The Washington herald., 1921-10-29
ADVANCING TREND
FOLLOWS nlIlABlE
AcnoNONSTRIEE
Reaction Sets in on Rails
After Registering
Early Gains.
NDUSTRIALS' FIRM
Call Moaey Renevs at 81,
But Eases on % sqs-study
OF the Ran Situation.
INDUSTRIALS, FIRM

NEW YORK. Oct. as.-rh. ex-
Dectat,on that the stock MARKET would
dispisy strength to-day foIlovinF q
settlement OF the railroad strfks con-
troversy was reaIlzkd. Az far "a ne
action Of the ran issues was Con-
cerned disappointment vas felt rhsrs
only the immediate benefits Z. he
esrriers were considered Aftsr r.ans
Of to more than . posnts had been
scored in thIs- department . reaction
having for its cause the realisation Of
profits ensued Industrial shares, on
the other hand. were active ana
strong At All times. Gains Of 1 TO
points were numerous among the steel,
copper. oil. equipment and unclasstned
stocks. Call money renewed AZ Q per
cent but had eased 70 6 by early
afternoon &C.. FL ...s. ..-.--,
49, Advasee In RsfIs.
The advance In railroad stocks dur
Ing the early trading In responss 10
the strike settlement last ulrht con-
formed 10 general expectations, but
the relapse which registered profit
taking before the end Of the nrst half
hour did not conform 10 the pre-
arranged program Of majority Of
traders II 10 entirely proper 20 stats
that those who bought stocks At the
top Of the initial movement did %
with the expectation that the rise
would endure Longer. Thsy were for
the most part traders who intsnded
to sell for q qu5ck pro1t late In the
day or before the end Of the week
Close students Of the market, how
ever. were not disappointed with %
early q cessation Of the advance. They
looked for ran stocks 70 advance in
proportion 10 declines previously made
and almost 20 q man they Expressed
Satisfaction with the market action.
The FIRST hour Of trading was IN
marked contrast to the same period
Of yesterdays market Active rail-
issues opened with net gains ranging
from u to more than points with
in the next hour many Of them had
forfeited half their early gains.
The action Of the railroad stoclGI to-
day concerned 70 president. II was
another case of'the markets habit Of
discounting. On Saturday. October
Is. rail stock declined suddenly and
swiftly despite the fact that news Of
the strike call did not come out until
the next day-sundsy. On Monday
rails opened weak and declined fur
Their during the morning but recovered
before the end Of the day and on
Tuesday there was a general recovery.
Yesterday the speculative community
read between the lines of dispatches
emsnating from Chicago and started TO
discount the agreement 20 q settle
ment that was reached late last night
Study sf Ran .situatisn-
without intending to seem pessi-
mistic, close students OF the railroad
situation pointed out today the I'M
favorable aaspects OF the strike settle
ment Some reasoned tlhus: The rail
roads claimed that they could not
maintain a safe earning position with
out . further redpction Of wages. and
nov they not only are stopped from
obtaining relief IN this respect but are
even confronted with tia possibility
OF enforced rate cuts similar 10 those
on grain and hay carried by the West
ern States II was held also that the
Unions came to an agreement only be-
cause they feared that. without full
cooperation on the part Of all crafts.
this was a poor time for testing their
strength. In short the belief YES quite
general that the agreement settled
uothlnE definitely.