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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jul 22, 1977
Page
15
Prices were mixed at midday on the New York Stock Exchange with the Dow Jones industrial average down 52 at 921.28 after an initial gain. Kellogg led NYSE activity while the composite index held at 55.64 and volume dropped to 9.71 million by noon.
The Cerler administration abandoned a two cent a pound subsidy draft for sugar browers, potentially costing taxpayers up to 400 million dollars. Consumer prices would not rise, as subsidies would come from the treasury. The move, decided by cabinet officers and advisers, awaits President Carter's approval.
The drought boosted Southern California Edison revenues and profits for the first half of 1977 and the second quarter. Northern California purchases affected by the drought helped earnings reach 58 million dollars, or 0.58 per share, for the quarter ending June 30.
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