The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-03-05
Behind the
N. Y. Ticker
An Inside Report
On Morket Doings

emily joining the barter parade ex-
cept Uncle Sam. Britain and
France-theoretical foes of the
barter system--have been forced
to adopt IL themselves in self-de-
Tense. They were losing export
markets TO Germany even before
the war. Under war conditions.
they find they must initiate Ger
man trade methods to cope with
totalitarian efficiency.
The recent Anglo-Turkish trade
pact shows how the wind blows.
This IL n barter agreement In a
big way. II even specifies the
value of mutual exports. the meth
DDS Of payment and many other
details. English and French ar
rangements for swapping products
with Argentina are cutting heavily
into our trade with that country.
as Congress has just discovered.
The Chilean Exchange Control
Commission has negotiated n deal
I
with England whereby 500, 900
pounds sterling worth OF Chilean
wool viii be exchanged for British
merchandise of the same value.
Insiders predict that the Allies
will rapidly extend their use of
barter in trade relations with other
nations.
One of the main causes OF Brit
aims financial difficulties has been
a heavily unfavorable balance of
trade-excess of imports over ex-
ports--for q long period. The only
way this can be brought under
contro, is for the government to
take complete charge OF foreign
trade on a barter basis. Trading
of goods for goods instead of for
cash ninimizes problems OF for
eign exchange.
Nitai-Experts do not regard
the growth of barter as merely
wartime expedient. There is every
reason to believe that the setups
now being worked out will con-
tinue after the war. II we don't
get in step with the rest of the
world, we are likely to find our
selves out on a limb. as Hull
knows.
General adoption of the barter
principle would deprive gold of its
value as the basic medium of ex-
change. We have some $1,000
DOC, 900 OF the metal buried in
funeral vaults-most of II acquir-
ed at the artificial price of S35
an ounce--and it keeps flowing
here IN steady stream. Suppose
the rest of the world should de-
eide TO do without gold as a none
tary base. This could happen-snd
1t would be solar plexus wallop
to our economy!
-War Baby"-Continental Mo-
tors. though II must certainly be
rated speculative on its record. Is
developing market following
among insiders.
The company has $4,000. 900
business on its books and S34, o00.-
600 more OF foreign orders in
prospect. An overflow OF airplane
engine orders that Pratt d Whit
ney connot handle may be turned
over TO Continental.
Hitherto cramped by intensive
competition. Continental Motors
now has the makings of an up
and coming war baby
Reports Are That: Radio Corp.
of America earnings for 1889
estimated at IS cents a share
against so cents previous year
January and February sales of
radio time by two biggest N. b. c.
broadeasting stations $3.50 above
same period last year Loose
wiles reasonably priced in rela-
ton TO earnings International
Agricultural prospects unattrac-
tive Niles-Bement-Pond has
$4,000 600 backlog plants work
ing on "a hour basis
National Dairy and Borden act
ing well marketwise-sales of both
companies steadily increasing &.
Business mans risk: Minneapolis
Honeywell Chickasha Cotton
Oil has speculative following
United Fruit liquidated at current
levels Harbison-Walker Re-
fractories sales and earnings run
ming at higher rate than last
year -.
Montgomery Ward earnings
ample to sustain increased divi-
dend rate Hazel-Atlas Glass
retained for income Standard
OH Of New Jersey bought on dips
extensive International hoolxups
give il better outlook than most
oil companies High promo
tional costs cut Park Il Tilford
earnings Eastern railroads
maintaining better relative traffic
levels than carriers in other sec
tons because Of heavy movement
Of export products TO New York.
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