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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 02, 1937
Page
19
A front page analysis shows scrap metal feeding U S industry as junk prices soar from five to over twenty dollars a ton and Congress faces a vote on permitting overseas shipments under license. The piece notes junk markets as the balance wheel of steel and outlines economic and political stakes in foreign armament demand.
Real estate and mortgage news notes activity in late April to early May. Mentions include steel industry export trends and leadership changes at an industry institute with Paul W. Frieder named director in protest.
Cedar Rapids retail sales reached 428 300 across 310 firms in March a 163 percent gain from March 1936. Statewide results from 531 independents show a 6 percent rise with Easter shifting to March this year. Davenport led gains while Des Moines posted a drop. cities 50 000 to 100 000 up 19 percent, 25 000 to 50 000 up 13 percent, 5 000 to 10 000 down 13 percent. Areas under 2 500 grew about 4 percent.
The Iowa unemployment compensation commission reports 258 Cedar Rapids employers with eight or more workers paid the 1 percent 1936 payroll tax. The tax funds unemployment benefits for workers laid off through no fault of their own. Also noted are 4624 county employers and 2702 state employers paying the 1936 federal tax totaling $2,718,846 with further notes on collection.
Local patrolman Virgil Powell proposes a durable two column card embedded in car upholstery to prove owner identity by prints. The device carries owner and car data plus ten fingerprint spaces and uses two locking pins. patent pending with Russell C Schroeder heading the company and Powell earning royalties.
United Press reports first quarter profits and per share figures for Americon Bank Note Co and subsidiaries. Included are net income, per share amounts, dividends, and year over year comparisons across multiple companies in varied sectors. The data cites quarterly results, stock records, and upcoming events in the Pittsburgh area market.
Scott McIntyre head of Scott McIntyre and company returned Thursday from Detroit with his sales team after a tour of the Hupp Motor plant and talks with newly reorganized executives. Accompanying him were A. L Augustine Lynn G Swaney Gilbert M Bates Allen W Thompson all of Cedar Rapids John B Thompson and Leroy Caldwell both of Iowa City and Howard A Miller of Waterloo.
The Gazette notes quotations indicating price ranges of recent transactions for issues not quoted with the financial editor. Cedar Rapids Iowa bonds.
In a subdued session wheat rose about a cent as crop reports from the winter belt grow bleaker. Rain is urged in western Kansas and Oklahoma to salvage yields, with private estimates signaling crop reductions. May wheat at 1.325 to 1.3244, July 1.197 to 1.20, and September 1.1734 to 1.17.
The page lists Winnipeg wheat prices with May and Oct figures, plus Chicago grain quotations and cash provisions. It cites multiple grading terms for wheat corn oats rye and barley, with May July and Sept prices, and notes cash prices for lard and bellies.
Minneapolis cash grain receipts total 32 cars versus 85 a year ago. Quotation highlights include Lachisher No 1 heavy dark northern at 1.4459 and Montana No 1 hard at 138.58 with 14 percent protein. No 1 dark hard Montana winter 131.94 and amber durum No 1 127.62. Red durum 264.13, corn No 3 yellow 1.35 to 1.36, oats No 3 white 0.00 to 0.36.
AP reports mixed produce data from Chicago and New York. Butter, eggs, and live poultry receipts show unsettled prices. potatoes and US stock levels noted with regional variations. New York dairy and egg prices steady to firm amid a strike and limited poultry trade.
Special note by John F. Chapman examines Europe’s peace scare and armament buildup from Britain’s UK policy shift to Franco-German tensions. He details underground defenses, women in industry, and Britain’s £7.5 billion rearmament program shaping confidence that war is unlikely this year.
Global commodity and security markets show erratic moves as optimism for European peace lifts prices briefly. Analysts note crude declines may not prevent a broad business upturn, with steel, electric power, carloadings and production posting gains while retail remains steady but not stellar.
The Cedar Rapids Chamber of Commerce tax committee lists May payment dates for Iowa and federal taxes. May 1 marks the last day to file state income tax returns for fiscal year 1937 with remittance to the Iowa treasurer. payments over $10 require half the tax, $10 or less full. May 15 is the final filing date for the federal income tax return for fiscal year 1937 ending February 28.
Heinz & Co announced construction of two new plants. A strained foods factory with modern kitchens will rise in Medina New York and a tomato products factory will be built in Fremont Ohio by 1937 harvest. The Fremont site spans 25 acres as Heinz seeks 1500 acres of tomatoes.
Red Wing Minnesota based group National Citizens Mutuals to hold district meeting at Montrose hotel on Tuesday. L W Beldon state agent arranging Iowa sessions.
U.S. stocks failed to rise after Friday's sharp rebound with only small gains amid broad caution. United States Steel faced persistent pressure, while Bethlehem Steel fell 34 and Atchison declined 5s. Motors stayed narrow, Yellow Truck slipped, and grain and cotton posted slight shifts as foreign exchange eased.
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