The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-10-30
VARIED SENTIMENT
DOMINATES STOCKS
IN CLOSING PERIOD
Issues Are Subjected to
Many Speculative
Influences. =
OIL STOCKS STRONG
Dispose Of Firm Stocks in
Evening Up Commitments
For Holiday. =

NEW YORK. Oct 2s.-The stock
market was subjected 20 such a
variety OF speculative influences
this morning that e would. have
been Inaccurate 10 characteriIe the
trend at any Juncture by aEfPersl
term. Oils and coppers displayed
continued strength at the7 same
time that steels and rails were
showing the effects Of proGtstak-
ing. At other times IL was ap-
parent that traders were carrying
out the usual custom OF efeninE
up commitments in preparation for
the trading holiday by disposing OF
some OF their strong stocks Ship
ping shares Of all description with
the possible exception OF Atlantic.
Gulf and West Indies were -actlt9N
bought at net gains ranging Sd ~
lis points, and rails were for the
most part fractiOnally lower. -l4-
dependent steel stocks fsIfhsstD
respond TO the rumor OF a pES - sSd
merger.
Clearing House ReserEA
Last weeks deficit in receives Of
the clearing house banks had been
replaced by q surplus OF $4,000
900. the corresponding increase be-
ing SlS,sOO.OOO Loans afe-sios In
| by S3l 600. 900 and deposits shoW a
shrinkage of S2,eO0.OO Rferve
/ deposits with the reserve bank are
$4,000. 900 greater while govern
ment deposits are 3lI.OOo.Ooo less.
strike Features Week.
That the outstanding eyenf ~
the week. the calling of OF the
railroad strike, should have found
greater reflection in the shares ol
| Industrial companies than In tff6kt'
Of the carriers is not as strspRF as
/ first impressions might indicate.
Industry surely would have sur
/ fered from the suspension OF
| transportation and the unions de-
! cision certainly removes this men
ace, at least as far as the imIRe-
| date future is concerned. With n .
/ gard to the railroad companies.
however the situation Is some-'
what different An immediate: loss
in revenue through a tie-up, jiE-
avoided. but the roads face the
possibility of having to make syn
| cessions in the matter u rates
without securing compensation in
the way of reduced wages. IN ADJ
dition, IL may turn out that the
| struggle has been merely avoided
| substantial recovery In the
volume Of traffic would. OF comsHs
alter the situation. but any sum
recovery is hardly TO be ~xpee ted
before next spring. The outlook
for the carriers is. AccordinEly.
uncertain. .-- 80 ia
Industry in general. however. As
left free to pursue the normal pro
cess Of recUperation. Autumn Jrade
may now continue to its natural
completion with resulting benedf
in the way OF Industrial earnings
and additional thawinE OF frozen
credit. The steel industry, which
has been improving COnsistsnts
ly since July shows q slacken-
ing in demand and the Tsnc"
rather expects that spring must be
awaited for any further better
sment. The condition may be rN-
planned in part by a reluctance 20
buy pending expected REDUCTIONS in
freight rates on steel products.
but in all probability il " also =
result Of a fiuctuation in demand
itself Few persons. however,. ~
pect more than a gradual recovery
from this particular depression
|, and the last weeks OF the year are
hardly time for such a recovery %
develop. A seasonal slackeniHE
should. therefore, be pretty well
discounted. 80