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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 05, 1939
Page
3
Business week summary reports gains in steel and motor production contrasted with declines in carloadings and electric power. Analysts note brighter overall sentiment despite mixed signals, pointing to AT&T installment growth and private financing activity as signs of expansion.
In Lincoln Nebraska a six year struggle between private utilities and three public power districts heats up as private firms press for state regulation of hydro electric rates and taxing of district property. The three districts Tri County Sutherland and Loop seek to borrow from PWA to build a 1000 mile transmission system while facing legal and financial battles over debt and operation costs.
Conveyances 81 and mortgages 43 recorded Feb 24 to Mar 2 1939 by Linn County Abstract. Mortgages total 155,490.53. February comparisons show conveyances 150 in 1936, 216 in 1937, 338 in 1938, 226 in 1939. mortgages 96 in 1936, 233 in 1937, 132 in 1938, 126 in 1939. mortgage totals 307,520.50 (1936), 368,865.92 (1937), 515.52 (1938), 331,634.98 (1939).
Grain prices closed mixed after a colorless session on the board of trade with overall gains and losses. A large block of stock traded early, led by General Motors, while rails and utilities showed mixed results and commodities remained sluggish overall.
Bedell-Nissen company reported seven home sales over six days. Properties include 1852 Ellis Boulevard NW sold to Donald Schremp. 915 Eighth Street SW sold to a buyer taking possession April 1. 1554 Bever Avenue SE sold to Chester Beardsley with April 1 possession. 1954 Washington Avenue SE sold to Robert H. Skinner. a Springville residence to C. W. Ralston with April 1 possession. an improved acreage on Twenty-ninth Avenue SW sold to C. H. Sawyer. two cooperative sales involve 1826 E Avenue NW to A. C. Collinge and 1012 Eighth Street SW to David A. Ampey with Uptown Realty cooperation.
Tax reminders urge filings by March 15 federal and March 31 Iowa deadlines. Cedar Rapids and Des Moines offices offer assistance. deductions, exemptions, and differing state rules noted.
A historic note cites that out of 25,000,000 passenger cars in America only about 300 move daily on main east west transcontinental highways, according to the U S Bureau of Roads.
A Chicago report notes 91 percent of Mortgage Bankers Association members expect mortgage rates to stay the same through 1939, 7 percent foresee lower rates, and 2 percent expect higher rates. The poll surveyed 550 members across 42 states, with regional variations showing broad confidence in continued low rates.
Two new department executives have joined Newman's store organization this season. Hurley W. Brown becomes head of the home furnishings and interior decorating department after a ten year tenure as buyer for Brown-Duncan in Tulsa. He and his wife live at 1634 Grande Avenue SE. Charlie Taylor was appointed head of the basement store after six years as a buyer with the May Company in Denver. He and his wife reside at the Montrose hotel.
L. V. Dawson last week assumed duties as manager of the Sherwin Williams company at 216 Third avenue SE Cedar Rapids, succeeding Harry Sherry who was transferred to Davenport. Dawson has twenty years in paint and wallpaper and eight years with Sherwin Williams, previously in Peoria, then Cedar Rapids four years ago as wallpaper manager and assistant store manager.
Cedar Rapids Bank clearings for the week ended Saturday totaled 1 353 570 59 dollars, a sharp gain over 878 892 42 the week ending Feb 25 and beating 1 989 570 18 recorded for the week ending March 5, 1938, according to the Cedar Rapids Clearing House.
W H Chipman of Anamosa has purchased his brother Clyde Chipman’s Maidrite cafe and the Maytag and Skelgas business. He will operate both enterprises.
The following quotations are not to be construed as firm bids and offerings but indicate price range of recent transactions. If you have an interest in issues not quoted write the financial editor The Gazette Cedar Rapids Iowa Bonds.
A compact listing shows Iowa Southern Utilities and related utilities with bond figures and stock marks, plus Dow Jones averages for New York with highs, lows, closes, and volume notes. The item references Interstate Power Iowa University Stadium Sioux City Gas and Elec Co Western Grocer Co and Rath Packing Co along with regional utility firms and unspecified dates in 1968.
