The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-01-10

enough on hand to cover prospec-
tive purchases for a year.
Canada has never defaulted on
a debt to the U. S. government and
is therefore not subject to the
credit ban of the Johnson act.
Canadian bonds could be sold in
the U. S. and the proceeds private
ly turned over to the hard-pressed
mother country. This would help
to solve problems that may become
urgent before long, and is being
seriously discussed on that basis
in the highest financial circles.
Watch for important developments
along this line within a few
months.
The impression Is growing
among banking experts that the
allies will have to reshape their
economic structures to the totali-
tartan pattern if they are to have
any real hope of winning the war.
Orders - The aviation industry
enters the new year with a back
log of $3.50, 600, 900 in untitled or
ders for planes, engines, parts and
accessories. This figure compares
to s175,0o0,000 a year ago. $780,
100000 of the amount represents
foreign orders: $247 900, 900 comes
from the U. S. army and navy.
The balance is regular CONNER
cial business. Some companies
have enough orders on hand to
keep them busy well into 1941.
All told the industry booked
about 100000, 1000 in orders in
1939-equal to total sales for the
five previous years combined. Fac
tory capacity has been expanded by
400 in the past year.
The biggest backlogs belong to
CurtissWright-with untitled or
ders of $125, 100000; Douglas
SIS, 10000; Glenn Martin-S65,-
100000.
Earnings - Earnings prospects
of individual companies in the avn
alton industry vary widely. Pre-
liminary estimates of Douglas Air
crafts earnings for 1910, based on
business already booked. run as
high as S14 a share. The COM
parable figure for Glenn Martin
is 81 a share. These two are rated
the most attractive from an in
vestment standpoint.
While Curtiss-Wright has the
biggest volume of orders. its large
capitalization will hold earnings
down to about S1.35 a share. How
ever, most of the advance business
is foreign - not subject to the
profit limitation on sales to the
U. 5. government, as has been the
case hitherto. 8
Inc reverse is true of North
American Aviation, the bulk of
whose advance orders comes from
the American army and navy.
Ihis company's outlook is consid-
erably more speculative.
Reports Are That-Net profits
OF Oil companies as a whole were
smaller in 1889 than in 1888
Political and price uncertainties
cloud industry's outlook Fine
holiday sales will bring Sears Roe
DUCK and Montgomery Ward prof.
It's to new yearly peaks :. Com
mercial Investment Trust pur-
chased for long pull Interna-
uonal Harvester amply priced
Parke-Davis to benefit from war
orders for medicinal supplies
Company sells $3.50 of its produce
ton abroad 49, mostly to British
Empire >. Texas Corp. will show
biggest quarterly net profit in its
history for last three months of
1899 Despite large untitled
orders, sperry amply priced
-ompany's large capitalization
more than 100000 shares1
makes substantial increase in ner
hare earnings unlikely
Reynolds Tobacco B" bought
or income Professional ira
iers active recently in Bendix
AVIATION and Commercial Solvents I
Twin Coach held as speclIla-
Ion Q. r. Kinney avoided de-
pite current low price And
nat congress viii defer any action
N taxes until after treasure -