The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-03-27
Behind the
Stock Ticker

NEN - ~ Administration
ard congressional forces that favor
bigger and better federal spending
are warmed up for one more de-
termined drive to force adoption
Of their ideas.
Spending Observation-Disclosures in
side the administration by Federal
Reserve Chairman Mariner Ec-
cles-paint a gloomy picture Of
business collapse and unemploy-
ment II Uncle Sam tightens up on
the purse strings. To hear them
tell II, federal economy would be
national calamity. They predict a
drop in the federal reserve board
index Of industrial production from
its present level Of los to 30 1929
25 average equals 1907 within
month or so unless free handed
government OUTLAWS are resumed.
Several alternatives are offered
for raising the necessary cash
without new taxation or borrow
ing. One would be for the treas
ury to write up its silver holdings
and take a paper profit of billion
dollars. Another would be for the
president TO use the power con-
ferred upon him by the Thomas
amendment-ena in 1888 - to
issue $1,000, 900, 900 of paper cur
rency.
Effects-The spenders are quiet
Iy but firmly opposed by another
group inside the administration.
Unofficial leoder OF the economy"
faction is Secretary Of the Treas
ury Henry Morgenthau, Jr. Both
sides are trying hard to line up
White House support. So far the
president has made no definite
either way.
Keep an eye on this battle. The
outcome will be important to every
stock and bond holder. II the
spenders win out. basic initiation
ary tendencies will be greatly &C.
This would probably
cad to a sudden and rapid rise
N stock and commodity prices, ac-
,ompanied by less-spectacular
iecline in high-grade bonds. Vic
DRY for the economy forces would
mean a slower but perhaps sounder
.rend towards business recovery.
Goodrich-Market position of B.
:. Goodrich & Co. stock has i'm
proved this year in relation to that
If other rubber companies. At
asst years highs, Goodrich was
quoted IA points below Goodyear |
Ind % points below u. S. Rubber. !
Today these spreads are only about |
our and 16 points respectively. |
The change reflects a slow but |
'teady improvement in Goodrich's
status.
Reports Are That. Standard Oil |
# New Jersey net for 1889 esti-
mated at about 1918 a share, as
against S2.s6 previous year. despite
'eduction OF income from Euro
bean subsidiaries Safeway |
Stores to sell S15,0o0,000 of five |
Der cent preferred stock Allis-
Chalmers sales for January reach
d 100000 - company's total !
backlog about $21, 900, 900 Her.
hey Chocolate profit margins cut |
by rising material costs Della
ware & Hudson avoided on poor |
earnings outlook :.
Allied Chemical bought on dips !
e. Ingersoll-Rand to get large or
iers from u. S. government q.
Square d profits for 1910 esti-
mated at more than 81 share
against 1902 last year-new air.
raft division a big help . Bur
oughs Adding Machine earnings
lit by curtailment of European ex-
,orts Pacific Lighting per
'ent preferred amply priced -.
Columbia Gas & Electric may 1
resume common dividends this
,ear-company has complied with
SEC. requirements about earned |
surplus Kelsey-Hayes Wheel !
profit margins increased by larger |
'olume of sales American |
Alcohol first quarter
to run ahead of same
,eriod last year E. Crosley Corp.
las suspended auto production
market outlook unattractive e.
Aviation shares oversold on peace
a position to rally
iharply on short covering.