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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 15, 1978
Page
29
Readable fragments show a broad stock list from NYSE and Amex with last prices and changes. The comp table reflects numerous named corporations such as Alcoa Air Pro Alcon AlliedChm and Dow Jones components with varied gains and losses as of market observations, plus footnotes explaining composite sources across eight markets.
New York investors pulled broadly lower on Thursday as signals of a slowing economy spooked markets. The Dow fell 4.67 to 850.05 by midafternoon, while the NYSE index slipped to 55.61 and volume reached over 16 million shares.
JOLIET reports light cattle activity with insufficient sales to set a market. Hogs mixed. No. 1-2 210-240 lbs mostly 50.00-50.35 with some 50.50, No. 1-3 200-250 lbs 48.25-50.00, No. 2-3 250-270 lbs 46.50-48.25. CHICAGO notes wheat No. 2 hard red winter 3.11, No. 2 soft red winter 3.06. corn No. 2 yellow 2.50, oats No. 2 heavy 1.45, soybeans No. 1 yellow 6.54.
UPI reports steady to lower cattle and hog prices with mixed demand on Thursday. No. 1-3 hogs 200-230 lb to 450-550 lb ranges noted. cattle steers 1100-1250 lb at 57.00-58.00, 1000-1110 lb at 56.00-57.00, and heifers 800-1050 lb at 54.00-56.00. Estimated receipts 55,000. Grain prices at Cedar Rapids processors show soybeans and corn down modestly, with oats down for old crop. DES MOINES market notes also include live hens movement steady to heavy for July pickups, spot sales light, and farm prices reported in cents per pound.
The Cedar Rapids hog market fell 50c on Thursday while bulk buyers paid 47.50 to 48.00 for 200 to 230 lb butchers. Sows at 300 lb traded 41.00 to 41.50, with lighter weight cuts and weight breaks showing selective discounts. Eggs and grain data followed the day with varied regional pricing and caution in demand.
Washington reports a 0.6 percent rise in May industrial output marking the third month of growth. Auto and truck production fell about 4 percent from April highs, while steel, equipment parts and fuel led gains. Inventories grew $3.8 billion as sales rose 3.2 percent in April.
General Motors warns 333000 1978 model cars and trucks may have fan blades that crack and fly apart. No injuries yet but engines should not run with hoods open until inspection or replacement. Mailing notices will go out soon. An additional 265000 1977 models with axle defects risk wheel separation. at least 15 minor injuries reported.
United States Steel Corp the nation's largest steel producer said its July 30 price increase on steel mill products excluding tin mill products will lift average mill prices by 2.7 percent three other major makers Bethlehem National and Republic Steel had already announced 3 percent rises. The move drew praise from the Carter administration as anti inflationary.
Washington reports the Bureau of Labor Statistics says U S productivity growth slowed in 1977, with steel cited as a major cause. Non farm business output rose 2.2 percent after 4.1 percent in 1976 while motor vehicle manufacturing grew 7 percent. The steel sector posted a 1.5 percent gain, down from 7.3 percent in 1976.
In Chillicothe Missouri a wedding rice throwing ban is in effect outlawing tossing rice at ceremonies. The law aims to reduce litter and cleanup burdens during nuptials. Local officials say violators face penalties under municipal code provisions.
John C. Rice of Cedar Rapids, president and chairman of Iowa National Mutual, is named vice president of the Alliance of American Insurers, a Kansas City meeting also electing F. W. Parmont Jr. as chairman. Rice cites a study showing totaled cars cost far more to repair than replacement, stressing the value of defensive driving and a new focus by the alliance on driver safety.
The board of Banks of Iowa Inc. declares a regular quarterly cash dividend of 28 cents per share. The payable date is September 15, 1978, to shareholders of record as of the close of business August 24, 1978. Subsidiaries include Merchants National Bank of Cedar Rapids, Banks of Iowa Computer Services Inc., Union Bank and Trust Company Ot tumwa, Valley National Bank Des Moines, Council Bluffs Savings Bank, First National Bank Burlington, Key City Bank and Trust Dubuque, First National Bank Sioux City, and First Trust and Savings Bank Davenport.
Results from Wednesday's Mitchell movement show North-South winners Clayton Mossman and Dr J J Smpehl with 9 boards and Mr Mullin with Mel Verne Smoker as runners up. East-West winners Phil Cummins and Don Benda with runners up Mrs Clarenge Mainer and Mrs Vernon Hendryx. Next game at 7 30 Wednesday night at the UW.
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