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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 13, 1978
Page
22
Composite stock prices from United Press International show AbbottsL and AetnaL among many listed, with extensive figures for Alcoa AmAirIn and other major names. The report includes daily price changes, earnings ratios and market notes, reflecting a broad snapshot of early trading across multiple exchanges and sectors.
The dollar eased on most European markets while rising slightly in Tokyo. Gold prices climbed in London and Zurich, with London dealers fixing gold at 209.10 per ounce and Zurich trading at 209,625. In Cedar Rapids, hog and sheep markets moved lower for butchers and steadier for lambs, while grain prices for soybeans and corn fell modestly or held steady.
Wall Street fell as banks boosted prime lending to 11 percent amid rising recession fears. The Dow slipped to around 800.24 in midafternoon trading, with declines leading advances on the NYSE where volume reached about 11 million shares. Industry sources cited money-supply growth and a high Fed discount rate as catalysts, while the Nasdaq and Amex showed lower activity. In Omaha, USDA livestock reports noted hogs and cattle price shifts with week- ahead receipts projected for cattle and hogs.
American Re Insurance Company posted consolidated net operating income of 12.066 million in the third quarter of 1978, up 66 percent from 7.28 million a year earlier and 26 percent above the second quarter. Earnings per share were 2.20, with nine month net operating income of 29.591 million and net income of 26.471 million after realized capital losses totaling 1.872 million in Q3.
UPI reports hogs active with moderate demand and prices easing across weights 50 cents lower than Friday. Des Moines receipts estimated at 110000 with 83000 Friday and 18000 Saturday. Also covered Midwest carrot meat trade with beef steady and pork prices mixed, plus eggs and futures notes from Chicago markets.
Livestock prices across Iowa and Sioux City show cattle firm to higher with high choice steer ranges around 54.00, hogs mostly lower with 50 cent declines noted, mixed feed grades. Chicago grain quotes list wheat at 3.53 and corn around 2.29 to 2.24 per bushel, oats about 1.35, soybeans near 0.67.
Washington Post publisher Katherine Graham warns at an advertising luncheon that the FTC is expanding into information and its marketing. She cites last summer's action against the Los Angeles Times over volume discounts, urging reliance on market judgments rather than Congress and agencies.
The FTC halted a long running cereal industry antitrust case after General Mills challenged a contract between Judge Harry Hinkes and the agency. If Hinkes is disqualified, major parts of the case may need retrial with potential $5 million already spent. The suit targets four leading cereal makers claiming a shared monopoly controlling about 90 percent of the market. Kellogg Co General Foods and Quaker Oats are involved, with Quaker Oats later dropped. A commission study suggests true competition could cut cereal prices by 20 to 25 percent.
Standard & Poor's hourly index report shows sector data with Industrials Utilities and a price close. Values listed include 104.83 13.25 48.66 11.16 for one set and 105.32 13.31 48.74 11.21 for another, reflecting close figures and daily shifts.
Rose James D. Rose of 246 Sussex Drive NE received Rockwell International's Collins Communications Systems Contributor of the Year. Among 1,000 eligible Rockwell-Collins employees across Cedar Rapids Dallas and Anaheim he was chosen for his five year tenure and role as program manager on American Telephone and Telegraph projects. AT&T buys Rockwell Collins automatic call distributor systems for Delta Airlines. The award honors technical excellence innovation leadership and personal motivation.
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