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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 25, 1979
Page
32
Selected composite prices show Abbott Labs and Aetna down while Air Products and AmEx peers rise. The New York Times UPI table lists prominent names such as Alcoa and American Motors, with various percent shifts and market context notes including DIVIDENDS and sales figures from eight markets.
Cedar Rapids hog market held steady with butchers and packers to 550 lbs and live weight pricing for 200 to 230 lb hogs at 31.00 to 31.50 dollars. Sows to 550 lbs brought 26.00 to 27.00. weight breaks reduce prices. Sheep market also steady with lambs at 59 to 61 dollars for shorn and 57 to 59 dollars for wool lambs. Buying hours 7 a.m. to 10 a.m. Monday through Friday. Futures trading report from Chicago Mercantile Exchange noted.
Hog trade was moderate with butcher margins steady to higher and sows lower. Estimated hog receipts 90,000. Cedar Rapids processors quoted No 2 corn at 2.265 to 2.365, white corn 2.73 to 2.90 for farm and grower delivery. Soybeans ranged 5.87 to 6.195 for Oct Nov Dec. Eggs showed prices mostly in the 46-48c range for large and 37-40c for medium at farm markets.
FMC Corp announced for the quarter ended September 30 that sales rose 15 percent to 802 million while earnings rose 1 percent to 29.2 million or 87 cents per share. Nine month totals show sales of 2.4 billion up 16 percent and net income of 112 million up 8 percent.
Procter and Gamble announced record sales and earnings for the three months ended Sept 30 with net earnings of 185.6 million up 11 percent from 166.9 million last year. Earnings per share advanced to 2.25 from 2.02 and worldwide sales reached 2.6 billion up 17 percent from 2.2 billion. The firm posted over 9 billion in sales for the fiscal year ending June 30 and operates a manufacturing plant in Iowa City.
Northwest Bancorporation of Minneapolis reported a 4.5 percent rise in income before securities transactions for the third quarter to 26.8 million dollars or 1.04 a share, with fully diluted earnings at 99 cents. Nine months income reached 78.8 million dollars or 3.05 per share on sales of 597.5 million dollars for Walter Kidde & Co. gains rose to 2.17 a share in the third quarter, up from 1.69 a year ago, with nine month profit at 60.95 million dollars or 5.64 a share as Kidde diversifies.
LTV Corp says 1979 quarter earnings reach 33.1 million or 1.12 a share versus 3.8 million or 0.22 a share a year earlier. All divisions including steel energy products aerospace foods and ocean shipping boosted results with 2.03 billion in sales for the quarter. Wilson Foods of Cedar Rapids is listed as an LTV subsidiary.
UPI reports a cautious session as investors weigh signs of cooling rates. The Dow edged up to 811.34, NYSE index rose to 57.02, with 792 advances to 499 declines among 1,735 issues. volume around 14.95 million on the NYSE. Mobil Oil and Zenith Radio saw notable activity. Champion Home Builders led Amex moves.
The Federal Home Loan Banks announce updated rates for consolidated discount notes across terms from 30 to 360 days. Top dealers for these notes include Discount Corp of New York, First Boston, Aubrey G Lanston, Smith Barney, Bank of America, and Goldman Sachs.
UPI reports mixed demand in the Midwest meat market with pork showing slow to fair activity and prices varying by cut and weight. Beef remains slow with steady to limited sales for steer and heifer beef, ranges not fully listed due to incomplete text.
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