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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 06, 1979
Page
24
An extensive list of stock quotes shows many large firms and industries with fluctuating prices at 10:30 a.m. NT, including DuPont Heinz Pfizer Exxon Coca Cola IBM and others. The report also notes the Dow Jones and S and P indices and provides a historical context reference to the Munich Olympics tribute on this date in 1972.
In Des Moines the pork and beef markets show mixed tones with steady to slightly lower beef prices for steer and heifer cuts, and pork demand fair to good with several weight ranges quoted. Egg prices rise modestly as supplies tighten and buyers show improved demand across Grade A and B categories.
Iowa hogs show active trade with higher bids. No. 1-2 200-230 lb butchers up to 39.50, some at 40.00, larger weights 34.50-41.00. sows steady. Receipts 95,000. Soybeans and corn slip. Cedar Rapids market quotes No.2 corn September at 2.495, new crop 2.375. white corn 2.77 2.99. soybeans September 6.805, new crop 6.625.
UPI dispatch notes hogs at 6 500 head with strong demand as butchers drop 75 to 1.00. No 1-2 200-250 lb butchers 41.50 to 41.75. No 1-3 350-450 lb sows 32.00 to 32.50. cattle 500 head not enough for market test. Today’s birthday Sen John Melcher of Montana turns 55.
Oil stocks led a slim market gain as Dome Petroleum reported an apparently commercial Beaufort Sea discovery in Canada. The Dow rose about 4.69 points to 870.81 with volume down amid lingering rate worries. Dome Mines and Gulf Oil of Canada were among top movers as investors watched the Beaufort well stake.
Gold jumped more than 11 to open at 340 in London and Zurich as the dollar weakened. IMF sale and fears of U S Soviet confrontation over Cuba fueled the surge with traders citing inflation fears and speculative buying.
American business plans to spend 4 percent more for new plant and equipment in 1979, compared with 1978, according to the Commerce Department. Higher inflation estimates reduce the real gain, despite the nominal increase.
McGraw Edison Co said it has acquired 87 percent of Studebaker Worthington Inc at 51.50 a share and extended the tender offer to September 14. No further extension is planned. Non tendered shares will still receive 51.50 after the merger per a July 31 agreement.
New York UPI reports RCA Corp and CIT Financial Corp boards approved a definitive merger valued at 1.35 billion dollars. CIT shareholders may cash out at 65 dollars per share or swap into RCA stock. Tender offer expected mid October for 20 days, subject to shareholder and regulatory approvals. CIT has Cedar Rapids office at 208 Collins Road NE.
The Federal State Market News Service reports a generally inactive market in the west north central states. Offerings and trading are light with supplies short and demand light to moderate. Prices are in cents per pound at farms, with commercial flocks at 9 to 9 3/4 cents.
The Cedar Rapids hog market Thursday was steady with butchers and packers up to 550 lbs. Prices paid for 200 to 230 lb hogs were 38.50 to 39.00 dollars. Sows up to 550 lbs were 28.00 to 29.50 dollars. Weight-based reductions apply for heavier hogs. The Cedar Rapids sheep market rose one dollar with spring lambs quoted 41.00 to 63.00 dollars. lambs over 105 lbs. discounted. Buying hours are 7 a.m. to 10 a.m. Monday through Friday.
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