higher rates dampen a strong economy signal. The Dow Jones slid to about 835.49 as traders reacted to a 10 percent inflation rate in Q2 while the Fed appeared to tighten credit by raising the federal funds rate to 8 percent.
Stocks were lower in moderate trading while bonds rose. American shares showed moderate activity as London markets closed sharply higher. Commodity futures moved mixed with cotton and grain wavering, gold futures gaining while cattle sales failed to establish a trend. United Press International report.
Livestock futures and crop prices fell for July and August 1978 contracts while White corn held steady after Thursday close. Cedar Rapids processor quotes show No 2 corn at 2.02 1/2, 1.99 1/4, 1.94 for new crop, white corn 2.73 old and 2.65 new, No 1 yellow soybeans 6.25 July, 6.15 August, 5.45 new crop, oats 1.18 old and new. Pro Farmer Grain provides the quotes by telephone.
W R Grace & Co said net earnings rose in the second quarter and first half. J Peter Grace predicted full year results above 1977 despite a slower growth rate. European and Pacific divisions showed strong gains while agricultural operations lagged due to poor spring weather. Quarterly revenue rose to 1.11 billion and half year revenue to 2.08 billion. Cryovac unit operates a Cedar Rapids plastics plant where a 10 week Teamsters strike ended with a three year contract ratified by about 280 workers.
The Cedar Rapids hog market held steady with prices for 200 to 230 lb butchers at 45.00 to 46.00 on delivered basis. 300 lb sows ranged 38.50 to 40.00. Higher weights reduced by increments up to 1.00 per 10 lbs and packers cut 0.25 per weight break. The Cedar Rapids sheep market also steady with spring lambs at 55.00 to 58.00. lambs over 100 lbs discounted.
Des Moines reports slow trade and moderate demand for hogs with steady butchers and sows. prices listed by weight class. Chicago wheat corn oats and soybean quotes noted. butter and egg price ranges and USDA bulk selling prices included.
The Carter administration maintains the crude oil tax as centerpiece of its energy plan despite Energy Secretary Schlesinger’s private remarks that the tax may be doomed. A spokesman says no oil import fees or quotas will be enacted this session unless Congress gaps.
Des Moines reports a firm undertone in the west and north central states with steady conditions elsewhere. August prices opened with moderate offerings and bookings. demand light locally but stronger from outside buyers. Egg prices per dozen to producers vary by grade and size, with Grade A large emphasizing around 45-50 cents and smaller sizes around 29-39 cents.
Des Moines market notes slow beef trade with light offerings and fair demand. Choice steer beef ranges 76.50 to 84.00 for 550 to 900 lb, cow beef up to 1.00 higher. Pork items like loins 14-17 lb sell around 92.25 with various cuts showing no clear trend.
Archer Daniels Midland Company posts preliminary unaudited earnings of 56.6 million dollars for the year ended June 30, 1.81 a share, down from 61.4 million dollars or 1.97 a share last year. The change reflects a tax adjustment related to the DISC program and includes a 5 percent stock dividend. ADM declares a 5 cent quarterly dividend and a 5 percent stock dividend with dates of record August 10 and September 1, respectively. ADM is parent of Corn Sweeteners in Cedar Rapids and based in Decatur Illinois.
The Energy Department issued Amoco Production a notice of probable violation claiming the company overcharged for crude oil sold in Wyoming Texas Kansas and offshore Louisiana from 1973 to 1976. Amoco has 10 days to file a written response. The action follows similar notices to several oil firms amid ongoing disputes over federal ceiling prices.
The dollar weakened across European money markets continuing a week of declines. Gold rose for the fifth straight day to around 190 dollars per ounce in London and Zurich, with intraday jumps to 191.20 in London and 190.875 in Zurich. Exchange rates shifted: Frankfurt 2.0585 marks, Zurich 1.8018 francs, Paris 4.4375 francs, Milan 845.40 lire, and London at 1.9043 dollars per pound. Tokyo closed at 201.25 yen.
Detroit reports NHTSA tests show Vega tanks vulnerable in rear impact similar to Pinto and Bobcat. Tests compared 13 Pintos and 6 Vegas at a Phoenix proving ground. Vega's rear filler tube and lack of hat sections cited as risk. Chevrolet stopped Vega and Astre after 1977 model year with 1,867,257 units built.
Texaco Oil Co reportedly struck oil in the Baltimore Canyon area about 75 miles east of Atlantic City. A Texaco spokesman quoted by the New York Daily News said flow tests would begin today to gauge the nature and extent of the find.
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