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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 12, 1979
Page
11
Stocks listed across Abbott, Aetna, Air Prod and many others at 10:30 a.m. reflect varied moves with several blue chips posting gains while several equipment and chemical firms retreat. The United Press International table aggregates prices, pias and percent changes from eight markets with notes on dividends and P E ratios.
The UP I report shows hourly index figures for Tuesday with values for Indus Trns Utili at 114.34, Prev. close 113.41, and notable changes in the sector within the STANDARD & POOR'S index update. Netcis and Pet.cho figures appear in the session data, reflecting market movement described in the daily text.
A surprise prime rate cut by Morgan Guaranty and a lower rate by Southwest Bank of St. Louis spurred heavy equity activity. The Dow rose to 844.42 as 1,167 issues advanced on the NYSE with strong trading, while the NYSE index edged up to 58.20 and prices gained. In Des Moines, federal market news reported little change in egg prices, with firm demand and steady undertone across grades and sizes.
Des Moines UPI reports light to moderate hog trade with butchers 50-1.00 lower and sows steady. receipts ~90,000. Beef and pork markets show mixed moves with steer and heifer beef firm to higher and various pork cuts at mixed, sometimes higher, prices. Chicago grain and wholesale dairy prices end unchanged. Webster City notes hogs lower and sows down. cattle and pork cut prices listed.
The Cedar Rapids hog market Tuesday fell 50 to 75 cents on butchers, held steady on packers to 550 lbs, and on sows over 550 lbs. Butchers 200 to 230 lbs brought 38.25 to 39.00 dollars. sows 450 to 550 lbs 30.50 to 31.00, over 550 lbs 28.00. Hog weight breaks reduced prices for heavier cuts. sheep market dropped one dollar with spring lambs at 63 to 65 dollars.
The dollar edged higher against most currencies with only the British pound dipping. In Tokyo the dollar closed at 219.40 yen, while gold prices softened from a record high, opening in Zurich at 280.375 and easing to 279.875 by mid morning.
Patrick F. Smith, 32, of Oelwein, arrested 9:38 p.m. at Highway 150 and Tower Terrace on drunk driving and failure to yield. Perry L. Collins, 33, of Solon, arrested 3:20 a.m. at Highway 30 and 1380 on drunk driving and speeding. Also note New York City’s incorporation in 1665.
A 1976 77 city study outlines three bike route priorities with per mile costs of 10000 for new trails 2000 for painted lanes and 1500 for signs The plan would cover 85 miles totaling about 330000 with potential to be funded later Council members note current finances limit progress and public improved access to Kirkwood College via Bowling Street lane installation.
President Carter orders a shift to permit more timber harvests from national forests. Officials say savings on new houses may reach 250 to 750 dollars on a 50 000 dollar home, but effects will take years and face lawsuits and hearings. Critics from Sierra Club warn of overcutting and vow legal action.
Grain prices at Cedar Rapids processors eased on Tuesday with Soybeans down about five cents for June July and new crop futures. No.2 corn declined one to two cents for June July and August with peaking new crop at two cents. white corn steady. No.1 yellow soybeans declined for June July with new crop at seven thirty three. Oats not quoted.
Joliet livestock reports show cattle market unable to reach established levels. Hog prices drift lower with 200 to 290 pound categories quoted in the 36.00 to 42.50 range as receipts continued modest. Read The Want Ads.
The Commerce Department reports May retail sales fell 0.2 percent to 71.1 billion and revises April to 71.2 billion. The revised March drop stands at 1.1 percent. The Carter administration says it will intensify monitoring of wholesale and retail food processors to ensure lower farm prices reach consumers.
McKesson and Robbins Drug Co. asks the Cedar Rapids City Council to issue about 3 million dollars in industrial revenue bonds to acquire land on 32nd Avenue SW and build a 115000 square foot one story facility. The firm now employs 50 at 900 Second Street SE and could add 20 to 30 more with the new plant. A public hearing will be set. bonds would be paid by the company at no cost to taxpayers.
The Federal State Market News Service reports weak undertone for poultry in the west north central states with offerings light to irregular. Prices at farms and commercial flocks ranged 11 to 13 cents per pound amid light demand. On this date in 1838 Iowa Territory was organized.
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