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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 29, 1937
Page
2
Nation wide reports show most industry divisions quickening while retail and wholesale sectors slip. Higher production costs and weak consumer response to price rises cited. steel output and carloadings rise, electric power hits new highs, motor output slows.
The New York stock market saw scattered rallies in rails but most issues failed to recover. Trading was light with 254 300 shares changing hands, AP average at 65, and several leaders posting small gains while many investors stayed neutral amid a Sino Japanese tension backdrop and soft steel orders.
Saturday customs amendments set delivered metal prices in New York and East St Louis. Copper electrolytic 13.80, tin spot 53, lead 6.50 East St Louis 6.35, aluminum 20.07, antimony 13, quicksilver 76 dollars per flask, vs 92.794 nominal.
A fleet of Boeing flying boats, over 100 feet long and weighing 42 tons, is rushed to finish for Pan American Airways transatlantic service. The two story craft seat 75 passengers, cruise at 150 mph with a 5000 mile range, and cover New York to Europe in about 24 hours.
Mayor La Guardia advances a $12.76 million plan to expand North Beach airport into a major transcontinental and transoceanic terminal. Outcome hinges on Washington postal rules and airline contracts, with Pan American backing likely shifting bases to North Beach.
In interior Liberia the Mandingo traders have cornered the iron token currency, raising exchange from 80 to 40 iron pieces per British shilling. They control iron sources, circulate wares widely, own horses and cattle, and may become the republic’s dominant commercial group.
Cherry-Burrell stockholders will vote at a September 15 special meeting on a proposed three-for-one split of the common stock into 600 000 shares of five dollars par value. The move covers 148 115 outstanding shares. The dairy equipment maker operates plants in Baltimore Cedar Rapids Milwaukee and Little Falls N Y.
Harold J Foreman of Cedar Rapids introduces Shopper's Service a messenger and personal shopping option open daily from 7 am to midnight. Customers call 3 1456 or 2 9963 with order name and address and payments for errands, groceries or bills are handled by bonded electric gas and water bill paying messengers.
The Cedar Rapids Chamber of Commerce tax committee lists September tax deadlines for Iowa corporations and individuals. Key dates include September 1 for half general and personal property taxes, September 15 for federal and state income tax actions, and September 28 30 for various returns and payments to avoid penalties.
Quotes show bid range for bonds and stocks with entities like Interstate Power Co, Towa Public Service Co, Iowa Southern Utilities Co, Sioux City Gas and Electric, and Western Grocer Co. Trading notes include 3 5322 5435 for Interstate Power and yields around 7 for several utilities. Investors urged to contact The Gazette for unquoted issues.
Pla Mor Ballroom in Cedar Rapids will open for the season on September 4 under new management. Lawrence Neilsen and Tom Lambert will run the venue as manager and assistant manager. A redesigned guest table layout increases dancing space without blocking the stage view. The hall is remodeled with a new maple floor and upgraded sound and ventilation systems. Vette Kell and orchestra will be the opening band.
The note states that in 1842 the postage for a single sheet letter under 30 miles was six cents, while 400 miles cost 1834 cents. It also notes that the recipient paid the postage.
Washington AP economists of the Agriculture Department predict a marked rise in farm product exports this year due to abundant U S crops and improved world trade. They caution that export outlets may not yet reflect prewar levels as tariffs fall and markets open.
Checker Electric Supply Inc announced by E C Hoover that the local store becomes dealer for Delco Heat oil burners. The line notes General Motors product and includes automatic furnaces and air conditioning.
Subscriptions to the capital stock of Mid-American Casualty Insurance Co. are rising rapidly, reported by George R. Liddle. The Cedar Rapids based firm plans general casualty and auto insurance with an authorized capital of 200 000 and offices in Cedar Rapids.
Tokyo plans to colonize and develop the mandated Pacific islands with a 20 million yen South Seas Company funded by government and settlers. The program targets mining forestry fishing shipping and agriculture with 1500 families to relocate and aims to build naval and seaplane bases near Guam and other US possessions.
Chicago wheat prices slide over 2 cents to within fractions of the season’s lows. Traders cited rain in Argentina’s key wheat regions and weak demand from importers as factors, with stop loss selling and contract liquidations adding pressure. European buyers remain wary amid drought reports in Argentina and Australia, while private cables note rains in Cordoba and Buenos Aires.
Market reports from Winnipeg and Minneapolis detail cash grain bids and receipts. Wheat prices span No 3 red, No 2 hard and various hard wheats with different protein bases, while corn, oats, rye, and barley quotations appear alongside lard and seed prices for regional trading and futures snapshots.
Chicago AP report notes Butter and Eggs receipts with no session, potatoes arrivals and on track totals, and fluctuating prices for California White Rose U.S. No 1 washed and Idaho russet Burbanks. Regional potato quality and pricing listed for Nebraska North Dakota Minnesota Washington Wisconsin Wyoming. Live poultry prices steady. dressed poultry prices unchanged.
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