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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 29, 1975
Page
13
New York stocks fell broadly amid inflation worries and higher interest rates. Trading was light as the Dow slipped over 55 points from July highs, with Texas Instruments sliding after weak second quarter results and the NYSE composite dropping to 47.43.
Fragmented OCR sourced item links Iowa interest to New York exchange data showing stock changes, with scattered figures for Corn and other names. The passage includes mentions of futures in Chicago, farm prices, and poultry context, all presented in a dense, unreadable clipping style.
Cedar Rapids hog market Tuesday closed higher with Monday’s bids for 210 to 240 lb butchers at 56.50 to 57.00. Packers priced 240 to 360 lb ranges with discounts applied by weight. Iowa Minnesota market notes show 250 lb barrow sows moving 50.00 to 50.50 in some listings and steer and calf bids varying.
Chicago reports corn and soybean futures climbing sharply as traders react to a severe dry spell in Iowa that could trim early estimates of a record corn crop and large soybean harvest. Wheat dips after earlier gains, with nearby prices showing declines of 6 to 10 cents a bushel.
General Mills plans to seek stockholder approval for a 2 for 1 stock split at the annual meeting on September 1. The board also proposes a 10 cent quarterly cash dividend, raising authorized common shares to 70,000 and reducing par value from 1.541 to 0.75 dollars per share.
Linn deputies arrested a 16 year old Cedar Rapids boy on Saturday for stealing about $2,000 worth of drugs from the Central City drug store. He was taken to Independence’s mental health institute for treatment of drug dependence after an intoxication charge. A large quantity of drugs found on L avenue NW were part of the loot. The drugs were taken as evidence and the fire department responded to the residence.
Two bogus twenty dollar bills were turned over to Cedar Rapids police. One came from United Bank at 129 Sixteenth Avenue SW after a customer deposited it, and was traced to Dvorak Grocery at 24 Twenty-sixth Avenue SW where the bill was used. The other fake note was mailed to police by a business unit. The bills bear 1959 G series marks from Federal Reserve Bank of Kansas City, serials J50B2B200A and J20828274A, with plate numbers 156 and 137. Officials said the bills were part of a counterfeit batch printed in 1373 and that the recovered notes had not circulated long.
Four persons suffered minor injuries Monday and Tuesday in traffic accidents. Cheryl Small, 77, and Mary E. McDonough, 74, were injured in a two car collision at Second Avenue SE and Fifteenth Street SE. Small, a passenger in the Rickels car, was en route to the hospital for an unrelated injury. McDonough was taken to Mercy Hospital for injuries not confirmed in records. No charges were filed. Another collision in Cedar Memorial Cemetery involved John L. Carter Jr., 43, with a head laceration. David Linge, 47, also involved in a head-on crash. Sterling M. Smith, 20, sustained a head injury on O Avenue NW, later healing at St. Luke's Hospital and charged with failure to maintain control.
NEW YORK UP I Two major coffee marketers have raised wholesale prices sharply amid fears that Brazil s 1976 crop could be devastated by the cold wave. General Foods added 20 cents a pound to ground coffee and Ehlers raised 10 cents a pound, shocking industry observers. London market sources predict retail prices may rise at least 40 percent next year. Instant coffee wholesale prices rise 3 cents per ounce, with Albert Eblers Inc noting 16 cents would affect all its products.
New York AP reports secession and taxes sharply cut oil profits for Gulf Oil, Union Oil, and Phillips Petroleum. Gulf’s Q2 earnings fell 49 percent to 160 million, Union's down 47 percent to 42 million, and Phillips down 10 percent to 111.2 million. First-half earnings also declined across the trio with Gulf 41 percent, Union 46 percent, and Phillips 28 percent.
Los Angeles AP. Labor Secretary John Dunlop becomes the first Ford official to advocate further personal and business tax cuts. He says such cuts could accelerate the economic rebound though he stresses it does not reflect administration policy. Ford weighs timing amid inflation concerns and tax reform debates. Marshalltown services for Walter Osborn Sh card note his passing and family survivors. On this date in 1974, Episcopal church law was defied over women priest ordination in Philadelphia.
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