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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 17, 1957
Page
19
An Ivy League professor challenges a Reagan era adviser in Washington as the Federal Reserve quietly loosens reins to curb a looming downturn. The piece notes weaker auto and steel activity, rising unemployment forecasts, firmer corporate caution, and a 3% rediscount rate cut amid a tense election year.
Wall Street commentary notes Bendix Aviations 65 to 70 percent reliance on military contracts. possible 5 to 10 percent year decline if orders lag. Allied Laboratories projects 5 to 6 dollars per share on ~30 million sales. Virginian Railway sees 1957 income at about five dollars per share. Texas Company raises dividend to 2.35 plus 2 percent in stock. Arthur W. Bullock says tax cuts unlikely. defense spending could aid aircraft and electronic firms but profits depend on R D contracts and margins.
Bank clearings in Cedar Rapids for the week ended November 16 totaled 7,320,015, down from 7,549,820 a year ago. The week’s total for November 9 reached 7,849,770, per the Clearing House report.
New York trading ends the week higher as the Federal Reserve cuts the discount rate for the first time since 1954. The easier money policy boosts buying, with aircraft stocks leading gains and conditions noted as inflationary risks loom with defense spending. Also included are Chicago livestock results with hogs, cattle, and sheep price movements and volumes.
Stocks of Interest In Eastern Iowa provides cattle and hog price ranges and receipts data for Des Moines and eastern Iowa. It lists hog weights and price bands from 180 to 550 pounds, noting fluctuating bids and recent transaction ranges.
New York report shows NYSE common shareholders received over 6.37 billion dollars in cash dividends in the first nine months of 1957, beating 1956 nine month totals of about 5.98 billion. The Ex change magazine notes the record payout reflects continued corporate profitability and investor returns.
C R Markets quoted firm prices for Cedar Rapids hog market on Saturday. Plant delivered quotes cover good No 1 butchers and sows with No 1 high yielding hogs priced up to 50 cents above, while No 3 overfits may drop as much as 50 cents below the quotations.
Good shorn ewes 130 up to 2.50 3.50. old shorn bucks 2.00 3.00. buck lambs 1.00 per 100 lbs. discount. Native wool 47c Western wool 42c. Grain No 2 yellow corn 98c, new 96c. oats 62c. soybeans $2.02. Eggs Large 40 43c, small 20 22c, A and B medium 30 33c, dirties 18 22c. broilers 12 24c per lb. heavy hens 5 lbs 5c. leghorn cocks 8c.
F N Stepanek Jr native of Cedar Rapids has been promoted to assistant director of industrial relations for the Solvay Process division of Allied Chemical and Dye Corp in Syracuse New York. He is a 1941 Franklin high school graduate and earned a BA in economics from the University of Iowa after WWII. He joined Solvay in 1951 and has served as training director personnel manager and assistant in industrial relations. His wife is former Catherine Covert director of the Coe college news service.
Strawberry Point James Implement closes as owner sells building to Norman Kleinlein and Philip Stoner who will run S and K Machine Shop with plans to lease front area. Traer Lumber elects William Podhajsky president to fill late S S Wilson term. Waukon bank remodeling of bookkeeping and directors room. Sigourney Standard Oil manager J R Dew transfers to Waverly. Postville merchants promote $800 in weekly drawings over four Fridays starting Nov 29.
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