Evening star., 1922-07-20
PROFIT TAK|NClS
CHECK TO GAINS
By STUART r. WEST.


WALL STREET, New York. July 20,
Traders took thought Of their prof.
it's in stocks today and proceeded to
convert. part of them into cash. caus--
ing highly. irregular trend of prices
on the stock exchange after a period
of considerable strength in the firsA
hour OF business
It was not surprising chat reac-
tionary tendency should develop
among STEEL. oil. automobile and other
industrial specialties In view OF the
days early news.
The inability of Chairman Hooper
of the Railroad Labor Board to go
further with his efforts for a COM
promise Of railway strike cohten-
tions, was practical proof that neither
the workers nor employers were VIII
ing to back down. Nevertheless it
seemed as though the single point OF
difference, the matter Of seniority
rights of returning shopmen, might
not prove q final stumbling block.
Not vital Factors.
The market all along has peen i'm
pressed with the concentration of the
railroad difficulties to Il single group
of skilled workers. with erratic walk
outs in other trades here AMI there.
The atmosphere Of the market sug-
had seen two to Ave points profit
laccumulated during the last ten days.
were moved to reduce their holdings,
still neither the rail strike deadlock
nor the unsubstantial attempts to re-
open soft coal mines were greatly in
fuencing transactions.
A Good showing.
| 1t was noticeable that much atten-
tion was paid to favorable items of
Of n1
brought out in the Republic Iron and
Steel Company's statement for the
second quarter. A profit. though
small. showed clearly that the In
| dustry had made great strides for
year this "company's deficit was more
than ten times. the size of it's profit
in the second three months in 1922.
Another advance OF raw sugar price
to 3 1882 cents pound, the third
| strong technical position of this
product and stimulated purchases of
| the sugar stocks.
Action in steel.
The steel stocks were In extensive de-
mand for time, Steel common getting
tup to 1924, Lackawanna reaching 1874
and Republic scoring a gain of nearly
| three points to 7sA. Speculative buying
| of Vanadium during the last few days
pany's siN-nionth statement. which re-
corded moderate profit and showed
the company to be without any floating
debt
3. & o. again reflected dividend ex-
pectatioRs by a firm front above 54.
! Mexican Petroleum shot up to 10. car
ried along by the old market comment
10 the effect that the coal strike was
rapidly expanding the use Of oil for
fuel.
Later profit taking cut the tops off
all the active issues, but the uRdertone
was firm.
Call money again loaned at 4 per
cent. but the time money market and
commercial paper showed that sup
plies of funds for fixed period loans
was quite relaxed.
Jones Brothers Tea.
The incentive behind the advance in
Jones Brothers Tea stock to a new
high record price for the year is the
likelihood of dividend resumption this
yehr. At the time the management
passed the dividend on the common
in January. 1921, payments were
| being made at the rate of So annually.
The belief is that when dividends
are resumed they will be at the rate
of 81 a share.
Despite the fact that retail sales in
| dollars this year are running at
about the same rate as IN 1921, the
margin OF pFOnt Is COnSluerdDly
| larger because of the cheaper cost
OF goods.
Brevvn shoe COMPANY.
Brown Shoe is in the same posi-
! tion as regards earnings as the Endi-
colt johnson Company. which report
ed the dividend for the year earned
with some to spare in the frs. six
| months of this wear. Brown shoe al
| the present time does not paw a divi-
| dend. but the possibilities are that
| it will have resumed payments be-
| fore the end of the year and that
| these payments will be at the rate OF
! $6 a share. Reports from ST. Louis
/ are to the effect that the company
| is now earning at the rate of 90 per
cent on it's common stock. The stock
| was one of those which made a new
j high price for the year today.