The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-11-12
Behind the
Ticker
BY LOUIS VI. SCHNEIDER

NEW NoRk-In manufacturing
and business circles is heard that
because Wendell l. WIllkie a new
conner in politics. rolled UP 50 i'm
pressive popular vote FOR the
office Of president and because
Mr.. Willkie Is q man Of vast busi-
ness experience. President Roose-
welt plans TO appoint him chair
man Of the National Defense Ad-
wsory ON ission with full
authority That move. SAYS cor
porate officials. vii definitely
cement national unity.
Tax ENempts-Secretsry Nor
genthau's suggestion that congress
make all future government issues
taxable didn't surprise financial
people. Il had been anticipated
for months Nor was there sur
prise at horgenthau's statement
that he proposed to ask congress
to extend the federal debt limit
by $4,000 900 900 or $4,000 OO0.-
900. That. too. WAS expected be-
cause OF the huge national de-
Tense program.
Removing the tax-exempt fea-
ture, say bond men, doesn't mean
a lower rate OF net yield TO in
vestors. The government will have
to raise the interest rate TO off
set the tax-exempt features This
will bring government issues into
the class of prime corporate issues
although governments will be
slightly higher priced.
Elimination OF the tax-exempt
feature, say Washington inform
ants, is part of the governments
move 10 break the capital log jam.
II federal issues yield only slightly
better than corporate issues. huge
sums of unemployed funds will go
into the latter The hardship. 1t
is said. will be in new municipal
issues which will be tax-exempt
only in the states OF issue.
Ford -Engines-Ford Motor
accepted its first air.
plane engine contract from the
War department. The amount is
1922. 323.020 and calls for more
than 1000 engines of Pratt d
design
The contract carries clause
that airplane engines
from the Ford plants be used ex-
clusively for warplanes of the
United States government.
Ford has been preparing for
months to produce airplane en-
gines. Therefore. deliveries on the
accepted order will start in the
near future.
Oil Reserye-Talk is again heard
of a possible world oil shortage
within the next five years. A sur
vey recently completed by the
Humble Oil & Refining company
disclosed that present world re-
serves of crude petroleum stand at
about 10000, 100000 barrels. At
the present rate of consumption.
that supply is good for at least
Is years. Oil reserves, in years
past. never exceeded five to
ten-years prospective future de-
mand. Texas alone has a recov-
cradle crude oil reserve of 9,76S.-
sri 900 barrels out of the coun-
try's known recoverable reserve of
1s.4S3, 0l2 900 barrels.
Steel output-Steel production
for the first ten months of the
year totaled SO $685. net tons
This compares with the record
1929 output of 53.634.735 net tons
for the like period. But since pro-
duction WAS on the decline in the
last two months of 1929. steel in
formants say 1910 production will
surpass the record output of Co.
s29. 752 net tons of that year.
Reports Are That: Revere Cop
per n Brass order backlog spells
out capacity production over next
five months investment man
ayers like long-pull positions in
Anchor Hooking Glass shares
McCroy Stores 1910 net privately
placed at about 81 share
for greater trading appeal there's
switching from Standard Oil of
New Jersey shares into Square d.
Sterling Products shares re-
strained pricewise because of
English properties under afraid
fire American Type Founders
working on National Defense
orders Follsnsbee Steel pre-
ferred shares avoided; not con-
vertible into common until 1941
and no dividend accumulations
until 1912 . for greater trading
appeal Transcontinental 4 West
ern Air shares being switched
into Yellow Truch Il Coach.
Allegheny-Ludlum Steel 1910
net privately estimated at 50 so a
share . for greater trading sp-
peal there's switching from Ameri-
can Wooden common into Stude-
baker Federal Screw Works
active on National Defense con-
tracts General Machinery will
show better than SO a share for
1910 after all taxes and. that
in fourteen out of past twenty
five years. securities prices aver
aged gains in November over
those of October.