The Gazette from Cedar Rapids, Iowa • 20

Jones DoH57 1 Dow Jones Industrials Oct. 16, 1981 mm 4b Cedar Rapids Saturday, October 1 7, 1981 Stocks close out week with another downturn NEW YORK (UPI) The stock market, closing out a gloomy week, lost ground Friday amid investor uncertainties about the future course of interest rates and the economy A 1 1 takeover issues were in the spot-light, trading was restrained as many inves 11 cents. Standard Poor's 500-stock index lost 0.52 to 119.19. Declines topped advances 800-657 among the 1,869 issues traded. Big Board volume totaled only 37,800,000 shares, down from the 42,830,000 traded Thursday, indicating considerable investor anxiety about the Fed's money supply report.

Several brokerages, optimistic about the near-term outlook, lately have advised large investors to buy when the market shows weakness. This may have accounted for some strength in the list. Also, many options series expired during the day and that could have accounted for some erratic price movements. ON THE TRADING floor, Sunbeam, which has agreed to merge with Allegheny International for up to $550 million, was the most active NYSE-listed issue, off 3V4 to 33 14 after blocks of 250,000 shares at 3334 and 821,500 shares at 32. IC Industries, which offered about $525 million for Sunbeam, dropped out of the bidding late Thursday when Allegheny sweetened its bid.

IC stock rose 1 to 32 and Allegheny shed to 32. Santa Fe Industries, which Kuwait has agreed to acquire for $2.5 billion, was the second most active issue, off 1 to 43. A congressional subcommittee plans to hold hearings on the deal next week. Safeway Stores was third, off to 2412 after blocks of 420,000 shares and 126,600 shares, both at 26'4 Blue-chip IBM, which triggered selling earlier this week after reporting a 22 percent drop in third-quarter earnings, was fourth on the active list, off 1 to 5214. Among the other blue-chip issues, General Motors, which is expected to report its third-quarter results sometime next week, eased to 41 Vi in heavy trading.

Merck lost 2 to 82 Vs. American Brands added 34 to 38. Grumman, which fell 4 points Thursday after winning a preliminary court injunction against LTV's $45-a-share takeover offer, lost to 28 in active trading. LTV said It would appeal Wednesday's court New GMC pickup for 1982 An all-new compact pickup truck, dubbed the S-15, joins the GMC truck lineup for 1982. It will be in dealer showrooms across the country Nov.

12. The manufacturer says the S-15 is the first domestic pickup truck of its size offered by an American-owned company, and hopes it will chip away at imports' share of the market. A two-wheel-drive vehicle, it will come in two wheelbases and two box lengths. Cedar Rapids dealer is Cedar Rapids Truck Center, I-380 at Airport Road SW. tors sat out the day waiting for crucial government money figures.

The Federal Reserve, in a report released after the New York Stock Exchange closed, said the nation's money supply surged $5.6 billion in the latest statistical week after several declines. The Dow Jones industrial average, a 5.61 -point winner Thursday after falling 27.49 the previous four sessions, dropped 4.57 to 851.69, bringing its loss for the week to 21.31 points. The New York Stock Exchange index shed 0.26 to 69.13 and the price of an average share decreased American Motors has loss for third quarter No change Friday in takeover battle Sale of WMT-TV completed; now called KGAN-TV Sale of WMT-TV to Guy Gannett Broadcasting Services of Portland, Maine, was completed at mid-day Friday and the station's new call letters KGAN-TV went into use at 1 p.m. Announcement of the action was made in Portland by Jean Gannett Hawley, president of the new corporate owner. Documents were signed Friday morning and final FCC approval for the change followed.

The radio portion of the WMT stations remains the property of Cosmos Broadcasting Corp. of Columbia, S.C., which will continue to use those call letters. The two stations will continue for the time being to be housed in the same building. Guy Gannett operates two other television stations, WGAN-TV in Portland and WGGB-TV in Springfield, Mass. It has radio operations in five cities, including the Quad-Cifies of Iowa and Illinois.

Guy Gannett Broadcasting is a subsidiary of Guy Gannett Publishing Co. of Portland, which publishes newspapers in Portland, Augusta and Waterville, Maine. The Cedar Rapids station went on the air Sept. 30, 1953, and ever since has been an affiliate of the CBS Television Network. ruling.