The NYSE reported higher activity for the week ending March 4 as prices near the close climbed. The twelve most active stocks by complete weekly range were listed with their high and low points for the period.
In Danville Indiana local citizens who saved Joe Hess’s store by staging a “Joe Hess” day and buying kerchiefs and socks at set prices plan a second event on March 11. Hess, who practiced liberal credit, died recently and his funeral closed all shops. F Brewer Hadley, who bought Hess’s stock, will sell part of it to citizens to fund grave markers for Joe and his wife.
Douglas G. Woolf, editor of Textile World, predicts a higher textile activity for 1939, about half-way between 1937 and 1938. The forecast envisions activity 15 percent above the 1923-25 average, matching the rate seen in 1929.
Mr. and Mrs. C. J. Ruxlow of Washington purchased the Oetjen grocery and market at Keota from Walter and Ed Oetjen, with Tom Burton managing. The buyers now own the store and recently sold their local delicatessen to Mr. and Mrs. William Morgan of Burlington.
AP U S Department of Agriculture notes receipts around 200 hogs with steady trade on small supply. Hogs 170-210 lb average returns $7.85 to $8.15, top $8.15. 190-210 lb hogs fetch up to $8.25. Cattle receipts about 100 with minor declines for midweights and steady to higher for yearlings and select cattle. cows weak. Lamb market weak to moderate with top near $9.15 and lighter weights around $9.15 to $9.50. ewes $4 and shearing noted. Overall, packing remains steady. various classes show small shifts versus prior Friday.
YORK AP Copper prices show tentative steadiness with spot at New York around 4.75 to 4.80 and East St Louis bids near 4.60. Lead remains steady, zinc steady at East St Louis 4.50. Other metals including iron aluminum antimony quicksilver platinum and Chinese wolframite hold unchanged as markets digest news.
The Linn County treasurer reports February 1939 sales of 126 new cars and 15 new trucks, marking the best February in eight years except for 1985. Through two months, 308 new cars and 51 new trucks have been registered, per Linn County Abstract Company tallies.
United Press notes January iron and steel employment at 451000, payrolls $59.35 million, and year-ago contrasts. Canada carloadings, U.S. department store sales, and Dominion statistics cited. Company reports show varied 1938 profits and losses for Fish Rubber, Moore, Philadelphia Co., Scovill, Spalding, United Drug, United States Rubber, with CHICAGO cash and grain quotes interspersed.
R J Cooney, a highway building contractor in Waukon, has purchased the Ray Robey residence property of six lots and four adjoining from the Frank Garrow estate. He plans a large repair shop and garage for his road making machinery. Payments totaled 2200 for Robey property and 225 for Garrow lots.
Minneapolis AP report shows wheat receipts with numerous notation errors. Quotation lines indicate No 1 dark hard and winter categories with mixed fractions and percentages, plus No 3 yellow and amber durum. Barley price shown around 39 to 65 cents. overall quotes appear distorted and inconsistent.
CHICAGO PRODUCE market notes show steady overall pricing with limited changes across multiple lines. Eggs receipts 18 954 and new stock arrivals 92 on track. demand slow with liberal supplies. Idaho russets dull with weaker undertone. Colorado McClures varied. Wisconsin whites at 97 1/ leck. Minnesota Red River cobblers around 85 to 1.25 per unit. tracks show mixed carrier prices and small sales for Bliss Triumphs and related varieties.
AP reports mixed color grades and steady to unchanged prices across commodities. Egg and butter receipts rose with weak demand for butter and eggs, while egg standards and medium sizes showed slight declines. meat receipts and other categories remained steady with minor price shifts observed.
Stocks firm in moderate trading. Bonds and U S government issues higher. Curb stocks irregularly higher. Chicago stocks firm. Foreign exchange steady against the dollar. Cotton futures steady. Grains in Chicago wheat and corn about steady. Rubber futures higher. Silver unchanged in London at 2042 pence per ounce.
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