The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1939-12-16
BEHIND The
TICKER

NEW YORk-The Washington
grapevine is that despite govern
ment economy talk, spending will
go on in big way. AS previously
disclosed here, the next budget
will have ways set for a $4,000
10000 armament program.
Since 1910 will be an impor-
tant election year, congress will
not increase taxes. But the gov
eminent needs money. Says the
grapevine, treasury department
plans are to do financing which
will bring the debt up to the S45.-
600, 900, 900 limit. 1t now stands
at Sal, $50, 900, 900 - after the at
torney-general ruled guaranteed
debts of agencies aren't debts of
the government.
The grapevine is that the treas
ury will do $4,000, 100000 in new
money financing before the June
80, 1941 fiscal year close. A ST.
900, 100000 offering will be made
in June of 1910. A $4,000, 900, 600
offering will come in December,
1910. There will be a s1,250,-
10000 refunding operation late
next February or early March-to
meet March Is maturities.
Friendly - In its war against
Russia. Finland has the sympathy
Of most all the American public.
And in Wall Street, the feeling is
extra high. Here's why: Over the
past 16 years, the Finnish govern
ment has floated $4,000, 900 in
loans in our Investment markets.
OF this amount $53.s00.0 900 has
been retired. l.~ing a floating
private bond debt in the United
States of only $4,000, 900. And
that small amount isn't near
maturity.
Oyerlooked-A few economists
say that when a consumer-goods
industry operates at high rate
Of capacity, it's proof the public
is spending money. They point TO
the record-breaking shoe produc-
ton.
Economists who follow that line
Of reasoning overlook two impor-
tant considerations. The shoe In
dustry is working full time on a
flood of war-orders-domestic and
foreign; and, the Czech Bata Shoe
Works is closed. which means
American producers are filling
world requirements.
Complaint-Officials Of savings
banks say the treasury is unfair
Banks must purchase bonds in the
open market at yields Of two pei
cent or less. The public purchases
baby" bonds yielding 2.s per cent
if held for ten years. And
should market prices decline
banks stand TO lose capital IL they
sell. Baby" bonds can be resole
to the government at increasing
price levels. Bond dealers cam
see how the government can sat
isfy this complaint.
Reports Are That-There's labol
unrest brewing in Chile copper
mining districts +. Stone & Web
ster to benefit from public utility
expansion work next year
Sterling Products $3.50 annual di
vidend rate viii be covered thL
year with $l-25 share to spar
For greater speculative ap
peal there's some switching from
Spiegel into White Motors
w. T. Grant to show a net o
S2.75 a share for 1889
General Cable common shares
being ayoided-preferred has di
vidend arrearages Of x47-25 a shar'
Homestake INNINGS $3.50 I
share annual dividend viii be con
/ tinued-stock not liked as a wal
issue Portfolio managers hk.
Bullard-shares enjoy only limited
marketabihty
Pennsylvania Railroads 1889 ne
plaeed at S2.35 a share-thereI
be another dividend voted som'
time early summer 1910 d. b
close Of this year Dizie-Vorte'
will clear all hank loans--hked b,