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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 28, 1940
Page
6
A sweeping analysis notes industrial activity strong while stock markets show listless trading. Experts weigh higher taxes, defense spending, and war demand as factors, with Bethlehem Steel reporting about 300 million dollars of unfilled orders and naval orders added since, signaling capacity expansion needs.
Chicago prices fell as corn dropped up to 11 percent amid slow trading. May futures slid to 59% cents, December fell about 1.14 cents, and September declined fractionally. Wheat eased only slightly then rallied to erase losses. Weather maps showed rains in Iowa and surrounding states with forecasts of showers. Wheat support came from mills. overall, corn, oats, rye, and soybeans moved lower. Winnipeg and Buenos Aires markets were mixed. weather forecasts called for continued showers and near normal temperatures.
Chicago market notes show Receipts for eggs and butter with $1 880 and 302 on track pota toes arrivals 95. Idaho Bliss and Russet Burbanks priced per U S No 1 at 195 and 150 respectively. Missouri nub lines show decay and spot pricing 60 85 cents. Oregon Washington and Nebraska entries listed with prices for various grades. Futures storage and egg standards referenced.
The Clearing House reports Cedar Rapids bank clearings for the week ending July 27 at 1 086 331.26 dollars, slightly above the prior week but below the year ago record. For the week ending July 20 the figure was 1 084 1240.42 dollars, and in 1939 the week ended July 29 totaled 1 339 610.43 dollars.
Cedar Rapids chemists at Quaker Oats and Penick and Ford have developed at least 50 products from corn and created the world’s largest furfural plant from oat hulls. Furfural, a key solvent, serves refineries and features in plastics textiles lacquers and dyes. Corn refining expands beyond starch syrup and oil, absorbing about one third of all corn.
Dr J Max Widmer of Penick and Ford says the industry seeks new uses for existing by products to lift corn consumption. Staley’s E J Soulke notes corn sweetener sweetose opens markets for millions of bushels yearly, with syrups starches dextrins oils and seeds as goals. Farmers cooperate, believing industry and agriculture are natural partners beyond legislation.
The U S Chamber of Commerce urged Congress to adjust tax depreciation allowances in the proposed excess profits tax bill for defense investments. It warned against repeating World War II era imperfections and noted businessmen do not expect exceptional profits from national defense or war preparedness contracts.
Transaction volume on the New York Stock Exchange remained at record lows last week with Loft and Kennecott posting fair activity. Loft faced liquidation due to a soft drink tax plan, while Kennecott's large account move drew general approval. Traders await clearer signals as England braces for conflict and London gains little. Small Saturday buying edged some issues to week highs on closing sales.
Real estate and mortgage activity in Linn County covers July 19 through July 25. Conveyances total 48 and mortgages total 34, with mortgages aggregating 77 560.48 dollars. This compares to the previous year’s counts of 53 conveyances and 30 mortgages totaling 72 874.35 dollars.
The Home Owners' Loan Corporation said on Saturday that under 30 percent of borrowers asked for lower payments and more time to pay as allowed by the Mead Barrey act. It reported 228 621 applications for time extension, with 209 786 approved 16 054 refused and the rest under consideration.
Dominion bureau reports week ended July 20 Canadian carloadings 57 125 vs 57 238 prior week and 47 657 year ago. Federal Reserve estimates week ended July 20 department store sales 9 percent above year ago. Companies report six months ended June 30 results: General Telephone net income 985 593 or 1 26 share. Louisville Nashville income 7 777 681. Madison Square Garden 376 362. Noblitt Sparks 451 066. Otis Steel a loss 196 630. Panhandle Eastern profit 5 023 723. United Car Fastener 261 612. U S Gypsum 5 536 458.
New York copper remains steady with spot and Conn Valley range $10.75 to $11.50 ex-Port facilities. Tin remains around $51.50 spot and $50.62 forward. Lead steady at $55.05 in New York and $4.85 East St. Louis. Zinc steady with East St. Louis spot and forward at $6.25. Other metals including pig iron aluminum antimony quicksilver platinum Chinese wolframite and domestic scheelite unchanged.
Lamson Brothers and Company furnishes Chicago grain quotations with H. R. Mowrey listed as Cedar Rapids manager at 503 Merchants National Bank building. Contact phone 2-3141 for figures and arrangements.
In flight from war, vast jewel and gold inflows reach New York, tightening the world market. The President Vargas diamond weighs 726.60 carats and the Jonkers gem, cut from an uncut block, sparked a $2,000,000 value in 1937. Diamonds aid precision tool manufacture for national defense.
Volume fell to 83,220 shares the lowest for a Saturday since Aug 3, 1918, with many leaders absent from the tape. General averages closed modestly higher as steel, copper and autos posted small gains while several major issues barely moved.
The American consul at Tsingtao handed a formal United States navy apology to the Japanese consul general after a street brawl involving American sailors. Reuters reported that the navy will discipline the men involved. The Pearl Harbor base in the Hawaiian Islands has a garrison of 25,000 troops.
The 35 000 ton luxury liner America the largest ship built in the United States sailed from Newport News for a preview voyage to New York with 400 notables aboard The ship boasts a speed of 24 knots power over 34 000 horsepower and fireproof design features including steel and asbestos bulkheads After arrival in New York Mayor LaGuardia and military officials will welcome the vessel The America will sail on its maiden voyage to the West Indies on August 10 with planned fortnightly cruises
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