The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-03-12
Behind the
Stock Ticker
An Inside Report
On Market Doings

NEW fOkk-JudEe vincent l..
Leibell's selection of trustees to
run the Associated Gas q Electric
system in receivership is privately
applauded In high financial quar-
tiers. New Dealers could hardly
take exception to the three. yet
the caliber of the appointees as
sures Associates security holders
that their interests will be compe-
tently protected against attempted
New Deal raids.
OF the new trustees. Walter II.
Pollak Is highly regarded in New
York legal circles. He is tough
minded. independent. not in the
least subject to Washington domi-
nation. Dennis j. Driscoll was the
Pennsylvania congressman who I'M
earthed the fake telegram scandal
during the fight on the holding
company act and pinned 1t on As
ISOLATED. Defeated for reelection
in 1885, he was named chairman Of
the Pennsylvania public service
commission in 1887 by former Gov
ernor Earle. New Dealers have to
approve of him because Of his rec
ord on capital hill. but he is not as
radical as painted.
Key man Is DIR. Willard Thorp.
former director of the bureau of
foreign and domestic commerce
and economic adviser to Secretary
Harry Hopkins. DIR. Thorp has
played ball with the administra-
ton, but Is no more New Dealer
at heart than ex-Under- Secretary
Of the Treasury John w. Hanes, to
whom Senator George w. Norris
objected SO violently.
Why-U. s. government securi-
ties rose when Secretary Morgen-
thau announced that March financ-
ing would be restricted to five
year refunding of a note issue.
Here's why.
Thousands of small investors
bought Treasury rs of 1850 last
December In amounts up to $1,000
on the stipulation tina, they would
not sell the bonds for sixty days.
When the time limit expired, they
found they had a nice three-point
profit and most of them cashed in
at once. Asking themselves how
long this sort of thing had been
going on. they kept the cash pro-
ceeds of their sales and decided to
walt for another government offer
ing on March Is. when they hoped
to repeat the performance.
Secretary Morgenthau's state
ment chilled their hopes of an
other quick and easy profit. Rea-
lizing that the next government
flotation of new securities may not
come until June 15--if then--many
OF these investors decided to buy
outstanding Treasury issues in
stead of leaving their money idle
for so long. Results--a mild and
temporary boom in the government
bond market, which is apparently
defying the law of financial gravity.
Reports Are That: Westing-
house Electric profit margins sat
isfactory and backlog close to all
time peak-company's earnings for
1910 TO show substantial improve
ment over last years figure of
1924 share Portfolio buying
in American Cyanamid :. Sperry
Corp. may expand its activities
into radio field Checker Cab
rated highly speculative Pa
cific Western Oil hit by curtail-
ment of crude production
Southern California Edison bought
for income. =.
Dow Chemical likely to increase
dividend this year =. Large block
Of Commonwealth Edison stock to
be sold outside the stock exchange
one point below current market
price :. National Acme has specu-
latiye following Both auto and
refrigerator divisions OF Nash
Kelvinator operating in the black
Century Ribbon Mills profit
margins narrowing. 80.
Montgomery. Wards February
sales 22ee above last year-bes,
February in company's history =.
Atchison, Topeka a Santa Fe in
favorable position marketwise
Investment demand developing in
Mathieson Alkali preferred