The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1939-07-04
BEHIND the
TICKER
NEW YoRK-private a

Htt oA AWFUL ~ smart TOT lit
second quarter compared with
Si.is share for the first quarter
Third quarter shipments aren'i
expected to run high due to a let.
down In operations in preparation
for 1910 models. But fourth quar-.
ter output Is expected to run al
better levels than those OF the
first quarter. This belief is based
on the opinion that there's pent
up consumer demand.
The earnings estimate shows a
net OF about s2.1s share for the
first six months. That compares
with the reported net of s2.17 a
share for all of 1898. Taking into
consideration estimated output for
the balance of the year. the belief
Is that General Motors will show
$3.50 share or better for 1889.
Doubts privately estimated
that United States steeis second
quarter shipments will amount to
2.233, 200 tons for the first quar-
ter. Steel production revenues will
not make good showing since
the price range was lower. But
since the company enjoyed in
creased activity in Its iron ore.
cement and shipbuilding divisions,
the second quarter financial report
will be at about the same as that
OF the first quarter, when a net of
only 10 cents was reported for the
preferred shares.
Moreover, at current rate of oper-
atoms. and considering prospects
for the balance of the year, insid-
ers doubt whether United States
Steel will cover the 81 preferred
dividend requirements this year.
It's believed. however. the direc-
tors win vote the regular s175
quarterly distribution when they
meet for action on the last Tues
day In July. No opinion would be
given as to the possible size of the
preferred dividend over the ball
ance of the year.
Aircrafts the opinion of a
research organization that there
are ten good reasons why aircraft
company securities are a purchase:
% World military air forces
will continue to be increased re-
CARELESS of peace moves. f2) The
industry currently has about $780,
600, 900 in orders assuring capacity
operations for at least full year.
t3) The army and navy are about
to place orders for another S175,-
000,0 900. "a France and Great
Britain are planning to place
orders for another 500, 000. 600
that's extra good business since
it's all on cash basis. go Estab-
lished economics and efficient pro-
duction boosted margins of oper-
ating profits from i3 per cent last
year to about 40 per cent this year.
80 Navy orders now allow a prof
1t of II per cent against only 10
per cent last year. % The % per
cent increase in passenger traffic
will require of air lines that they
again place large orders. 80 Re-
cent plant expansion was accom-
plished at conservative costs. 30
There is complete absence of or
ganized labor in the industry. and
last. the average market price of
aircraft shares is only 1871 per
cent of average 1899 estimated
earnings against so industrial
stocks selling at an average of Is
times estimated 1889 earnings,
After all this compilation. the
survey fails to point out which air.
craft shares are to be given pref
erence.
Reports Are That: Blaw-k Knox
arrangements with Belgian gov
eminent for its products TO be
manufactured there under roy
atty license :. Portfolio positions
retained In Monsanto Chemical !. i.
Long-rangs earnings estimate:
National Steel will show a net of
81 a share for 1889 Oliver
Farm Equipments 1899 sales vol
ume expected to better that of last
year-due TO established economies
margin of profits slightly higher
Eastern Air Line shares going
into portfolio accounts For
fiscal year ending with October
%. Universal Pictures will show
about 81 share Senate voted
5000 fund to investigate
whether merger OF Postal and
Western Union is warranted-looks
like something viii come out of
this In 1910 =. Carrier Corp sales
continue to expand :. Long-range
earnings estimate: Spiegel will
show $3.50 share for 1889
Bohn Aluminium will show 90 cents
a share for first six months
chrysler got 26is per cent Of all
passenger car business done thus
far this year And. that public
Is buyer Of those shares which
are called spending" issues that
takes in merchsndisings and con-
sumner securities.
------------------- ------------------------