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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 16, 1941
Page
8
Traders dumped securities amid fears of new axis thrusts through the Balkans and Far East. NYSE losses topped billions, government and corporate bonds fell, and commodities swung while steel and industrial output rose to near record highs.
U S. industry retraces imports by creating homegrown luxuries and foods. From Danish spinach substitutes to French wines replaced by American products, domestic firms copy and invent specialties to meet wartime demand. New York firms revive colonial recipes to restore uniquely American flavors. Spirits still flow to America.
English readers learn that French and German wines and many foreign perfumes are thinning in supply while American producers push new whiskey like California cognac and West Indian cordials. New Jersey apple brandy and maple sugar extract projects show domestic growth. Florida and California geranium oil Oregon lavender and Gulf coast Cape Jasmin offer domestic fragrance options amid rising prices.
Wheat turned downward in late Chicago trading after an early gain. Corn, oats, rye, and soybeans also eased as selling by a leading operator weighed on prices. Winnipeg and Buenos Aires shifted modestly, Canada eyed higher processing tax, and crop reports from the southwest remained favorable. Prodcers pledged 8,952,512 bushels for loans last week, boosting the season total to 61,021,000 bushels.
Winnipeg market reports show May 74 wheat near 6767 bids with July 1874 at 78. Chicago cash grain lists No 1 North Dakota wheat at 85 to 85 and mixed No 3 corn around 65 to 74. No 2 yellow oats quoted 35 to 36 with samples fluctuating. Field seed unchanged. lard and bellies prices noted.
Chicago AP report notes butter receipts 711470 steady market, eggs receipts 15.153 feeble yet graded extra firsts, local cars 164ac first local 1fe cars, current receipts and government graded extras unchanged. Futures by Lamson Bros. and Co show butter and egg standards with February March 28 prices and Refrigerator standards 15.95 and 42.18.70. Dow Jones averages referenced with bonds.
Harold A Wallace former national president of the Associated Credit Bureaus of America and now manager of the Will County Credit Bureau of Joliet will speak at a joint meeting of the Credit Women's Breakfast Club and the Cedar Rapids Retail Credit Association Thursday night at the Roosevelt Hotel. His subject is The Other Half of Your Business.
Joseph Swearingen district manager for John Hancock Mutual Life Insurance will address Cedar Rapids Association of Life Underwriters at a Monday noon luncheon at the Montrose hotel.
Work has begun on twin underground telephone cables spanning 1600 miles from Omaha to Sacramento. The $20 million system, laid by American Telephone and Telegraph with Northwestern Bell, will boost transcontinental circuits by about 50 percent and may nearly triple future cross continent capacity. Construction permits cover Omaha to Denver with rest pending FCC approval.
William E. Schamberger of Cedar Rapids, longtime automobile dealer, is named Nash Motors distributor. He will showcase the Nash Ambassador 600 in the new low priced field and also handle Nash senior lines including sixes and eights.
The Cedar Rapids Clearing House reports that bank clearings for the week ending February 15 totaled 1 130 395 91 dollars, up from 1 008 732 79 in the same week in 1940. The week ending February 8 totaled 1 311 0 46 dollars.
The Federal Bake Shop begins operations at 219 First avenue E Cedar Rapids offering 30 plus bread varieties and about 200 sweet rolls. A glass partition displays the continuous bake floor with modern ovens and equipment. Al Doors serves as Cedar Rapids manager. The Davenport headquartered chain has 80 open view shops nationwide with the Cedar Rapids unit as the third in Iowa.
Conveyances counted 68 and mortgages totaling 155 906 62 dollars for Linn County from February 7 to February 13 1941 per Linn County Abstract Company. The report notes a higher activity than the previous year with a large mortgage aggregate and numerous transfers.
DES MOINES officials report over 3,000 Iowans benefited in the first year of federal social security old age and death insurance provisions. About 2,200 workers 65 and older receive more than 45 thousand dollars monthly, with 714 widows and children also getting payments. The widow payments average 20.16 and each child 12.51 dollars.
New York markets steadied on Saturday after a rough week with gains scattered across several blue chips led by U S Steel Bethlehem Chrysler Santa Fe and Western Union while the Associated Press average rose 0.3 to 40.1 and weekly loss was 2.2 points with a two hour turnover near 404000 shares.
The January Consoli dated Business report from Cedar Rapids shows gains over January 1940 in building permits car loadings bank clearings telephones electric current employment gas used new car sales post office receipts and real estate transfers. Comparative figures list 1941 and 1940 values for each index, highlighting a faster start to the year.
Dr Ray Lyman Wilbur chairman of Stanford University and head of the AMA education committee urged Saturday that the government help physicians and dentists retain high professional standards amid public health problems linked to the national preparedness program. He warned against lowering standards by rushing training and licensure, noting there is no shortcut to becoming a good physician or dentist. He emphasized the need for time and varied experiences in medical education.
A diplomatic source in Zurich says large quantities of food are being gathered at key points in northern Bulgaria with orders to assemble by February 25. The source believes the shipments indicate German occupying troops may enter Bulgaria around February 25 or shortly after.
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