Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-10-24
TENDENCY UPWARD
IN SANER MARKET
Belief There Is Little Further
Ground for Apprehension
Over Labor Question
RAILS STRONG FEATURES

New York. Oct. 24.-The New York
Evening Suns closing financial review
today says:
There was an altogether natural and
salutary slackening of the speculative
pace in tOday's stock exchange session.
The outstanding feature was the ccs-
sation of the heavy selling which made
its appearance yesterday and which
evidently went far enough to restore
the markets stability.
The quiet buying of securities which
went on today was much more reaS
suring than the spectacular upbidding
of prices INDUCED in earlier in the week
and gave promise of a safer market
for trading purposes. While good
deal of irregularity was shown by
prices, the trend was distinctly upward
during the greater part os the session.
The technical position of the list
appeared to control fluctuations as much
as anything else News of direct
marketwise bearing was lacking, but
signs continue to multiply that labor
has conclusively lost its fight for rad
icalism.
1t was fear of labor. which. in the
first instance. broke the stock market
in the summer, but with the victory
of the steel companies in the present
strike and inclusion of anti strike pro
visions in the proposed railroad lcgis-
lation and the defeat of labor union
proposals in the industrial conference.
| the market has little further ground
| for apprehension on this score.
There may be minor disturbances
created by labor, as for example the
| threatened coal strike. but the worst
phase seems definitely past After Civ
ing the market breathing spell in the
morning hours, aggressive buying de
veloped again in "A number of proper
ties. Prominent in this connection were
Southern Pacific, Retail Stores. Good
rich. Pierce Arrow. Remington and
others. Covering of short lines out yes e
terday undoubtedly accounted for con =
siderable buying.
Strength in the railroad stocks was
noticeable from the outset. The mme =
diate outlook for the course of industrial
shares being somewhat uncertain rails
were purchased as offering safe out
let for speculative expression. Low
priced properties, such as New Haven.
st. Paul and Missouri Paritic rose / to
points. while Southern Pacific ad
vanced 3 points or more under heavy
buying
The work of vauing the railroads has
proceeded sufficiently far, it seems, to
afford pretty good evidence that rail
road capitalization as a whole is less
than the actual value of most of the
railroads. Buying of rails nowadays is
ba-ed mainly on the argument that no
matter what sort of legislation is passed.
it can hardly be other than beneficial
for the carriers.
The Lee Rubber and Tire Company,
it was learned today. will increase its
capital stock from 100000 to 100, 600
shares. Stockholders will be offered the
new stock at S33 share. and employees
will he given 10000 shares under a
profit sharing scheme.
September imports of $435 900 .OO0
exceeding by 500 900, 600 the previous
high record show that foreign countries
nre doing their utmost to take advau =
tage of the favorable exchange situa q
tion for selling goods lin this market
| and that competition from this source
is bound to become an affair of in
creasing Importance.
Stocks developed progressive strength
! and the best prices were made in thu
last hour. at which time United State,
Steel was selling around 109h, up
point. Independent steel stocks recov
cred from to . points. Motor ant
Tire stocks were actively bought
Pierce Arrow moving forward , point
and Maxwell and Studebaker about
points. Columbia Graphaphone at z
was up nearly Z points, while American
Tobacco crossed 3l4, gain of points
American Smelling was weak feature
selling off nearly points. Midd
States Oil lost half Of it's ~ points gail
made in the early trading