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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 03, 1935
Page
16
The Federal Housing Administration plans to reform the mortgage market by insuring long term loans up to twenty years, rather than the prevalent five year terms. It has set up sixty one underwriting offices and approved 1,200 lenders, aiming to make insured mortgages readily marketable and reduce financing stagnation.
The chart from the Cleveland Trust Company Business Bulletin tracks six upticks in U S industrial production since the 1929 depression. It credits Hoover era conferences, 1931 bonus payments, 1932 turning point, 1933 rapid recovery after the banking crisis, 1934 rise, and a current October surge driven by natural forces. The top table marks production points above and below zero.
The government plans a spring drive to ease mortgage pressures on homeowners and unlock frozen papers held by banks. It will also spur building trades employment by funding loans for home repairs and modernization, countering the belief that winter work is impractical.
In late American trading gold currencies fell against the dollar amid nerves over a supreme court ruling. The pound rose modestly as Paris fixes showed the franc at about 6.54 cents in the U S market, with small shifts in other gold units noted.
The guilder falls .16 of a cent to 67.15 cents and Swiss francs drop .09 to 32.12 cents while belgas sit at 23.16 cents, down .04. In London the dollar holds at 4.87 to the pound, and in New York the pound rises to $4.88.
Stock price indexes show 1926 average 100 with figures for 20 indus and 20 telephone stocks. Friday values include 2687.28 and 4086.6 with varied weekly and monthly comparisons, indicating changes across sectors and timeframes.
Financial data shows bond price indexes with daily, weekly, and monthly figures. The New York bond sales report lists Home Owners and Fed Farm issues with high, low, and close prices, indicating market activity and yields.
A fluctuating listing of preferred stocks includes St. Louis Edison, Iowa Electric, Ta. Electric Light and Power, Ta. Pub. Service, Bell Telephone and United States Lines. Prices show varying bid and asked quotes with percent yields noted, illustrating daily market activity for utility and transportation shares.
The Cleveland AP report details how railroad box cars travel across lines. Interchanges move cars between lines with slips, daily charges, and responsibility for damages. Car owners pay for repairs while haulers cover line damages, and some plans seek centralized control or pooling of cars.
A columnist compares English and American taxes using examples of single and married incomes in England, notes nondeductible capital losses and rising Cedar Rapids property taxes, and mentions the $5 billion recovery relief bill. It warns about pink slips with federal tax reports and triple taxation on securities income.
New York banker B M Anderson Jr of Chase National Bank told the senate agriculture committee that retiring 100 million acres would force population shifts. He argued farm families prefer land and warned against moving people from rural to urban manufacturing jobs.
Stocks and bonds held steady amid no clear market direction ahead of the Supreme Court decision. Grain futures firmed slightly with wheat and corn higher, while cotton softened. Major lenders and several blue chips rose modestly as traders awaited Washington on Monday.
Hog prices stay firm on the local market with no changes Saturday. The top price remains 7.70 as buyers and sellers keep steady on current grades and trades.
Hog prices held nominally steady at Chicago stockyards with 9 800 total receipts across four terminals. Top hogs at 7 95 and average around 7 60 while cattle and sheep markets showed mixed steady to higher movements in Chicago, East St Louis, Pittsburgh, and East Buffalo with varying receipts.
The New York AP report notes a very quiet bond market Saturday with price changes in small fractions. Government issues softened and then barely moved, while corporate loans dipped slightly and a few issues like Consolidated Gas and Pure Oil firmed modestly. Overall AP averages for rails, industrials and utilities remained nearly unchanged amid dull foreign activity and minor gains in South American bonds.
New York reports show seasonal hardware items rival spring merchandise in sales this week with builders' hardware for later delivery selling well. January sales for small homewares run 10 to 15 percent above last year while spring millinery activity begins amid weather delays.
In Chicago on Saturday a moderate late buying wave pushed grain prices higher. Wheat closed at the day’s top level, up about a half to three quarters from Friday, with May at 96 44 and 96 14. Corn and oats were broadly steady to slightly higher, while provisions edged up by around one half to three quarters.
In Cedar Rapids market notes a variety of farm goods and merchandise are listed. Poultry prices show hens at 8 to 14 cents per pound, leghorn hens and springs with weights and rates, and cocks at 26 cents. Fruit and produce include navels $3.25, seedless grapefruit $2.50 to $3.00, lemons up to $7.00, and potatoes $1.00 to $2.45 per unit. Hides, calves, and horses are priced, with No 1 cured hides beef at 42 to 4 percent, No 1 calf at 6 and 62 cents, and horses at $2.25 to $3.75.
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