The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-02-09
BEHIND THE
TICKER

uuVW6 n
NEW yoRK--PiAns to ssll ali
Of the common and part 81 the
preferred stock Of indianapolis
Power = Light to = banking group
for redistribution 10 the public are
extremely important 20 the utiii.
ties industry ~ Q whole.
The Indianapolis company II the
most important operating subsidi-
AIRY Of UTILITIES Power = Light. .
holding system controlled by ~
nancier Floyd odlum through the
Atlas Corp. investment trust. In.
stead of waiting for tho securities
and exchange commission 10 order
Utilities Power 4 Light to dispa&e
% Ia Indianapolis property ~
part Of the integrstion program.
Mr.. odium decided 10 have the top
company take this step volunta-
rily. Eventually he intends 10 con-
vert Utilities Power q Light from
q holding company into an invest
ment trust. thereby exempsinK u
from the provisions Of the holding
company act.
odlum has consistently tried TO
play BALI with Washington, and
the SEC will presumably be CRATE
fui for this cooperative gesture
which sets . significant and dis
turbing precedent for the rest Of
the industry.
Yardsttct--For one thing. this
Ia tho first important move toward
the SEC objective of breaking
down big utility groups by force
ing the saie Of non-intsErated
properties to the public, thua
creating large number of inds-
pendent local operating companies
Even moro vital TO othsr utility
systems Ii the price 10 be set for
such sales.
DISQUALIFICATION Union GOV.
cred It's fixed charges In 1899 with
something 10 spare. yet its bonds
are selling only slightly above their
1898 highs when the company
allowed q record deficit.
This corporation IL In q rather
weak competitive position. Leased
wires. telotype and airmail are
making continually greater inroads
In its business. The projected
merger with Postal Telegraph
would help. but this II stiil a long
way from communication.
Experts agree that Western
Unions securities are amply priced
nj current lsvels In view II lie
uncertain future.
serviee-For years. because Of
it's weak financial position. Bslti-
more a Ohio made II q policy 10
keep Its freight cars off liz own
lines a. much ~ possibls, thus
enabling II 10 collect rentals on
them from other esrrisra II
couldn't usc them Itself
But the sudden squirt IN coal
traffic that began last November
caught y. q o. with = car short
age, The coal companies. anxious
10 move their coal while demand
was strong. hired two men at their
own expense 10 do nothing but
track down IDLE y. q o. coal cars
all over the country and ssnd than
home.
Reports Are That's seml-iDvsst-
msnt buying In international Pa
per - cumulative preferred on
prospect Of dividend resumption
this month Timken Roller
Bearing In strong market position
United Gas Improvement com
mon rated highly speculative !.
Climax holybdsnpm 1899 net ssti-
mated more than 1915 . share
new record Best previous show
ing was 1912 q snare In 1919
Shortage Of Oh tanksra benefits
Union Tank Car -.
Gulf OIL reported 10 have se-
CURED moro than zOo, 900 acres u
oil and sas leases In southern
hlssissippi Geological surveys
Indicate possibility Of rirh un-
tapped oil resources In that terri
tory Dresser Manufacturing
earned from ~ 70 $3.50 . snare
for 1888 against 10 esnts previous
year Food Machinery Corp.
has speculative following on pros
pect Of improved 1850 earnings
Exceptionally heavy December
sales may have lifted clustt Pea
body earnings for 1893 70 u
share Z. W. Bliss nnattfactiss
marketwias Bcoing Airplans
and Brewster Aeronautleal 70 seek
new funds By common stock ~
nancing II orders are maintained
al current levels Cooper-fses-
Semsr backlog assures high rate
Of operations until August !.
And, that fertilizer company earn
ings for last half q fiscal year
ending June 20, 1870. WiiI Be much
better than first half-haiped BY
higher prices and spoiled winter
cropA