The Washington herald., 1920-07-22
STOCK MARKET
AT STANDSTILL
Traders Apparently Nom
plussed and Business Is
On Small Scale.
STRIKE NOT EXPECTED
Best Informed Circles Be-
heve Unions Will Ac-
cept Wage Award.
STRIKE NOT EXPECTED

New York. July 21.-Best opinion
In Wall Street today was that there
would be no railroad strike and
that the unions would accept the
award after a little more grumbling.
But traders were much at sea dur
ing most of the day and business
was on a light scale. The market
therefore did not acquire any head
way In either direction. II the
identity of purchasers counts for
anything then the market is going
TO advance for the buying was of
the best sort. Railroad stocks
were favorites as were the oils and
railroad equipment shares. Sugar
stocks were weak following
break of sugar options. But Corn
Products and u. 5. Food Products,
which make substitutes for sugar.
Were strong. July cotton sold at
the record price OF 43 cents a pound
thereby exciting traders to go short
OF cotton options. Money did not
go above s per cent, at which level
1t ruled all day
For the break in sugar stocks
there was no explanation other than
the belief that those shares have
not been liquidated sufficiently.
So many oil wells are just on the
verge of coming in that the oil
stocks can hardly be restrained
even with the high money rates
that prevail. In. Mexico, Texas and
Oklahoma there are important wells
that show signs OF being record
breakers
The buying of Reading is believed
to be for the account of persons
very close to the board of direc-
tors, but there is good authority
for saying that no actual distribu-
tion of Reading assets will be made
for two years
The advance in Haskell-Barker
was due to a rumor that the divi-
dend would be increased. 1t also
will share. of course, in the car
building boom that must come IL
the country is to be saved from an
other serious freight congestion.
The fact that no grain is being
used this year for intoxicating
liquor or teer is expected to make
a material difference in the supply
available. for food According to
crop experts the stocks OF grain
this fall will be more than normal.
Railroad stocks.
CoAhCl PCoH4cN 10 DbN
railroad stocks sIest the various bond
issues falling due In the next few
months shes1ids be taken care of
with aihseaffy That these fears
are unsroupdsd Is, proved by the
case Erie Railroad, which
it is nnderstood. has planned to
extend some $4,000. oe0 of bonds
falling due in september. If the
Erie Railroad can do, this. the
others will have no difficulty ini
getting accommodations. The Great
Northern and Northern Pacihc be-
tween them are responsible for the
Burlington joint As which must
soon Ee taken care Of They will
no doubt be extended also at a high
er interest rate, of course, and then
the stocks of those companies will
be attractive speculative purchases.
Rnte Decision Pending.
Wall Street expects the rate de-
cision before the end of this week.
for delay. The plan to put part
of the burden Of the wage increase
on the passenger trafic is an un-
wise one. bt cause high passenger
rates force people to live in con-
gested communities. This conges-
tion increases rents. checks the de-
velopment of the open country and
in turn forces greater freight con-
gestion. The ideal would be to car
ry passengers for cost of the pas
senger service alone. Some rail-
road men believe it would pay to
carry them free. making freight
pay the entire burden of every
thing