The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1939-03-31
BEHIND The
TICKER

banking offices 1t Is clearly heard
that the presidents attitude on
taxation is the real cause for The
delay in business recovery. And
the Senator Bone bill To tax war
incomes anywhere from three to 20
per cent Is now another contrib
uting factor.
A high banking official privately
informs your correspondent that
as long as congress acts the way II
does. and as long as the president
sticks to his spending-lending and
tax views, for so long time will
private capital keep from making
business or security investments.
War news, too, is having its
effect, II was explained. But this
country could profit out of Euro
pean war as long as we keep out
OF IL. Yet the feeling is that the
president has worked himself into
a position that makes 1t difficult
for this country to remain clear.
Try as hard as he would, the
banking official saw no reason for
a business recovery In the near fu-
turc. He did see favorable posi-
bilities during the last half Of the
year.
But as for the spring and sum-
mer months. can't see how Harry
Hopkins will succeed while con-
gress and FDR fight him."
Taxation-Here's why large corr
porations are asking for tax reyi-
sion: For 1888. General Motors
paid about S1.5000O0 in various
taxes every week Consolidated
Edison Co. of New York averaged
81 .000. 900 every week: the nations
railroads paid S341 600, 900 in taxes
while stockholders took a deficit
of $123. 900 900: members Of the
National Association of Food
Chains averaged in taxation pay
ments more than half of what they
made for themselves.
American Telephone e. Tele-
graphs 1888 tax bill ran to the
tune OF STAT 400, 000-the equiva-
lent of S7.54 share and an in
crease of Sc per cent over the past
three years. and American Smelt-
ing and Refining paid out in taxes
in excess of So a share, filing some
80, $50 tax reports running from a
single page to as much as 100
pages.
That's taxation! Yet-say tax
experts - American organizations
are in a much better position than
are corporations in foreign lands.
Estimates Rubber trade adviccs
are that indications point to a Is
per cent increase in tire shipments
for the first six months over those
OF the like period last year. And,
prospects point to wider margin
OF profits. Rubber manufacturers
first six months financial state
ments will make pleasant reading
If long-range private figuring is
accurate.
Reports Are That-Since whisky
and life insurance companies don't
mix, National Distillers bonds will
have to be disposed of in other
investor circles Sharon Steel
TO show a nominal net for current
three-month period Canadian
interests see better prices ahead of
Mcintyre Porcupine shares =.
r. L. Jacobs received $4,000
pound sterling British air ministry
contract for blind-flying equipment
International Silvers radio
broadcasting program expanded
sales volume. but not as much as
generally believed Long-range
earnings estimate: Libby Owens
Ford Glass will report net Of SO a
share for 1899.
A Sperry Corporation subsidiary
received a $4,000 navy depart
ment contract Huge floating
supply of Commercial Solvents
shares works against large per
share earnings-but stock going
into long pull envelopes :. Stats
teal opinion is that American Ra-
diator is an interesting purchase
Others not of like opinion due to
huge floating supply and large
public following
There's some switching of Van
Raalte into Cluett Peabody-latter
now enjoys a greater trade follow
ing Baldwin-and Midvale SUBJ
sidiary--now has largest amount
of orders booked for any period in
almost a full year =. And, that
Loft legal situation has become SO
complicated that only quick-trad-