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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Apr 21, 1940
Page
9
Prices for wheat corn hogs sugar rubber and other staples rose in the week amid war buying and rising raw material costs. Analysts note potential boosts to farm purchasing power and factory inventories if gains hold, with shipping and trade routes affected by conflict.
The Export-Import Bank of Washington allocates three credits totaling up to 10.915 million dollars to finance American exports to Brazil and Colombia. Banks and manufacturers share up to 70 to 75 percent of costs, with Bank of Brazil guaranteeing two Brazilian credits and Colombia credits funded for rail and steel orders.
Interior Secretary Ickes announced the award of a steel reinforcement bars contract. The Columbia Steel Company of San Francisco won for 5 250 000 pounds at 100 100 dollars, lowest of seven bids opened by the Bureau of Reclamation in Denver on March 27 for the Shasta power plant project.
Market notes from Chicago and New York show varied dairy and produce pricing. Butter receipts and creamery scores edge mixed, eggs and potatoes display large stock movements, and cheese prices hold steady amid uneven demand.
Cedar Rapids will start construction Monday on the Hubbard Ice and Fuel company project at 1132 First Street NW. Stark Building Company won the $78,699 general contract, United Cork Company handles insulation, and the red brick three story building will total 40 000 square feet with 20 degree below zero freezing rooms and multiple storage and processing facilities to serve local shippers.
Washington AP Stewart McDonald federal housing administrator reported a coming home building boom with FHA records. In the week ended April 13 construction started on 3700 new units under FHA inspection and applications for FHA mortgage insurance on new homes exceeded 5000. Mortgage selections for appraisal rose to 6647 totaling 29.978 million dollars.
A Cedar Rapids financial note cites price ranges for recent stock and bond transactions in eastern Iowa. The quotations are not firm bids or offerings and are provided for market context. Readers with interest in unquoted issues are directed to write the financial editor, The Guvette, Cedar Rapids.
The market remained nervous as traders adjusted to European developments. Paper stocks and packing shares showed steady rise while ship building also gained. Weillys-Overland led low priced issues with a new high and Curtiss Wright diverged from otherwise strong aircraft manufacturers.
United States Treasury completes a long awaited wool testing device in Boston to sample bale wool and assess quality by removing impurities. The machine seals a 20 second process from sampling to dry cleaning and conditioning, storing solvents for reuse. Samples from other ports will be tested in Boston and returned in moisture proof containers.
The Commerce Department reports U S machinery exports to Denmark, Sweden, Norway and Finland last year at 11 287 861 with 5 875 561 in industrial machinery 4 371 983 in agricultural implements and 1 040 317 in printing and book binding equipment.
Grain quotations and market data supplied by Lamson Brothers and Company with contact details for the Cedar Rapids office at 503 Merchants National Bank building and manager H R Mowrey.
United Press reports week ended April 13. Department store sales rose 5 percent vs last year. American Light and Traction Co shows 12 months ended Jan. 31 net income 5 108 946 and earnings per common share 156, followed by 4 986 899 or 151 previously. Budd Wheel Co March quarter net profit 260 195 or 26 cents per share. Campbell Wyant and Cannon Foundry Co March quarter 218 772 or 63 cents per share. Corn Products Refining Co March quarter 2 361 538 or 76 cents. Dome Mines Ltd March quarter profit 971 014 vs 1 034 437. E I du Pont de Nemours Co March quarter net profit 22 528 801 or 204 per share vs 17 109 459 or 1 55 prior year. Fairbanks Co and subsidiaries March quarter net profit 9 415 vs a year-ago loss of 3 061.
Cedar Rapids bank clearings for last week totaled 1 036 875 99 dollars, surpassing the previous year's 957 637 20, but still below the 1 104 371 35 posted for the week ending April 13, according to Cedar Rapids Clearing House records.
Cedar Rapids sheet metal contractors began a study of the city heating code and proposed amendments governing forced air installations. Their first meeting was Thursday night at the Montrose hotel. Future sessions will review codes from other cities and pending legislation affecting the heating industry.
Cedar Rapids notes prices for grains, hay, butterfat, and poultry with hens, roosters, and leghorns listed. Chicago livestock report shows hogs Cattle and sheep receipts and trading ranges with price movements and category details.
Stock market ends weekly with gains led by steels aviatons paper and shipping shares. Volume reaches 720000, strongest Saturday since 1939, as Italian France Italy report reduces Mediterranean anxiety and currencies rise led by sterling.
Wheat futures on the Chicago Board of Trade closed slightly higher after a choppy session that saw prices move about 1 cent. Traders cited support from stock strength and improved crop prospects from rains in the Ohio valley, with Minneapolis prices slipping and oats steady while other grains followed wheat.
The page shows bond listings with various upticks and downticks across segments like rails utilities and industrials. Equity quotes include multiple industrial and utility stocks with modest gains and totals for different issue counts.
Conveyances and mortgages recorded in Linn County from April 12 to April 18 show 70 conveyances and 43 mortgages. The mortgages total 329,199.54 dollars, compared with 36 mortgages and 79,958.26 dollars the previous year.
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