Coastal which agreed to spin off two divisions and is considering shedding unprofitable foreign operations in a restructuring of the company, was the fifth most active, off 3'2 to 4014. Sun which purchased three million of its own snares so far this year, up 2V4 to 36 after announcing plans to acquire another million shares. THE AMERICAN Stock Exchange index slipped 1.14 to 307.19 and the price of a share eased five cents. Declines topped advances 297-234 among the 731 issues traded. Volume totaled 3,377,510 million shares, compared with Thursday.

Hudson's Bay Oil Gas was the most active issue, unchanged at 33 Dome Petroleum followed, off to ll'g. AZL Resources was third, unchanged at 26. The National Association of Securities Dealers NASDAQ index of over-the-counter stocks gained 0.39 to 190.24. The company now has been unprofitable in the last six quarters. GM currently is the only domestic automaker operating in the black.

The company reported sales revenue for the first nine months of this year of $1.96 billion, up slightly from $1.89 billion in the similar period of 1980. It sold 244,504 cars and trucks worldwide, down 2.1 percent from 249,814: Hawkeye votes stock dividend SIOUX CITY A 5 percent stock dividend, payable Dec. 10 to shareholders of record Nov. 2, was voted by directors of Hawkeye Bancorporation at a meeting here Tuesday. This will be the sixth year the company has paid a stock dividend.

Each shareholder will receive either a certificate representing whole shares, a check representing the market value of any fractional shares, or both. Directors also voted to increase the yearly cash dividend pay-out by maintaining the 22-cent-per-share quarterly rate on the additional shares issued. This 5 percent cash dividend increase is in addition to a 10 percent increase voted in DETROIT (UPI) American Motors Corp. said Friday it lost $16.8 million in the third quarter, a substantial improvement from its deficit of $84.9 million in the same period last year. It was the first in what is expected to be another gloomy series of third-quarter financial reports from the domestic auto industry.

Auto industry analysts agree only General Motors Corp. has a chance to show a profit for the July-September period. The statement brought AMC's deficit so far this year to $89.4 million, down from $171.7 million in the similar nine-month period of 1980. The performance was far from surprising. AMC has said publicly it doesn't expect to return to profitability until its most important new products hit the market in the 1983 model year.

Those include a new fuel-efficient car line designed by AMC's French partner Renault, which AMC will build at its Kenosha, assembly plant, and a new generation of lighter, more fuel-efficient four-wheel-drive Jeep utility vehicles. AMC reported worldwide sales of 79,686 cars and trucks in the third quarter, up 11 percent from 71,724 in the same period last year. Revenue for the quarter was $648 million, up 15.1 percent from $563 million last year. With the takeover effort against Life Investors of Cedar Rapids already stalled at least until Tuesday afternoon, Friday passed with little change in the situation. There was action in two states.

In Cedar Rapids, a District Court judge scheduled a hearing for Nov. 12 on Life Investors' suit asking that the Iowa insurance commissioner be required to conduct a full-scale investigation of AGO Holding N.V. of the Netherlands before it is allowed to take control. Life Investors attorney Tom Collins said he again will press for the Iowa Insurance Department to examine whether AGO's tender offer "would harm the Iowa company's shareholders. The hearing was scheduled by Judge Paul Kilburg after the Iowa Supreme Court declined to rule on Kilburg's refusal to issue an order stopping AGO from purchasing Life Investors stock while the case is pending.

Life Investors had appealed Kilburg's decision. But Kilburg's refusal was interlocutory rather than final, the Supreme Court wrote in its opinion Thursday, which means it does not have to rule on the appeal. A hearing on similar questions was to have been conducted Friday afternoon in a court in Montgomery, but Friday night there was no report of any decision. There was no ruling Friday from the federal Eighth Circuit Court of Appeals panel which heard arguments Thursday in St. Paul on Life Investors' plea for an injunction to prevent the takeover.

