The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-05-13
Behind the
Stock Ticker
BY LOUIS VI. SCHNEIDER

TO give railroad shares Increased
attention. This because congress
Is preparing to take up the
Wheeler transportation bill which
carries a provision permitting car
riers not In a financial position to
refund high coupon bonds TO ar
range loans for refunding with
the reconstruction finance.
Railroads in position TO take
advantage of that provision are
Northern Pacific, Southern Rail-
way, New York. Chicago & st.
Louis, Southern Pacific and few
others. The provision, however,
makes RFC loans available only
to those carriers the Interstate
Commerce Commission says need
not go through the washing ma
chine.
War Orders: Washington Off
Gals intimate that the allies will
soon start placing orders in this
country for large amounts Of war
supplies. Thus far most buying
was in aviation and automotive in
dustries. Now it is expected to
become evident in industries in a
position to produce searchlights,
sound detectors, machine guns,
sub-machine guns, anu-tank guns,
shells, explosives, etc. There is no
word as yet of steel, chemical or
food purchases. The bookings are
expected to be made late in June
or early July.
Steels: First-quarter steel COM
pany financial reports confirm
your correspondents statement
that the industry's average in
come for the period would run
half that of the 1889 final quarter.
Indication Is, as previously re-
ported here, that second-quarter
income will average half that of
first quarter. This because of
lower average operations and the
81 per ton price reductions.
Two factors that point to
decline in steel industry income
for the third quarter are that the
industry booked business out of
July and August prospects-due to
the 81 per ton price cuts. and that
1941 automobile models will use
less steel. American Rolling
Mills, National Steel, Inland Steel,
Otis Steel. and u. S. Steel will
reflect the 1.41 auto model
changes.
Bethlehem: Interests close to
the Bethlehem Steel management
expect a net of 81 share for the
current three-month period
Coupled with the s3.02 net shown
for the March quarter, it spells
out about s. per common share
for the first six months.
These informants anticipate the
voting of 81 dividend distribu-
ton to common holders when the
Bethlehem board meets in July.
The boosted earnings are due to
profitable operations in the ship
building. heavy machinery and
car-building divisions.
Reports Are That: Tomorrow
Glenn L. Martin will demonstrate
new self-sealing fuel tank for
airplanes Yellow Trucks
second-quarter net will better the
20 cents a share earned for first
quarter . for greater price ap-
probation and yield there's switch
ing from United States Steel COM
mon into Bethlehem Steel COM
mon Crucible Steel shares
going into strong hands; company
doing large volume war-order
work. At current levels Pressed
Steel Car shares discount rail
equipment earnings.
There's switching from Climax
Molybdenum shares into those of
Square d; latter working on war
orders necessity selling" at
trihuted to slump in Western Auto
Supply shares; eompany's earn
ings holding :. as. II and when
food war orders come to this coun-
try. Cudahy Packing in position
to benefit.
Texas Gulf Sulphur's current
quarter net privately estimated at
80 cents a share; So cents shown
for first quarter D.. Allied Chemi-
cal share prices disturbed by
overhanging foreign offerings;
there's some switching into larger
lots Of American Cyanamid class
B -. and, that Electric Boat to
sub-contract body work Oh u. S.
navy Ipbf t0rpad0- boat orda,. ,,,itt,