The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1939-08-21
BEHIND The
TICKER

NEW YoRk-whether Dr.. Fritz
Mannheimer. former head Of Mem
delssohn 4 Co.. huge private Dutch
bankers now liquidating, did or did
not take his own iife-banking
opinion Is that he did-makes no
difference TO leaders of New York's
financial district. What they are
disturbed about Is the fact that
every time leading European
financial figure dies or institution
closes, world conditions turn for
the worse. This was 50 In the
Hairy. stavisky. Lowenstein, Kru-
ger and Credit Anstalt situations.
The hope In New York and Lon
don Is that DR.. Mannheimer did
not pull some fast deals" before
passing out of the picture. Whe-
Their he did or didn't will not be
know for some weeks. But one
thing Is certain and that Is that
II DIR. Mannheimer was involved in
shady deals. large private banking
houses will be the victim of with
drawals on the part of clients.
This. 1t La feared, will disturb
world financial markets.
Lower Continental Can and
American Can have been working
on important three-year contracts
with packers. About seventy per
cent of these expire as of Dec. 81.
1899. Trade information Ii that
packers will again sign up with
the two leading can manufacture
ers. But the belief La that prices
will run lower due to competitive
efforts Of Crown Cork & Seal and
National Can. Moreover-tin plate
price are lower. It's expected that
as a result margins of prifits to
Continental Can and American
Can will be narrowed.
Blue-War fear psychology con-
tinues TO overshadow all develop
ments In business and financial
markets. It's got traders SO wor-
ried they're afraid to do any trad
ing. But what Is more disturb
ing to Wall Streeters than the
large scale military maneuvers
abroad In the fact that New York
Stock Exchange membership prices
are down to the lowest levels since
191S-which was S4s. 900. Last week
a seat changed hands at a price
Of S62. 900. off $4,000 from the
last sale made on June 10. The
peak price OF seat was estab-
lished in 1929 with a payment of
$625,000 prior to the issuing of
rights" to one-fourth a member
ship. Stock brokers feel pretty
blue when they think of the value
Of memberships.
Doubt-Portfolio managers like
the volume of business being done
by both Montgomery Ward and
Sears Roebuck. But they wonder
for how long a time such record
breaking sales volume can con-
tinue-especially now that the
WPA workers lists are being re-
duced. Because of this doubt, no
new commitments are being made
In mail-order securities. In a few
cases. profit-taking Is reported.
Reports Are That - Thompson
Starrett may go through a re-
capitalization to clear $27.12is in
preferred dividend requirements :.
Calumet & Hecla Consolidated ex-
pected to show about 20 cents
share for 1889 There's some
switching from Brooklyn Union
Gas into Square D--latter has small
Ter capitalization and better pros
poets -. Observation-Disclosures inven-
tory position best since 1887 -.
Flintkote to show net of about
50 a share for 1899 Radio
Corp will pay a small dividend late
this year . American Airlines
to net close to So share for 1899
!. . {. Artloom now selling first
time In history to Sears Roe
buck and Montgomery Ward
Chicago people regard Twin Coach
as promising speculation 1899
net to run three times that of
Cannon Mills sales running
above expectations of its manage
ment Long-range earnings
estimate: Thinker Roller Bearing
to show $3.50 share for 1899 :.
Gotham silk Hosiery sales near
record levels company now has
5000 retail outlets And, that
foreign selling Of American equi-
ties continues for account of those
who exDecf N crisis some time this