The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-05-31
Behind the
Stock Ticker

Banking operation, IL that the
national defense program win show
benefits in all centers. Industrial
areas win become active - soon
Is the program gets under way. II
win give impetus to other indus
trial areas. II spells out more EN-
ploymenf which In turn indicates
larger retail sales volume. And
hanks anticipate . new demand
for commercial loans. In all.
theren be no politics involved in
the defense program. Even the
National Association Of Manufac-
turers Is set to cooperate.
New Money - Some weeks ago
the treasury department called for
redemption 1855. ooo. 900 OF sSs
due June IS. Payment was TO have
been made out Of the treasury's
working balance Of $500. 900, 600.
But now that the government is
running off on $4,000 100000
emergency war defense program.
bond dealers see the issue being
exchanged for five-year notes.
Moreover. IT'S believed that new
money borrowing Is certain in the
next financing operation.
cer.eas--Exporters with strong
Soviet contacts say that while
Moscow is an ally Of Germany.
ouick Nazi victory isn't desired.
The grapevine is that IL Nazi wc-
tories continue and Italy joins In
the fighting the Russians have
the tacit consent Of the allies TO
advance on Rumania and take over
the important oil fields"
Nearby Orders - The textile
trade anticipates flood of bust
meas from the war department be-
cause Of the national defense pro-
gram. The 1920 large surplus OF
uniforms has been exhausted. The
blanket supply Ia unusually low.
To overcome the 1917 difficulties.
nearby orders aren't unlikely since
uniforms and blankets are made
Of cloth manufactured TO order.
steel-The steel industry's sv-
eraee operations for June are ex-
pected to run at so per cent or
better. Not only is foreign de-
mand showing marked expansion,
but larger orders are ahead be-
cause of the national defense pro-
gram. This type Of buying viii
keep the industry active through
the seasonal dull summey months.
Moreover, the auto industry Is
about to make inquiries for 1e4l-
models requirements.
Reports Are That: Boeing Air.
plane to double output capacity;
backlog totals S47.000,000 on ma
tional deefnse and French book
incs American Rolling Mills
in position to handle military or
ders: mostly steel work s. Long
pun positions retained in safeway
Stores because of managements
liberal dividend policy =. Yale q
Towne has tools and equipment for
output OF sensitive war supplies.
j. c. Penney Company shares
going into investment accounts;
always liberal dividend payer /. i.
Hercules Powder not anxious for
war business but in position to
benefit from war defense program
Crown Zellerbach's current
fiscal year net win better $2.4o a
share figure Harbison-Walker
to benefit from expanding activity
In steel industry -. Eaton Manu-
featuring active In war-tool work
and will expand output on new
defense program.
North American Aviation to con-
finue liberal dividend policy; this
years margins Of profits will not
be as large az last year -. Stats
teal opinion favor purchase of Loft
shares National Acme's cur
rent quarter net will better si.1t
q share earned for first quarter
-. And that Sears Roebuck's tire
price reductions Of 30 per cent
were only in certain retail units
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