Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-10-21
MARKET STILL IN
A WAITING MOOD
Obscure Issues Score Notable
Gains, While Usual Leaders
Hang Fire

New York. Oct. 21.-The waiting
character of the current speculation was
more clearly defined in today's stock
market. indicated in the further ir-
regularity in price movement and also
in the further contraction Of dealignS
and narrowing of the trading opera =
tions. This applied especially to the
more representative issues of both tho
industrial and railroad divisions as the
more notable movements occurred in the
lesser and general obscure shares OF
the various groups. During the best
part of the morning the general list put
strong front on apparent continued
covering of the shorts interest. but to
ward midday there was general in
clination shown to slide off.
News regarding the English labor
situation was regarded as more reas
suring mainly in the decision of the
railroad workers to defer strike action
until the last means had been exhausted
to bring about an adjustment or at
least n compromise in the coal miners
controversy. AdviCrS Of further Curtail
mcnt Of industrial activity especially in
the textile lines and affiliated industries
were Offset to some extent by the CX-
cccd!ngly favorable showing by the Re
public Iron and Steel Co. for the third
, quarter. Except for the abundant sup
ply of call funds at per cent. there
was no essential change in money mar
ket conditions. As in the three prccCd-
ing days. technical rather than funda
mental conditions we're the governing
factor in shaping the course of huCtua
tions. 1t was evident. however. from the
conduct of the market thta the more
influential traders and larger financial
interests were still strongly disposed to
await the outcome of the Eng gish labor
crisis and the meeting of American Iron
and Steel Institute on Friday before
extending activities. This consequently
lett the market largely in the hands Of
the small fry traders and it was their
scalping operations that easily account
for the heSitating and irregular aspect
of the general list.
The opening was steady on very light
dealings. Changes among the usual
leaders were limited to the smallest
fractions but among what the street is
prone to call the cats and the drgStACrc
were much wider movements. With no
pcrCeptible increase of trading the
market made further upward progress
during the morning. Oils. tObaCCos and
utilities continued to stand out. MeNi-
can petroleum, Royal dutch, American
tobacco "B', retail stores, United Rail
ways preferred and brooklyn Union gas
rose to almost five points. CrucibIr
steel, Harvester preferred. Sears. Roe
buck. Pittsburgh coal and obscure rails
particularly Colorado Southern Chicago,
81. Paul. Minneapolis aud 6naha and
st. Louis Southwestern common and
preferred gained one to three points but
the more representative rails showed
little change. Copper and paper is
sues were the only heavy shares which
was explanable in the reports of further
cut in sale prices of the red metal.
Sales being reported today at ljl2 cents,
The cheaper rails OF the western and
southwestern groups and local fractions
extended their gains at midday, but
steels, equipments. feathers and some of
the food issues reacted ! to points.
Reading ID preferred dropped five
points on comparatively few transac-
tious.