The evening world., 1919-10-24
WALL Street
News and Gossip of To-Day's
Market-PreSent and Fu-
turs Prices.

To-day's stock market possessed
fewer features than any recent sos
sion. For the greater part Of the day
prices backed and filled in an un-
certain manner, but IN tAs last hour
strengthened perceptibly and final
quotations in most eases were quite
substantially higher than at last
nights close
The volume OF trading was. ap-
proximately % per cent. smaller than
yesterday, when transactions went
we'll above the two millions share
mark Yesterdays violent price
swings had the effect Of cutting pub
lice participation.
News developments were compare
lively unimportant. Discussion
centred on the possibility Of big labor
unions carrying out their threats Of
= widespread strike. And in spite Of
the markets showing the outlook il
not viewed with complacency by in
terests whose opinions really count in
financialdom.
Railroad shares made an excellent
showing but the impression would
not down that this group was sup
ported by inside interests for the pur-
pose OF giving tone to the Industrial
list
The forward movement tho rails
takes place in face OF the fact that
most railway labor unions are insisting
on increased wages before the COM
panies arc returned TO private control
on January ist with small chance, It
seems, OF getting an increase. and also
in face OF the prospect that a large
number Of roads will OF necessity not
only suspend dividends but also IN
terest payments unless remedial icgis-
lation Is pushed through Congress.
Steel shares, after moving within a
range OF about a point during the
morning, finally climbed out Of the
rut for gains extending from one to
three points. Motors, too, after early
weakness converted losses into gains.
Baldwin again became subject To pool
manipulation and led the equipment
stocks upward.
At no time, however was the buy
ing of what might properly be
described as OF confident Characte
II smAcked too much Of manipulation
uf pools who must keep prices at this
Lowell II possible, IL cash profits are
eally to replace the tremendous paper
profits that have been built up during
the rise.
Unless the opinions OF some OF Wal
streets shrewdest and most success
mi market operators are entirely nj
variance with actual conditions. the
biggest stock boom In history has
reached n critical period. Within the
next week It probably will be decided
whether the upward movement is al
its apex or whether the process OF
marking UP prices may be success
fully continued.
Labor conditions are the most
troublesome factor with which bull
market makers have TO contend. II
- conceded that if the labor situa-
ton turns out TO be as unfavorable as
now threatened II will be extremely
difiicult 70 maintain prices at their
present unparalleled high level
Most brokers are endeavoring "a
cover their concern over the outlook
They have Increased their margin
requirements on speculative COM
mitments to a point where in most
Instances $4,000, say, will only buy
from one third to one half as many
shares as formerly. Customers are
being advised to use unusual dis
crimination In making new contracts
Another disturbing factor is that II
- now nearly everywhere recognized
that the recent tremendous output OF
new securities has not by any means
been fully digested by the public. Be-