The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-04-03
Behind the
Stock Ticker
NEW YORK - April gains

meat packing and lumber output
will be more than offset by de-
clines in automobile, steel and
textile production Automobile
manufacturing schedule this
month TO be cut about 10 per
cent below March Curtail-
ment Of textile operations to
accelerate unless new orders pick
up sharply soon Second
quarter construction contracts ex-
peeted to run well ahead of same
period last year Vacuum
cleaner sales booming
Inventory situation improving
department store stocks to drop
below 1889 levels by May 1st 49,.
Manufacturers inventory index
declined in February for first time
since last August February
tire sales Is per cent above same
month last year Profit mar
gins on some munitions orders
running as high as 30 per cent
i. Patman chain store tax bill
to be smothered in congress de-
spite softening amendments
Mems clothing sales fell below
expectations in March-blamed on
bad weather and early Easter -.
Fall clothing production schedules
to be cut unless retail buying i'm
proves sharply this month
Texas oil production quota for
April slightly reduced-not enough
to improve oil industry's bad
statistical position :. Ohio Valley
and Great Lakes carloadings for
second quarter to show big gain
over same period last year
Finland plans purchase of 1000
American trucks February
furniture orders 19 per cent below
January but 1 per cent above same
month last year.
Bonds Substantial buying in
defaulted railroad bonds on favor
able reorganization prospects :.
Speculative favorites include New
Haven, Missouri Pacific, Rock
Island and Chicago, Milwaukee &
st. Paul Pacific Tel. & Tel.
3As of 1865 amply priced :.
Sales of Terminal Shares prop
critics improves market position OF
Allegheny Corp. IS of 1850
Penn Public Service list mtge. 6s
of 1947 liquidated at current levels
United Drug deb. 5s of 1883
have speculative following
Ohio Power first 3Xs of 1868
amply priced =.
Commodities Cotton futures
stronger on improved trade de-
mand and reports of smaller
paintings than anticipated
Cotton export subsidy will not be
resumed this spring or summer
prospect for similar subsidy next
marketing season will depend on
outlook later in the year
Cuban selling and hedging weak
ems sugar futures s. Hides firm
on increased buying by tanners
Industrial consumers of lead
finally obtained price reduction by
holding off purchases Soy
bean oil up on reduced domestic
Wheat prices show nervous
misunderstanding selling against
large supplies of government loan
wheat a depressing factor
Short-term wheat market move
ments hinge on changing weather
developments from week to week
Rubber futures liquidated on
prospect increased imports next
few months Hog quotations
off because of heavy offerings -.
Copper prices unsettled on failure
of demand to follow through as
expected
Industry Study-Air Transport
Air transport companies are
attracting speculative attention.
Last years earnings broke all
previous records and this year will
register further Improvement
Passenger traffic shows spectac-
ular gains. First two months OF
1910 brought a 60 per cent in
crease in passenger miles over
same period in 1889. Safety record
is a factor and European war is
also beneficial. Many people fly
to American resorts instead Of
going abroad.
Prevailing prices of air trans
port stocks are high in relation
to current earnings-logical in al
growing industry. But several
negative aspects should be noted.
Competition gets keener as BUSH
ness expands and is almost sure
to lead to fare reductions before
long. Several companies plan to
invade territory now served by
others. Large orders for new
equipment are becoming more ex-
pensive because war orders have
boosted airplane prices. Relative
scarcity Of trained pilots is driv-
ing wages up. Maintenance costs
viii rise with use of larger planes.
Mail subsidies are likely to be cut
as air transport becomes more
/ prosperous.
Industry outlook in general is
promising for future growth but
investors should be on guard