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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 11, 1979
Page
29
Composite prices from United Press International show Abbott, AirProg, Alcon, Avnet and many others moving in early NY markets. Traders track sectors across diverse names including Exxon, Pfizer, Dow components, and consumer firms amid broad volatility at 10 30 a m.
USDA data show steady to firm bulk selling prices. Retail carton prices for Grade A eggs range from extra large 58 to 60 cents, large 57 to 57 cents, and mediums 50 to 51 cents per dozen.
Livestock notes show hog trade moderate with demand steady to good. Butchers higher by 50 cents, sows steady. Price ranges noted for No 1 2 and larger weights, with 300 to 600 lb sows 29.00 to 30.50. Receipts estimated at 100,000 today, 90,000 yesterday, 98,000 last week, 80,000 a year ago. Futures trading on CME as of Wednesday.
The Cedar Rapids hog market Thursday held steady for butchers and packers to 550 lbs with bulk delivered hogs at 34.00 to 34.50 per cwt. Packs and butchers saw weight-based discounts up to 1.00 per 10 lbs beyond 300 for butchers and 0.50 to 1.00 for packs. Sheep market remained steady with Spring lambs at 59.00 to 461.00. lambs above 105 lbs discounted. Buying hours are 7 a.m. to 10 p.m. Monday through Friday.
Des Moines area notes show light truck lot offerings and moderate demand for small farm flocks with adequate to light supplies. Commercial flocks are scarce. prices per dozen to producers vary by grade with Grade A large around 43 cents and Grade A medium about 35 cents, incentives noted for quality and volume.
UPI livestock report from Webster City shows hogs active with gains for butchers and steady sows. No. 1-3 hogs 200-250 lb bid 35.50 to 36.00, 250-270 lb 35.00 to 35.25, 270-300 lb 33.59 to 34.50. Cattle steady to lower with consignments 1,000-1,200 lb steers at 66.50 to 67.50 and 900-1,100 lb heifers at 62.00 to 63.25.
Dressed meats show active pork trade with mixed demand fair to good across cuts. Fresh loins, hams, bellies and picnics list varied price changes while beef markets run slow to fair with steady steers and heifers, uncertain cows. Chicago AP reports No 2 hard red winter wheat at 4.17 and soybeans at 6.73 per bushel, with other grain quotes included.
Brokers and back offices grappled with a surge as NYSE trading reached 82.2 million shares. Tape delays persisted up to 63 minutes while desks relied on heavy computerization and flash prices to cope. Merrill Lynch tested systems with 900 staff for a potential 100 million share day and warned issues could arise on settlement day.
A historical market note compares this week's Dow declines with the 1929 rout, noting smaller losses in absolute and percentage terms. It records Wednesday's 8.27 point drop to 849.32 and a three day 48 point fall, then recalls Black Tuesday losses of 30.57 points and an 11.7 percent drop. Grain and livestock quotes from Cedar Rapids and Omaha accompany the market summary with prices for corn soybeans oats and hogs cattle volumes and receipts.
Raytheon Co reports third quarter earnings up 35 percent ending Sept 30 with a 13 percent sales rise. Net income $55.11 million or $1.76 a share on $883.49 million in sales. Nine months profit $149.15 million on $2.742 billion in sales. Backlog $3.785 billion with $1.377 billion government work. Company operates three Iowa subsidiaries Cedar Rapids Amana.
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