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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 04, 1997
Page
13
Personal income rose 0.4 percent in September versus 0.6 percent in August, while consumer spending edged up 0.2 percent after July’s 1.1 percent surge. Economists say the slowdown, along with stock-market swings, signals softer holiday demand ahead for retailers.
The Dow Jones industrial average jumped 232.31 points to close at 7,674.39 amid a global rebound after Friday's historic drop. Asian and European markets helped fuel the surge, marking the third-biggest single-session point gain in its history.
In Eastern Iowa stocks, 32 advanced, seven declined, three held steady led by Eastman Kodak and Procter & Gamble. The NYSE posted 564.07 million shares traded as the Dow surged, with an ~3.1 percent daily gain lifting the year’s rally and narrowing the gap to record levels.
Snow and rain slow harvest allowing grain elevators to better manage storage as they near capacity. Clarence Cooperative Co. reports 85 percent full storage, with off farm and on farm inventories showing tight supplies statewide. Local managers note long grain lines and progress estimates indicate harvest wrapping up with moisture recharged soil and adequate to surplus topsoil in most areas.
Washington University in St. Louis licenses vaccine producing plant technology to Mycogen Corp. Roy Curtiss II and Guy Cardineau contributed to the patent. Mycogen, based in San Diego, will seek a sub license for human health rights while maintaining animal health rights.
The Institute for Social and Economic Development led by Jason Friedman seeks to broaden its role from assisting welfare and low income residents to revitalizing Cedar Rapids neighborhoods. The plan includes outreach to business and civic leaders, formation of a local advisory council, recruitment of mentors, and targeted training by neighborhood and sector.
Levi Strauss & Co. plans to shutter 11 plants across Arkansas New Mexico Tennessee and Texas and lay off about 6400 workers as demand for its jeans declines. The cuts trim U S and Canada manufacturing by roughly 34 percent mirroring overproduction levels. Competition from low priced private labels also hurts sales.
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