Following the hearing, the panel issued a stay order pending a further order of the court. The stay until Tuesday has been issued by the Sixth Circuit Court of Appeals in Cincinnati, which will conduct a further hearing Tuesday afternoon. SCMBBl BRAND I Earnings Licensed by Selchow and Righter Co owner ol the registered trademark SCRABBLE Square lT T7 a7 e7 prTl nTI ol ooie I 1 I 1 I 1 I 1 I I I I I I Word Score RACK 1 RACK 2 RACK 3 RACK 4 a7 fs7 TT l7T c7 p7 a7 nd Letter pie Clear out those fall leaves while you give a youngster the ego boost of being a wage-earner. PAR SCORE 95-105 by JUDD FOUR RACK TOTAL TIME LIMIT: 20 MIN Good things happen when you advertise in classified for the fall clean-up help you need! ter earnings slid to 88 cents a share from $1.56 a year ago on 10 percent fewer shares, reflecting pressures on interest-rate margins and a lower volume of stock trading. Net income for the three-month period came to $35.3 million on revenues of $1.01 billion, compared to earnings of $49.6 million on revenues of $710 million in the comparable period of 1980.

Nine-month earnings were $148 million or $3.77 a share on revenues of $2.9 billion compared with earnings of $149.4 million or $4 10 a share a year earlier on revenues of $2.2 billion. Merrill Lynch has a stock brokerage office in Cedar Rapids. Gannett ROCHESTER. N.Y. (UPI) Gannett the publishing and communications combine, earned 76 cents a share in the third quarter of 1981, up 13 percent from 67 cents a year ago.

Net income also rose 13 percent to $41.07 million on operating revenues of $335.60 million, from $36.44 million a year ago on revenues of $296.78 million. The per-share earnings are restated to reflect a three-for-two stock split. Gannett's nine-month profit rose 13 percent to $117.86 million, or $2.17 a share, on sales of $989.87 million, compared with $104.12 million, or $1.93 a (hare, a year ago on sales of $878.28 million. Chairman Allen H. Neuharth said this makes 56 consecutive quarters of earnings gains for Gannett and the 14th consecutive year of record earnings since the company went public.

The company publishes 84 dailies, including the Press-Citizen in Iowa City, and 24 other newspapers, and has seven television and 13 radio stations and the largest outdoor advertising firm in North America. It also operates satellite information services. PALATINE, 111. Record sales and earnings for the third quarter and first nine months of the year have been reported by Square Co. Consolidated net earnings for the quarter ended Sept.

30 were $31.8 million, or $1.18 per share, up from $22.2 million, or 88 cents per share, in the same period last year. Earnings for the quarter amounted to 10 cents per sales dollar. Consolidated net sales for the quarter were $307.6 million, up from $263.3 million. Earnings for the nine months were $81.3 million, or $3.02 per share, compared with $59.4 million, or $2.35 per share, in the same period last year. The earnings amounted to 9 cents per sales dollar.

Net sales for the nine months were $864.2 million, up from $733.2 million. W.R. Grace NEW YORK (UPI) W.R. Grace the chemical and natural resources combine, earned $2.04 a share in the third quarter, up from $1.47 a year ago. on a rise in sales to $1,588 billion from $1.5 billion.

Net income rose to $97.12 million from $69,035 million. Nine-month profit was $279.61 million, or $5.87 a share, on sales of $4,761 billion compared with $219.32 million, or $4.67 a share, a year ago on sales of $4,428 billion. Excluding extraordinary gains, third quarter net would have been $1.60 a share against $1.37 a year earlier. Grace has a Cryovac Division plant in Cedar Rapids. Merrill Lynch NEW YORK (UPI) Merrill Lynch the financial services giant, Tuesday reported third quar DIRECTIONS: Rearrange each row of letters to form a 2-to 7-letter word.

To total points of your word, use scoring directions to right of each row. 7-letter words get 50-point bonus. "Blanks" used as any letter have no point value. Proper nouns, foreign, slang or hyphenated words are forbidden JUDO'S SOLUTION TOMORROW 10-17-S1 igei united Feature Syndicate, tnc 'ak. YESTERDAY'S SOLUTION SOMBBll GRAMS SOLUTION BY JUDD BW 1 United Feature Syndicate.

Inc Dracki 9 00nDRACK2. 13 0 L3 (S ACK3 000000 RACK 4 83 People read classified i JUDO'S TOTAL PAR SCORE 70-80 W-1M1 Phone 3984234 uoaneed by Setcnow and Righter Co owner or the ragfcwred trademark SCFUVBOLE.