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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 27, 1980
Page
24
The New York stock market shows mixed results with the Dow Jones average edging up while the broader market fluctuates. Trading notes reference United Press International data and detail price movements across major issues.
Soybeans gained two cents for June July August and new crop while yellow corn fell varying amounts on the same crops with white corn steady. Prices quoted for Cedar Rapids processors at 10:00 a.m. Friday reflect futures against Thursday.
The Cedar Rapids hog market Friday held steady with a higher close for butchers and packers above 400 to 550 pounds and over 550 pounds. Prices for country and plant delivered butchers 200 to 230 pounds ranged 40.00 to 40.50, packing sows 400 to 550 pounds 32.00 to 32.50, sows over 550 pounds 30.00. Butchers 230 to 240 pounds 0.25 lower and declines scale with weight. Sheep market Friday steady with spring lambs 58.00 to 60.00. Buying hours 7 a.m. to 10 p.m. Monday through Friday.
In Des Moines and other markets the hog trade shows slow activity but good demand. Prices lift for No 1-2 200-230 lb hogs to 40.00-41.50 with western area up to 42.75, while larger sows sell 32.50-34.50. Receipts: today about 75,000. Thursday 88,000. futures markets show scattered gains and gains are noted in Chicago butter and eggs prices.
United Press International reports generalissimo Rafael Leónidas Trujillo y Molina erected over 2000 statues of himself, a record before his 1961 assassination. The event is noted as part of a storied dictatorship and linked to a public holiday in the Dominican Republic.
Ertl Co announces layoff of 80 workers at its Dyersville plant for three days next week. This follows a previous 65-person layoff on June 13, bringing total layoffs in two weeks to 145 and total plant employment to about 580. The next wave targets employees hired since June 30 last year to qualify for July 4 holiday pay. Company cites reduced die casting sales and project backlog as reasons. Ertl is a Kidde Inc subsidiary of Clifton, New Jersey.
American Motors Corp announced plans to reduce its salaried workforce by about 10 percent this summer. About 700 positions will be eliminated through attrition retirements and layoffs, with 300 tied to previously announced production adjustments and 400 other salaried jobs affected.
Tom Heal a Salt Lake City appraiser hired by the National Institute of Financial Planning spoke to about 30 Cedar Rapids listeners at the Holiday Inn. He urged using leverage and other people's money to buy with minimal down, finding motivated sellers and letting tenants cover payments while depreciation and tax benefits aid the investor. He offered a $99.95 kit but said the seminar was not high pressure sales and noted some local skeptics say zero down isn’t feasible in Cedar Rapids.
UPI reports Friday trading mixed as the Dow dips 3.93 to 879.51 amid profit taking and rate uncertainty. Volume slips while CitiBank Bankers Trust cut prime to 11 percent, Morgan Guaranty earlier. Esmark leads NYSE activity with Swift & Co assets in play. Amex shows Gulf Oil Canada gains.
Esmark Inc announces a major restructure selling Swift and Co. fresh meat operations valued at about $2 billion and disposing of Vickers Energy Corp. valued at $937 million. The plan would create a new separate Swift Fresh Meats company while Esmark seeks to buy about half of Vickers shares.
Dressed meats in Des Moines show light beef and pork demand with selective price changes. Good steers and heifers rise to around 96.50 to 105.00 and 99.00 respectively, while various pork cuts gain 1.00 or more. Omaha quotes hogs up 0.50 to 1.00, sows up 0.25 to 1.00, with cattle and calves limited by light trade and Monday receipts projected at 5,500 cattle and calves and 5,000 hogs.
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