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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Apr 07, 1946
Page
10
The Iowa Electric Light and Power Co. reported 1945 as its greatest year in 65 years, with record electric and gas sales, higher revenues, and expanded customer base. Electric revenues rose to 5.92 million, gas sales 92.1 million cubic feet, and total operating revenues reached 7.77 million. Net income declined to 766,344 due to higher expenses and taxes.
The United States and Cuba reached a pact to buy nearly all of Cuba’s 1946 and 1947 sugar crops, subject to ratification. US will purchase about 3.67 cents a pound, 620,000 tons of this year’s crop, and 650,000 tons of next year’s, with Cuba to receive $750 million total and agreements for alcohol and molasses purchases. The 1947 price may rise if Puerto Rican sugar prices increase.
Edwin C. Lucas for carriers argued before the emergency fact finding board that railroads must raise freight rates to cover wage gains and payroll taxes totaling 619 million dollars for 1946. He said wartime traffic spared higher rates but railroads already absorb up to a billion dollars yearly in increased costs and the hearings continue on demands for 250 dollar daily minimums and rule revisions.
Norman W. Rice, 2081 Linn boulevard SE, has been named branch manager of Rexair, Inc., Detroit manufacturers of air conditioners and humidifiers. Rice, recently discharged after four and a half years in the air force, has offices at 307 Guaranty Bank Building. His territory covers the eastern third of Iowa.
Bank clearings in Cedar Rapids for the week ended April 6 totaled 2,779,242.69, up from 2,506,992.98 in the same week a year ago. The week ending March 30 posted 2,788,217.10 in total clearings.
Pittsburgh dispatch reports a nationwide coal work stoppage disrupting trucking and furloughing about 8,000 steelworkers in the first week. Idle crews span Pennsylvania, West Virginia, Ohio, Kentucky and beyond as railroads and manufacturers brace for shortages. The AFL service warns the conflict may last weeks and force rationing as stockpiles drain and essential users rely on reserves. 12,260,000 tons mined last week with 2.5 million set aside for emergencies.
Quotes show price ranges for various securities in Eastern Iowa. Entities include Central States Elec Co Iowa Electric Co Fruehauf Trailer Quaker Oats United Line and Railways, Collins Radio, Viking Pump, Mid-Continent Air Lines, National City Lines, Penick & Ford, LaPlant-Chorte, and others with bid and ask figures across common, preferred, and municipal issues, reflecting recent transaction activity without firm bids.
South Side News lists upcoming Czech group events including Prokop Velky lodge ZCBJ Junior American Czech lodge 388 CSA and Sbor Ceske Viastenky meetings. The Federation of Czech Groups sponsors an April 24 Praha uprising film at Strand theater and the All Czech outdoor festival on Labor Day at ZCBJ park. Easter party for about 200 CSA juveniles planned April 21 at CSPS club rooms. Zdenka Havlicek lodge to mark its 49th anniversary April 18-21 activities at CSPS hall.
A compact list of closing stock quotations includes many major firms and railways such as Allied Stores, American Telephones and Telegraph, General Electric, U S Steel, Coca Cola, Pennsylvan ia Railroad, and Union Pacific among others. Prices vary by issue with numerous percentage figures and notes for several corporations across sectors in a dense, period-accurate ledger.
The U S Employment Service office on Third Street SE logged 724 applications in March, with 370 placements. Among unfilled orders, many seek veterans with radio and aircraft repair experience. Veterans filed 224 self employment claims, up 96 percent, capped at $100 monthly if earnings stay under $100. Most claims came from veteran farmers. Unemployment and servicemen re adjustment allowances declined in March.
New York markets rose last week as stocks neared bull highs, recovering most of February’s drop. Optimism followed Truman’s reconversion praise, despite ongoing coal shortages and industrial weak spots. Utilities led gains after a court ruling, with broad advances and Friday profit taking.
Five Cedar Rapids banks and forty five insurance agents collaborate on a Bank and Agent Auto Plan to provide complete car insurance and a loan for the insurance and unpaid car balance. The program, announced Saturday, aims to offer bundled coverage with low interest and streamlined loan approval, with similar efforts already operating in St. Louis, Indianapolis, Los Angeles, Philadelphia and Omaha. Participating banks include First Trust and Savings, Guaranty, Merchants National, Peoples Savings, and United States banks, along with numerous insurance agencies led by H. C. Burleson and others.
In Newburyport Massachusetts Cooperative Bank officials spent 500 on renovations for a house they thought was theirs. After renovations were complete they learned the house actually belonged to a neighbor two doors away and the bank has corrected ownership.
Cedar Rapids building inspection records show 191 new dwellings and one two unit apartment issued permits from April 1, 1945, to March 31, 1946 valued at 742,145. Foundations for 23 dwellings, four tourist cabins, and remodeling of 1,183 dwellings cost 377,966.
London says three government controlled airlines will be formed with subsidies totaling 200 million dollars this year and borrowing power up to 320 million. Overseas Airways will receive 200 million, European Airways 80 million, and South American Airways 40 million. The plan also finances airfields and land purchases including Heath Row. Public ownership aims to protect scheduled routes while private charter services continue under restrictions.
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