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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 30, 1978
Page
20
A wide range of United Press International listings show Abbott and Amoco among leaders, with composites from NYT at 10:30 a.m. tracking net sales, price earnings, and percentage changes. The roll includes numerous industrials and utilities, highlighting shifts across sectors and notable trades in AmEx and NASD markets.
The dollar slid to new multi country lows in Tokyo Paris London and Milan as gold prices surged about seven dollars an ounce in early European trading. Gold rose from around 234.25 to 241.30 in London with Zurich also showing gains amid currency turmoil.
The Federal State Market News Service reports a steady undertone in the north and firm conditions in the south. Offerings are light due to recycling and expected higher egg prices limiting movement. some shippers seek higher prices for large volumes for prompt pickup. Supplies are short and demand is moderate to good. Agents quote per pound at farms and commercial flocks.
Cedar Rapids markets show hog prices 50 cents lower for butchers while packers stay steady. Bulk buyers paid 49.00 to 49.50 for 200 to 230 pound butchers, with other weight breaks and declines for heavier hogs. Sheep market steady with lambs 58 to 60 dollars. soybeans and grains rise or hold steady with pro farmer quotes for futures delivered to Cedar Rapids processors.
The Dow Jones industrial average fell to 792.45, dropping 13.60 as investor nerves rise over inflation and rates. NYSE index slipped 1.16 to 51.36, with 1,629 declines and 79 advances among 1,877 issues. Trade volume surged, highlighting broad market weakness.
Eugene J. Connor of Iowa National Mutual argues punitive damages are unfair subsidies funded by innocent policy holders and taxpayers. He says rates inflate when insurers cover penalties and cites California and Nebraska as contrasting models while urging reform to protect consumers.
Iowa hog prices slip with No 1-2 200-230 lb hogs trading mainly 49.00 to 50.50 while 230-250 lb types run 48.25 to 49.50. Sows ease to 45.00-46.00 as receipts estimate at 90,000 and past week totals show Friday 59,000 and Saturday 16,000 alongside year-ago sales.
Amex listings show selected securities with last price changes at 11 20 a m NYT report from United Press International. Stocks include Ford Motor Co and Hormel Foods among others with varied price movements and percentages in a mixed session.
United Press International lists the Dow Jones stock average with 30 industrials down 7.07 points at 788.98, showing declines in nearby shares and overall market weakness reflected by percentage drops.
Standard and Poor's hourly indexes list many sectors with mixed results. Industrials utilities and financials show varied gains with prev close figures noted for reference.
Telephone contacts listed for news sports bookkeeping general information and offices. Includes numbers for circulation subscriptions display advertising and hours of operation across weekdays weekends and holidays.
The report notes incentive prices unchanged and some increases up to two cents. Demand is moderate and supplies are ample for larger sizes while mediums are tighter in isolated locations. Undertone remains steady to firm as dealers stock for holidays with inventories higher than last week.
Gold price in London per ounce closes near 234.50 with a slight advance. Silver in New York shows a bid around 6.075 per ounce as markets wrap for the session.
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