Evening star., 1921-11-16
ACTIVE TRADING
IN STOCK MARKET.
SpeciaIties Move Freely on
Pool Blying-RaiIs Attract
More Attention, b.
BY STUART r. WEST.

I NEW YORK. November 1s.-rhs
STOCK market was In shape today to
reflect better the Judgment OF the
nnancial community regarding the
proceedings at the conference on lin
itation Of armament. as the readjust-
ment demanded by Mondays decline,
Yesterday had been completed, The
. nrst tmpulsive concfusion-that 2,
naval holiday was an areumen,
against the steel and related issues-
was overshadowed by the broad con
sideration of what it will mean TO the
future trade Of the world. IL the out
come at Washington gives the assur-
ance of lasting peace.
The advance. interrupted at the
start Of the week. was resumed.
and prices advanced-always a sig
nificant thing in professional eyes, as
pointing to the main trend.
The better class of dividend paying
railway Shares joined with the repre-
sentative industriaIs. like the steels
and the equipments, in reaching new
nigh levels for the movement.
A most OF specialties in which pools
were al work were taken In hand and
nld up. one after the other. Here anG
covered.
DuSIhB haI18s
me buying movement in the railway
| stocks today had back of it the beiiet
| tnat way will be found to settle the
most urgent problem facing the roads.
whicn Is how to stand further series
" rae GUS while waiting indefinitely
/ ror nn the ne Labor Board to act upon tht.
new 10 per cent wage reduction This
,lrrouoiesome question, it is now thought
ikeiy, will be disposed Of by the car
rlers Ming with the Interstate Com
Inerce commission new rate schedur.
OF lowering.
This new schedule. however, would
not be put into effect until the labor
beard had rendered its decision.
compromise of this sort would
good faith Of the companies In their
declared intention to pass along the
saving resulting from a further wage
cut to the public.
buying was confined to the bette'
class or rails Delaware. Lack wanna
ana western was the leader, followed
closely by Reading. Northern Pacific.
Norfolk and Western. Canadian Pa
of companies like New Haven and St.
| aul. which are earning fixed charges
! under present conditions, failed 10
respond.
Specially Moves.
There were again a large number OF
speciality movements.
These indicated the confidence with
which pools are now operating. bu.
beyond this there was very little II.
the way OF news or even fresh gos-
sip. The zinc stocks made a fair re-
sponse to the Information printed yes
terday regarding the dwindling Of the
zinc supply and the prospect Of early
resumption of mining. Callahan Lead
and Butte and Superior were the lead
ers IN this group. The buying In
United states Realty. which put the
| STOCK up. came from sources which
have been identified with important
1 upward movements in the mast
The bulls on American Hide and
Leather preferred were beginning T.
TAX about the possibility Of resump-
| tion or the dividend contending that
this is now being earned and that tb,s
| company's position is strong enough
10 warrant distribution.
Pierce Oils.
| Pierce Oil stocks have been SLOW,
! TO Join in the ad 'ance of the oil
group, but they made up for lost time
! tooay. with remarkable jump I'm
| the preferred and a great deal more
activity at rising prices IN the COM
mon: The trouble with Pierce Oil
! has been the necessity of doing SOM
new financing. Traders have be-,
reluctant to bull! the stocks for fea-
that a financial plan might suddenly
De announced and have a bearisn
| effect But Pierce Oil is in mucl,
better position than it vas to mar
ket new issue of securities. and the
prepared fo- Soma such announce
| ment by today's advance