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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 22, 1939
Page
51
U S business marches along in two years pace despite warshipping delays. European neutrals Far East and Latin America boost purchases of steel electrical equipment cement machine tools medicines and pharmaceuticals. Canada France orders trucks while auto and textile output face labor and stock challenges.
Cedar Rapids bank clearings rose again last week sustaining an eleventh straight year over year gain. The six day period ending Saturday reached 1,456,754.50 compared with 1,128,464.31 for the week ending Oct 22 1938 and 1,308,474.23 for the week ending Oct 14.
Nash Motors division plants resume full production after a UAW-CIO strike settlement reached in Kenosha Wisconsin an all day conference. Leo A Sullivan Cedar Rapids Nash Inc reports uninterrupted operation for the rest of 1940 model year and rapid replenishment of dealer stocks nationwide.
Conveyances and mortgages recorded in Linn county show 53 conveyances and 29 mortgages overall. The mortgages total 118 448 dollars for the week ending October 19 1939, with a prior year mortgage total of 457 900 dollars and no conveyance figures listed.
The page lists indicative price ranges for various bonds and utilities, with items such as Interstate Power Co. issues, Southern Utilities, and Cedar Rapids area concerns. It also covers metals markets in New York, noting copper steady at around 12.50 per unit, tin near 6.00, and zinc about 6.50 with other metals unchanged.
Last week on the New York stock exchange saw increased activity and better prices led by aviation shares. Motors gained prominence at the close with White and Stuedaker hitting new highs for the year. Merchandising shares attracted strong buying as they are prepared for the usual November rise. The market neared its prior high resistance, suggesting a possible breakthrough if no unforeseen bad news occurs. The 12 most active stocks are listed.
Cedar Rapids market notes show mixed prices across grains and livestock, with barley and corn values listed, soybeans and hay prices, poultry prices for hens and roosters, fruit and vegetable prices, and assorted hides and commodities. Stock figures include industrials, rails, and utilities with daily changes recorded.
Three Cedar Rapids workers at Wilson and Company receive gold buttons from the Institute of American Meat Packers for 50 years of service. Honorees include John Easker foreman tin shop John Horak traffic department and Joseph F Dvorak sausage foreman.
Chicago wheat prices held a firm undertone with the May session closing near the top, up about 1 percent to 135 cents a bushel. Buying came mostly in small lots as demand from eastern houses supported gains, while Winnipeg lagged. Canadian exports total around 30 million bushels this season. Cargill warned of a possible winter wheat crop not exceeding 375 million bushels next year if rains delay. Additional gains in corn oats rye and soybeans followed.
The Cedar Rapids Life Underwriters Association will host a 7 30 am breakfast at the Roosevelt hotel Monday with Robert Howard as principal speaker on Purpose Selling. Howard, a sales promotion counselor with W H Milihaem and company of Des Moines, represents life insurance firms in advertising circles.
The market opened higher and maintained gains as truck stocks led the advance after news of large French truck orders and ongoing shipments. Notable risers included Mack and White Motor, with Studebaker reaching a year high and steel shares buoyant amid broad gains across U S Steel, Youngstown, and Bethlehem. Chrysler and GM posted fractional gains as labor talks continued.
The life insurance industry holds nearly 28 billion in reserves to guarantee future claims. They invest in federal state and municipal bonds, farm and home mortgages, and basic industries, funding annuities endowments and disability claims. Death claims account for about 40 percent of annual payments, with total outlays reaching 2.6 billion in 1938, far exceeding defense spending.
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