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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 07, 1979
Page
13
Broad rally features many firms with large percent gains as investors push prices higher. The list includes Disney Exxon Gulf Oil and DuPont among others with notable percentage increases and persistent selling in select issues across multiple sectors.
Amex listed a Nationwide composite of selected stocks with prices and changes as of 11 20 a m reported by United Press International The list includes Adobe Petrol Banister Ford etc and figures show last price and daily change across multiple issues The Dow Jones Stock Average is referenced at the end
Standard Poor's hourly indexes for Friday show mixed movement across sectors. Utilities and facilities balance with prior close as investors monitor short term metrics and market shifts.
The Federal-State Market News Service reports light demand and short supplies for live hens in the west north central states. Egg prices ease with Grade A large falling to around 50 cents per dozen, and other grades trading mostly between 20 and 46 cents. Beef and pork markets show mixed action with steer beef higher and pork cuts trading soft to modest gains amid uneven supplies. Farm receipts rise about 3 percent from last week as cooler weather returns.
Friday Cedar Rapids hog market showed steady to lower prices with butcher weights from 200 to 300 pounds and packers up to 550 pounds. Sheep markets rose about 1.00, with spring lambs quoted, while grain futures and cash prices for corn soybeans and oats along with dairy and egg quotes were provided by Pro Farmer and USDA.
Financial brief listing daily grain quotations from Chicago markets, as supplied by Shearson Hayden Stone Inc. Includes prices for corn, wheat, oats and soybeans with closing values and key shifts for traders and exporters.
Chrysler Corp projects a 1979 pre tax loss over 700 million dollars, a record for U.S. industry, as inventory clearance costs and a delayed 1980 model program weigh on the automaker. The company seeks federal aid and has begun broad cost cutting, including a 50 percent board fee cut and pay reductions for 1,700 executives. Chairman Riccardo and president Iacocca will take token salaries of one dollar.
John B. Byers elected president of Iowa Manufacturing Co. in Cedar Rapids. Vernon L. Schrimper promoted to executive vice president for operations. Joseph R. Loufek moves to chairman and chief executive as retirement planned for August 1980. Announcement by Raytheon chairman Thomas L. Phillips.
Livestock report shows hog trade fairly active with demand moderate. Butchers range 38.50 to 40.00 for 200-230 lb, 37.75 to 39.00 for 200-250 lb, and 34.00 to 37.50 for 270-300 lb classes. Sows 29.00-30.50 for 300-600 lb. Receipts estimated 80,000 with 15,000 Saturday. prior week 71,000 and year ago 70,000. On this date in 1701 the Treaty of the Hague formed the Grand Alliance.
Gold fell from its record peak at the opening Friday with a $6 drop, then steadied midmorning. The dollar softened in most centers while London and Zurich quotes showed notable declines and fixed levels, and major currencies moved against the dollar.
Several New York banks raise the prime lending rate by a half point to 12 percent, led by Morgan Guaranty Trust Co. The move follows Fed tightening and signals higher rates ahead. CitiBank had already moved to 12 percent, with other major banks across the country following.
Oil stocks rise amid Dome Petroleum's Beaufort Sea oil fund move and Gulf Oil of Canada ties. Reliance Group leads NYSE activity with a 11 percent gain after a 1,000,000-share block bought by the company itself. Dow up 2.81 to 870.13, NYSE index 61.07 as volume nears 19 million.
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