Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-07-30
RAILS AGAIN FEATURE
IN NEW YORK MARKET
SpcciaItics In Industrial List Re.
mum Wcnk-Scvcrnl Shares De-
cline From I to > Points.
u r. n RS START RAIDING
'l'k Out Spccinltics Because Mar
kct Is Thin and Startling Price
he'iihrs Can BE brought About
ny Small Sales OF Stocks.
BE AIRS START RAIDlNG


NJ" YORK. July 2g.-RaiIs were
"f"ih inc feature of todaS'g stock
''"' k"t. a number or new hirh-urIrc
records for this pnov"mcn, being
''"u'' Spcc!aitlcs. mostly I'm the in
'.S'''"i 'IlSt. wcrc again weak. de-
''n'" or from 10 . points 81 more
oelhE shown In Iituvton OH. Inter.
national Paper. Sears Itoebuc([. trni,.d
rtnit' Wor'hirston pump and Morcan
~" Marine prorcrrod TN. storl,
i"st named IL selling lower than at
my time sine" the iiuward urir.
movement started ia 1915 with our
record Diehktng export business.
isrnrs ii-Iin RnId>.
th"r" ~ som" bear raiIiur going
on IN the industrinls and gp..inl,i.s
i"r The purpose of enabling those who
are sun heavily short Of the marie,
IN other directions 10 cover. Th.g.
SPtcl"!tl"s are picked out because tho
market is thin and startling price de-
t'lh"s can be- brought about by tho
saIc OF small amount %. stnck.
Jh"h there IL natural r.adiuattncn.
gong on in some OF the iudustrials To
meet trade conditions. sim another
motor In the weakness Of the indus
Trials ana spcciaIt!cs is that large in
'eFesta that arc accommodating raIg
are using the strength In the rails to
l'puidat" The spccialt..s ana indus.
uih!s taken over from Individuals
Hur!nR the recent period OF house
,.1,nning
Northern Pacific was one OF the
rails 10 give - good account ur itself
today That stock. which IS now re-
teiE!ng : per cent? dividends. the re-
T't quarterly 3-i per cent dividend
declared being silll unpaid. is selling
j." points below htchisou receiving 9
per cent ana q Tow points below
southern Pacihc. which .v also rr-
CeiT!nG . per cent Northern paciNc
:. zoo low. or Atchisyn ana southern
racine too high. or Northern Pacific
Is 70" high. hccnusc ID dividend may
y" cut. Those best Gual!nrd TO pass
Judgment think that the answer to
tfis riddle is tina, Northern Pacific
Is selling too low.
Scnrs- Uocbucl> shows loss.
sears Roebuck shows loss o., ~
per cent tn It's sales Tor July. com
pared With the same period OF last
year For tho FIRST half OF the ycar
the company had an operating loss OF
'3.5oo.oQo ON Inno 30 it's Inventories
stood al ysO,5OO,gNO reduction or
S25.o0n.0oc since tho inst o! tho ycur
lts accounts receivable were down
;i,e00Go0 TO ti3,soo.0O0; It's bills pay
able we're down 'f,nOo.oOO to sIoOO-
'"', Us notes paythl" we're down -
quo "Vp ~ $4,000 GOO.
EtrAt principal IRON ana steel prod.
ucts arc NOW settling at an average
price o.. 5000 agalus; s52Gi "a week
ago. S55.si month ago SS5.03, the
high for 1920. and $3.50 in August
90 1913, typical prev level. The
rrcscD' price Is Il per cent below the
high for 1920 and 81 per cent above
the August. 1919 level IT was pre-
dictcd today that a price-cut n steel
products Is coming within the next
f"w weeks that will convince buyers
thnt the bottom has hecu reached
Jones s I.aGEhiin have cuc the wage
of common labor from 81 cents an
hour Ia 30,
y shipment OF "iChty-,hrce boxes Of
gold arrived here today from South
,mpton, on the Adr!a;ic.
Win tho reserve ratio Of the Fed
eral reserve system as II whole now
up TO cas- against S25 a week ago and
AS at this time last year. Wall
Streets interest In the weekly bank
statement is now conferred In the
showing made hs those banks where
the ratio Is stiN down. Richmond j.
now at 1917. against il2 q week ago,
and $50 a year ago: Atlanta now iic-
Urcs out az. against +l.3 last week
and i03 a year ago. Minneapolis is
aa.l against $40 and 4O.i: Dallas
500, against i0i and i0.6