Evening star., 1921-08-08
Business Losses and Gains.

Study of the reports of large mer-
camille and manufacturing concerns
of the past six months and three
months brings the conclusion that
while business has been poor since
January l, as compared with last
year. there are signs of Improvement.
Corporation after corporation reports
lower earnings. yet certain indications
point to the fact that the corner has
been turned.
In the weekly bulletin of large in
vestment house, just issued, is Il
synopsis of news on securities. giving
summaries of the latest reports of
eight large corporations. They may
be thus condensed: ~ y navigation
company showed Il surplus for the
year 1920 of 81. .435, ,S02. as against a
surplus OF s13,166114 in 1919. (2) y
steel company showed Il deficit of
s1,2S9,3 for the second quarter of
1921. as against Il surplus, not speci-
fed. for the same period last year.
(3) A great mail order merchandising
corporation showed sales for July,
1921. of S4.329.16 compared with
1855 431 in June. 1920, and total
sales for seven months in 1921 of
Sill ,499, $50, as against s66.G42,316 for
the same period in 1920. "a Another
corporation of the same character
showed July sales of s10,676.2S3. or
81. f,,1
a total for seven months of $100,09l,
574, Il decrease of S5T, T,119,61 from the
same period in 1920. t5) \ chemical
corporation showed a deficit for the
year ending May 81, 1921, of slS.1S4.-
1877, as compared with a surplus of
S3.99O,939 for the previous year. t6) A
coal and iron corporation showed net
earnings during six months ending g
81 1,355,217 during the same period last
year. G) A large hide and leather
F., company had a deficit for the first half
i of 1921 of s93s.73S. compared with a
deficit of s752.563 during the same
period last year. but during the second
quarter this year there was a surplus
of S251 644. compared with loss of
| sS1O,637 during the corresponding
quarter of last year. tS An automobile
manufacturing corporation showed
net earnings for the second quarter
this year of s4.27O,547, as against net
/ earnings in the same quarter last year
of s3,006.965.
! These figures are encourag ging, de
spite the heavy losses some of them
! show In the case of the two mer
chandising corporations the rate OF
business loss during the last of the
| past seven months has been less thar
the monthly average of the entire
period. in one case over half a million
less, and in the other over two millior
less. In the case of the hide and leather
corporation there was surplus dur
ing the second quarter of the year, de
spite a deficit during the first sil
months, showing a decided recent i'm
proyement. These are the only case:
in which such comparisons as to por
tions of the periods covered by the re
ports are possible, and the fact tha
they show betterment is significant.
1t is commonly observed that busi
ness cannot improve and manufactur
ing gain Roadway unit! the tax cues
tions are settled. Manufacturers ant
merchandisers cannot afford to tak'
long chances in production and vend
ing in the present state of uncertaint!
as to the basis and the rate of taxa
ton. So that probably there will b.
no marked Improvement in the indus
trial and mercantile fields until thes
matters are fixed. That the genera
conditions are sound, however. is indi
Gated by the signs of improvement
that have just been noted, the NOR
marked because of the preceding leve
of losses from year ago.
npo of tho adya Of hOfdin.