The Washington herald., 1921-07-30


81 dividend basis. Stock bought at
~ gives a return Of only "a per
cent. The Kenioott Copper Com
pany acquired a large Interest In
Utah a few years ago by paying
high prices for the stock-sone say
as high as 1ze-and the floating
supply Is therefore small enough
to make support easier under ordf-
nary circumstances
Word came from Chicago today
that Sears. Roebuck & Co. sales
during July were reduced Is per
cent. The comparison. Il Is as
sumed is with the same month last
year. The operating loss for the
month 10 placed at s3.50o.oso. Som
figures taken from the June 30 ball
ance sheet are as interesting az op-
Grating results. In marking down
inventories at the END OF Iast year
the MANAGEMENT hesitstsd when it
got to a figure of tI05.00o. 900. Wall
Street believed. when IL received the
annual report. that the. company
had been too lenIent The latest
heures show a reduction OF about
t25. 200. 900 in the inventory account
between January / and June 30. Ac-
counts and notes payable have been
reduced s7.50e,0o0 to $4,000, 900 in
the same period
One OF the outstanding features
OF the market today was a sharp
break in Allied Chemical and Dye
common. The heavy offerings of
this stock took place during the
nrst hour, after which there was a
partial recovery. The stock had
maintained fairly steady position
around SO for many Gays. ana
closed at 3sE yesterday. As soon
as the market opened this morning.
however, the market was Hooded
with offers which carried the price
Gown by fractions 10 3sL. While
there has been no statement as yet
on the June quarter business, Il is
quite generally understood that only
a few branches Of the business car
ried on by this big combination are
! operating near normal. Certain
products Of the Barrett Company.
notably road materials. are helping
to carry the weak units Of the
combination along. The motive for
today's selling. however. had little
relation to current business. The
outlook fer the aye Industry was
the chief topic of discussion. No
provision IL made IN the Fordney
! tariff bill for duty on dves. and
IL is understood that the wartime
restrictions on the importation OF
such materials will expire next
month. The fear Of German COM
petition IL an abiding one.
The publication Of a notice by the
Copper Export Association to the
effect that tI.oOo.o9o Of the per
cent notes which mature February
15, 1922. have been drawn for re-
demption on August Is is furnishing
= topic OF interesting discussion in
Wall Street. Two possible explana-
tions are offered for the ability Of
the copper companies 20 meet this
substantial obligation six month.
before Il Is due. On the one hand.
It is pointed out that. although the
copper industry is still feeling its
way. the metal has been finding a
slow hut steady market. anc
| the funds derived from sales here
and abroad may have made Il pos
sible for the companies 10 retire
some OF this burdensome debt. The
/ more probable explanation that the
accumulation Of idle bank funds at
I this center. renected in the present
chespness OF call and time money
acceptsnces. has made II possible
for the association to secure cheap
credit with which To retire part
Of its large debt on which a coupon
rate of 8 per cent as being paid.
The railroad and Industrial groups
moved In opposite directions from
the very beginning NJ trading today
the former registering gains up to
two points. whilr the Industrial spe-
"ialties were still dndar heavy pres
sure and the main body OF manu-
featuring stocks was easinC or rrae-
tionaliy. One school of market on
servers remarked that the rails
were finally coming into their own
hut some skeptirsi persons were OF
the opinion that the rail depart.
rnent was being given a stronR
front for the purpose OF covering ur
selling in the industrials. The
chief benefi"iaries OF today's de.
mand for rails were Great North.
e-n. Northern Pscihr. Southen Pa.
cihc, Pennsylvania, Texas and Pa,
rife. and St Paul.
HOreoD Ward candidate