The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-10-19
DULL MARKET TONE
FOLLOWS PREVIOUS
IRREGULAR PERIOD
Wall Street Believes the
+. Strike Will Be Settled :
Without Struggle.
ISSUES STAGE GAINS
Make Recoveries Ranging Up
To 2 Points in Active Stocks.
Rails Act Well.

NEW YORK. Oct. IA dull,
professional trading market was
today's successor TO the reaction
airy session OF Monday. Wall Street
was not nearly as much worried
about the railroad strike situation
as It was up TO noon yesterday.
The belief became quite genersi
that all parties concerned were anx-
ious TO have the dificulty settled
without a struggle. and this belief
was clearly expressed In . recovery
ranging up to 2 points In the more
active issues. Rails acted a. well
as industrials American Sugar
common and preferred. and Pullman
were the three notable exceptions
to this trend
sugar situation.
One Of the widely know statisti-
clans just put out a diagnosis or
the sugar situation in which he
stated that the time for sugar stock
holders to worry was two years
ago: that liquidation and dehaion
had carried the industry down TO
the point where the time had come
to accumulate sugar stocks In an
ticipation of their recovery. Al
most coincident with this advice
was another drastic reduction in
the market price of American Sugar
refining common and preferred to-
day. The preferred came out in
SUFFICIENT volume to give the i'm
preston that some old hOldings
were being liquidated for What
they would bring In the market
Il broke almost points during the
first three hours Of trading. estab-
fishing a new low record that goes
back as far as 1888. A decline or
3k points in the common during
the same period today maintained
the ze-point spread between the
two stocks. There was nothing
new in the sugar situation or in
the position of the company as far
as Wall Street could learn.
OILS.
Although the oil stocks yielded 70
heavy selling pressure yesterday
and lost a considerable part OF
their gains of a fortnight previous
before the late recovery set in. the
market community refuses TO en-
terrain the thought that the bloom
| is OH lue movement IN AnSk EEohl.
The Street goes no further than
current happenings for material on
Which to build a continuing move
ment in the oil stocks. OIL men are
predicating a steady rise in pc
troleum prices over q period Of two
years. figuring that the new hetos
which the principal producing COM
panies are now beginning to de-
yelop will not become a factor IN
til the expiration Of that period.
1t seemed a bit incongruous TO
Wall Street TO see Pierce Arrow
stock taking a leading part IN
what appeared to be another for
ward movement in the motor
stocks. Chandler and Studebsker
found an active demand at the
| opening price and moved Nd
steadily. II was reported today in
quarters that are usually well in
formed on automobile Jstters that
! the Pierce Arrow company had sold
all its trucks to dealers and had re-
duced its inventories to a point IN
der market value, and that its
financial requirements had been
provided for.
A moderate advance in United
States Food Products stock resulted
from the offcisl announcement to
the effect that the arrangements fo-
renewing the sl.50O.0oo bank credit
had been completed.