The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-03-08
Behind the
Stock Ticker
An Inside Report
On Murket Doings

NEW YORK; o hn Bull hai
pulled another smart move at oui
expense. British and Dutch au
thorities have cut the tin quota fol
the second quarter Of 1910 by one
third. This means that American
importers will have to pay higher
prices for tin, with Britain and
Holland obtaining more dollar ex'
change as a result.
The bulk OF world supplies of rub.
Der and cocoa Is also under British
control. England can--and proba.
bly, will-use her power over these
commodities to manipulate quotas
and create artificially high prices
in order To strengthen her shaky
financial position as the wartime
strain increases.
The U. s. il the biggest buyer
Of tin, rubber and cocoa. So this
Is a simple and effective method
Of forcing Uncle Sam to help foot
the bill for Britain's war expendi-
lures.
Spot-The oil industry took an
other sock on the chin last week.
The Texas Railroad Commission
lifted the allowable oil production
for March in that state to 1,479,-
421 barrels a day-s0. 600 above the
February quota. Significant angle
Ia that-for the first time-the
Texas agency ignored consump-
ton estimates of the Federal Bur-
eau Of Mines. Authorities in OIL
producing states have used these
estimates as guide in setting out
put allowances for several years.
On the basis of the Commission s
order. Texas alone will overproduce
about $4,000 barrels OF oil this
month.
Illinois is the villain of the piece.
With no restrictions on output.
Illinois is producing about 10000
barrels of oil a day against an
average of 10000 last year and
is likely to hit 500, 900 before 1910
is over. The Texas Commission
evidently decided to give their
states oil interests a better break
as against Illinois producers, re-
gardless of consequences. Worst
of 1t is that other major oil states
in the mid-continent area-Okla-
homa, Kansas, Louisiana, Michi-
gan-will probably follow Texas
example.
Crude oil shipped to refineries
is already more than 300, 900 bar
rels a day beyond consumption re-
quirements. Gasoline stocks are
hitting new peaks every week.
Further production increases will
cut the foundation from under The
whole industry's price and profit
Short-sighted interstate
ivalries also strengthen the argu-
ment for federal control. The oil
are in bad spot. Com
mitments in their shares are ex-
tremely risky unless and until the
overproduction problem Is solved.
Commonwealth Edison of Chi
cago plans extensive construction
program Bayuk Cigar i'm
proving competitive position :.
American Superpower dividend on
Sc LIST preferred may have to be
cut :. Allis Chalmers new orders
running ahead Of shipments f. &.
U. s. Plywood net for fiscal year
ending April 80 estimated about
So share against $1.27 previous
year Walworth Co. business
expanding -.
Reports Are That: American
Telephone & Telegraph profits
for first quarter will be better
than SLIP a share earned in same
period last year-dividend will be
amply covered Standard
brands trying TO cut percentage
OF administrative overhead by ex-
panding sales-a tough problem
:. Freeport Sulphur export orders
growing :. Square D. has specu-
lative following . Panhandle
Eastern Pipe Line natural gas
sales for January 209e above same
month last year -.
Sears Roebuck and Montgom-
cry Ward sales for January and
February more than 20qo above
same period last year Lehigh
Valley understanding outlook
unattractive Continental Bak-
ing volume holding about same
level as in 1889 Barker Bros.
helped by building activity in Cali
fornia United Light & Power
earned about $3.50 preferred
share in 1939-no dividend will be