The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-03-29
Behind the
Stock Ticker

passenger lfAIIlC Il CHM Ding
sharply. Gross revenues for the
first quarter are estimated at So
100000 against s2,6oe 900 in the
same period last year.
Allowing for new equipment ex-
penditures. insiders figure the COM
pany win earn as much as IS
share this year even II full con-
version % debentures Increases the
number of shares outstanding to
$4,000. Wise sources are accumu-
lating the stock on a long pull
basis rather than for quick specu-
lative profits.
Reports Are That: Pennsylvania
r. r. gross income for February
estimated 1877 per cent above
same month last year - further
improvement expected Ameri-
can Steel Foundries new orders
light-high rate of operations still
maintained on large backlog :.
Z. G. Budd earnings outlook ia
vorable Heavy anthracite
shipments to Canada aid Della
ware, Lackawanna d Western
revenues General Gable sales
increasing
American Radiator 1910 earn
ings to benefit from substantial
reduction of overhead costs :.
Rustless Iron a. Steel first quar-
ter net 10 be much better than 81
cents share reported for same
period last year Bellanca to
introduce new airplane models in
effort TO improve weak competi-
tive position Bon Ami profits
running ahead OF last year =.
Southern Pacific earnings great
ly helped by modernization Of
equipment Institutional buy
ing in American Smelling pre-
ferred Abbott Laboratories
sales aided by new products-com-
pany headed for record earnings
this year -. Pacific Western Oil
to report smaller first quarter net
than in 1889 Paramount Pic
lures domestic revenues rising &. :.
Considerable speculative switching
noted from low-priced rail stocks
to air transport shares.
Inflation-The Bank of Frances
gold stocks have been quietly re-
duced by about rs per cent. A
number of intricate financial
maneuvers have taken place in
volving the bank, the French
treasury and the exchange stabili-
zation fund.
For the fifth time since 1928,
when Premier Raymond Poincare
stabilized the French currency, the
gold content of the franc has been
decreased. The Poincare franc
was established at 65.5 milligrams
Of gold. Latest devaluation brings
II down to 23.34 milligrams. Paper
profits from this move will be
applied towards the staggering
burden of war financing, though
they will be only a drop in the
bucket.
Real significance of these
changes IL the evidence they pre-
sent that the internal inflationary
movement in France is gathering
momentum. This will hasten the
day when France must either re-
pudiate her financial responsible
ties-or persuade Uncle Sam to
come across with credits.
Agent - The federal reserv
banks sold about 100000 of
u. S. treasury bonds last week.
Curious angle Is that this was
done at the treasurys request.
Small buying orders for govern
ment securities were driving prices
up in an extremely thin market.
Strange as it may seem. the treas
ury didn't like this. Policy is to
hold the market for governments
steady. Reserve banks selling
quickly halted the rise.
Under the New Deal setup, the
federal reserve system serves in
effect as the treasury's agent in
stabilizing government bond prices.
a function not foreseen by the
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