Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-10-22
MARKET WITHOUT
ASETTLED TREND
Judge Cary's Views on Steel
Industry Not Up to
Expectations

New York, Oct. 22.-Interest in to-
DAVIS stock market proceedings cen
tered around Judge Gary's address be =
for the American Iron and Steel lnsti-
tutc. There was a general disposition
to mark time until his views on the
steel industry had been heard. and after
the publication of his speech some SELL
ing came into the market. as his views
did not exactly come up to the expec-
tations Of the street. He asserted that
he recognized the necessity of down
ward revision Of steel prices. watch in
! itself was dampcning after the pcrsis-
tent reports that he was likely to ex-
press just an opposite opinion. lie said
| the outlook is good. but business has
fallen off and some price reductions have
been made, while others are necessary
| to stabilize tho industry and bring
about q condition which will allow
everybody to stand solidly against talk
of panic and against disturbances Of
adjustment.
On the other hand. much of the ap-
prehension manifested in the late deal
ings yesterday over the English labor
crisis disappeared overnight. There
seemed to be confident belief the rail-
way workers would not carry out the
strike threat and before Saturday some
sort of n compromise would be reached
with the mine workers. The serious
ness of the situation was indicated by
the introduction in parliament Of an
emergency strike bill giving the govern
mcnt wartime power with right to
use military forces for any purposes.
However. this news, together with the
announcement of another cut in prices
of copper metal was received in au aca-
demic sort of way. as everything was
for the time being at least. relegatCd to
the background by reason Of the wide
spread interest in the steel meeting.
The variable character of the market
throughout the session indicated in
creasing mental confusion among the
professional trading element, which was
| possibly accentuated in the failure Of
the predicted pre- election boom to de-
vclop. 1t was recognized. however, con
dltions OF the money market still pre-
ciuded any material extension of the
speculative activities. as it is under
stood the federal reserve authorities,
together with the powerful banking in ;
tcrcsts, would promptly check any ex.
panSion of loans except for essential
purposes.
The trend Of market throughout was
variable. rallies and declines Of short
duration following each other closely
and leaving the greater part Of the list
without any settled tendency for any
considerable length of time. The mixed
view Of the traders was reflected in the
alternate declines and recoveries during
the morning which were made on very
limited dealings. At the outset the
strength Of the low priced rails Offset
heavincss of the shipping and food
shares. Nanadium Steel. General EIec
trio, Hide and Leather preferred. Will
son. Packing and International Paper
fell 1 to 2 points. but the list rallied
when buying Of the high priced oil.
was resumed. Shippings also recovered
on a brisk demand for United Fruit
which rebounded almost 3 points. Cop
pers were steady, despite another cut il
the price of the metal.
Further gains among the oil an,
food issues impaired degree o
strength to the market during the uuie
intermediate session. The motor grou,
improved substantially, also coalers
especially Reading second preferred
which recovered yesterdays 4-point de
cline.