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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Dec 23, 1956
Page
3
Economist argues 1957 optimism rests on two drivers Demography and longevity. The diaper boom and a growing non working population push demand higher while youth fuels long term growth, prompting continued capital expansion in steel autos and urban industry as birth rates rise and death rates fall.
New York markets showed a slight weekly gain amid Friday rally as the AP average of 60 stocks climbed to 180.20. Traders avoided extended positions until the four day holiday but Friday sparked a holiday shopping spree with broad gains across steel and industrials, helped by tax related profit taking and switch decisions.
New York reports show gin and vodka sales doubling since 1949 as Scotch and Canadian whiskies lead imports. Straight whisky consumption climbs while blends fade. industry also reveals rising sales with lower profit margins and seeks excise cuts from 10.56 to 9.00 per 100 proof gallon.
Carl McGowan a 45 year old Chicago attorney has been named general counsel of the Chicago and North Western railway system with effect from January 1. He succeeds the prior legal head and will oversee all corporate and legal affairs for the railroad.
Unofficial figures show Monday cattle 20,000 head, hogs 9,000, sheep 3,000 at Chicago. Butcher hogs closed the week 50 cents higher while sows were steady to 50 higher, with steers and heifers steady to 50 lower.
Hog prices held steady with ranges from light to heavy at 14.25 to 18.15 dollars. Cattle receipts total 100 with steady demand. steers 23.50 to 27.50, yearlings 14.50 to 27.25, cows 8.25 to 14.00, calves 19.00 to 23.00. Sheep receipts 100 with steady demand. lambs 19.00 to 21.00, yearlings 9.50 to 17.00, eyes 4.00 to 5.50.
Des Moines market notes show Saturday receipts about 35 000, weekly 36 000, and year ago 31 000 with actuals Friday at 64 000. Market moderately active to slow with prices steady to 25 cents lower than Friday, top at 16 85. U S No 1 3 hogs by weight range 160 180 lbs 13 50 15 85 180 200 lbs 15 50 16 85 200 220 lbs 16 15 16 85 220 240 lbs 15 85.
Waterloo livestock market reports steady prices across hog categories. Top price reached 16 1/4 with varying carcass and weight brackets from 160 pounds to over 550 pounds and sows priced accordingly.
The Cedar Rapids market reports show grain and livestock prices with corn at 1.19 per bushel No 2 old oats and soybeans 2.32 per bushel. Bank clearings for the week ending Dec 23 totaled 7 164 420 up from last year’s 5 986 400. Tama Troy Wheeler buys the Emma Abbott Denver business building. Kay’s Kase space to be rented.
Seed prices for field grasses delivered to Chicago per 100 pounds. Carrots 21.00 to 22.00, alfalfa Central Common, Timothy 9.00 to 10.00, Red Tops 39.00 to 30.00, Alsike 22.00 to 23.00, Sweet Clover Yellow 9.00 to 10.00, Sweet Clover White 10.00 to 11.00, Alfalfa Northern Common. The note shows ranges and a garbled line 9000-2100 Red lover 31.00-32.00.
National Theaters, Inc. reports a fall in gross income for the year ending Sept 25 from 61.69 million to 59.71 million while net income rises to 4.65 million, or 1.72 per share, aided by a 1.09 per share capital gain from selling the Roxy and other theaters.
The Morris Plan Company of Cedar Rapids declares a quarterly dividend of 40 cents a share payable to stockholders of record on Dec 20. This brings the total 1956 dividend to 1.00 per share. The firm, formed in 1916, has paid continuous dividends since its organization.
South Africa produced 510 million dollars worth of gold in 1955. Canada produced 159 million and the United States mined 66 million dollars worth of gold in the same period.
Wall Street discussion centers on a steel industry tax writeoff request of about 2 billion dollars and possible midweek decision. Dana Corp plans to unveil one or two products soon potentially impacting 1957 business. Pacific Northwest Airlines eyes a 1960 turbo-prop Alaska service. Analysts expect continued selectivity in 1957 and note profits rise for Pacific Finance next year. General Finance sees expansion leveling off in 1957 as money costs weigh. Electrical construction and utilities show potential for strong post-Christmas market gains.
Waukon dealer Keenan Auto Sales sees Walter Keenan buy out partner Miles L. Connor, consolidating ownership and control of the business in eastern Iowa.
The nation’s retail merchants posted the largest sales volume in history with about 192 billion dollars spent in retail outlets. The year over year rise lagged the prior jump due to higher prices, reflecting a slower pace despite record totals.
Sears Roebuck Acceptance Corporation, a wholly owned Sears subsidiary, filed a registration with the SEC for 50 million dollars in debentures due in 1972. An underwriting syndicate of investment banks will manage the public offering set for January. Proceeds will finance purchases of customer installment receivables from Sears under existing bank financing like the 1937 arrangements.
The National Electrical Manufacturers Association reports 1956 record sales for built in electric ranges dishwashers and food waste disposers and dehumidifiers up about 190 percent to 275000 units. Refrigerators storage water heaters and farm and home heaters fell below 1955 levels.
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