The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-01-30
BEHIND The
TICKER

~ N - u
NEW YoRk-The Z. s.-Japan-
ese trade treaty has expired.
There are no Indications that IT
will be renewed In the near future.
although the Pittman embargo
resolution and other proposals for
drastic economic action against
Japan are not likely to get any
where either.
Great Britain warmly applsuded
our action In abrogating the trade
treaty six months ago-but made
no move to follow suit On the
contrary. exceptionally informed
New Workers know that negotia-
tons for q new Anglo-Japaness
trade treaty have made consider
able progress behind the scenes.
and that the treaty itself may be
signed shortly. II Ia understood
that Japan win grant certain con-
cessions for the temporary pro-
lection Of British investments In
China In exchange for an increase
Of trade with Britain. This ar
rangement would give British
manufacturers and exporters =
lovely opening to grab the mar
kets Of American companies whose
dealings win be handicapped by
the lapse Of our trade pact with
Japan
So IT looks as II Anglo-American
cooperation" against the Jap
anese aggressor" will end up with
America getting the glory and
England getting the business
pointed object lesson in the practi-
cal consequences Of international
idealism.
Bluff-Cotton went into tall
spin recently on reports that Great
Britain Ia going to curtail Its pur-
chases OF American tobacco, wheat
and cotton In order to conserve
dollar exchange with which TO buy
airplanes and other war mate
rails.
The report Is probably true. OF
tobacco. It may be partially true
Of wheat. as Britain has other
sources of supply. But so far az
cotton In concerned, it's pure bluff.
In the first place, England can't
possibly fill her wartime cotton
without buying heav-
lily from US. Moreover, even with
freight and insurance charges. she
can buy cotton more cheaply here
at present levels considering quail
ity) than she can anywhere else.
Indian cotton costs about the same,
but Ii greatly inferior in quality.
So American cotton producers and
have no cause for alarm.
1t Is to Britain's advan-
tage, as purchaser, to drive
prices down II she can by intimat-
ing that she Is going to cut down
her buying. Nor should 1t be over
looked that the implied threat to
farmers is canny con-
to the backstage drive
to obtain American credits for the
Allies.
Reports Are That: Atchison.
Topeka 4 Santa Fe net for 1899
estimated at Ss.200.000 or better
so cents a share ST.
000, 900 of this Is derived from
declared In December by
non-railroad subsidiaries Re-
cent offering of 225,000 Lockheed
common shares was oversubscribed
three times-no market support
by underwriters was needed !.
Ohio Oil earnings rose sharply in
last quarter OF 80. but failed to
wipe out deficit of previous nine
Monsanto and Dow Chemical
purchased on dips Near-term
outlook for American Sugar Re-
filming unattractive Spicer
Manufacturing has speculative fol-
lowing-Company in a position to
benefit from war orders !. i. COM
mitments in Certain-teed Products
avoided-outlook highly specula-
tive Liquidating value of
United Light q Power preferred
estimated between $50 and $50 =
Allegheny Ludlum Steel Melted
about $1.40 common share in
1889 against deficit previous year
s. Unlike most other steel COM
panies. Allegheny's new orders
have exceeded deliveries since Jan.
/ Patino Mines badly hit by
foreign exchange restrictions . .
General Shoe attracts speculative
attention--saies and earnings show
record averages much better than
shoe industry as q whole /. +. And.
that traders with short positions
In steel stocks are covering at
present levels-those that don't
may find themselves out on limb.