Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-10-19
DROP IN STEELS
CHECKED RALLY
Threatened Railroad Strik Q
Passing Away as a Market
Influence

New York. Oct l9.-Thp action Of
todnv'S stock market would suggest the
rnilrOad labor situation was rapidly
passing away as a speculative influence
In all events the market community
apparently viewed the controversy with
greater confidence. The trading. how
ever. was distinctly more two sided,
but This was the outcome of technical
influences and local onditions affecting
pHrtiular groups. The opening was
quite strong with a further substantial
recovery retty we'll along the whole line
This was followed by period of hcsi
lntiUn and in turn succeeded by Il re.
dictionary turn toward midday follow
ing the weakening of the steel group.
While there were great many in
the financial district confident the real
danger of dcmOralizing walkout by
III" railroad workers had been passed
they did not take very kindly to re-
ported settlement basis. II was pointed
out any reduction in freight rates would
prove a hardship tu many of the roads
striving to kcep their heads above water
I he rank and file. however. of the
trading element were disposed to permit
Std"trnCking of the issue until more
definite Developments occurred Al
least tO walt the outcome of the con
ference tomorrow between the Railroad
Labor BoNrd representatives. and the
brotherhood chiefs II was felt the nr.
ton had pluced the unions on the de.
t'nsive. which unmiStakably lPssened
the possibilities Of Il strike.
II was generally recognized that tht
n"Nr important move in the big chVSs
game would be- made by the Railroad
Bourd In all events. if apparent re-
Iiabe adviCes can be accepted aS
true guidance 1t looks as If the Rail
road Board is seeking not only to find
out the real basis Of the workers grcv-
auCe. but also 10 lind If they mean tO
abide by their rulings. The same acid
test unQueNtiOnRbly will later be- ap-
piled 70 the railroad managers. which
would. therefore, suggest an ultimate
adjustment of all differences by this
body, which really was created for that
very purpose
The professionals who still maintain
undisputel domination of the market
were. therefore disposed 70 turn their
attention to other matters. About the
nearest thing thand was the forth
coming reports Of the steel companies.
starting with the Republic Iron and
Steel scheduled to come out some time
this afternoon. The showing was gem
orally expected TO be very poor, ana
the midday drive against the steel group
rcpresented ed evidently an attempt to dis
count this condition. As in the prPv-
Gus individual dPmOustr" tionS the weak
ness was virtually confined TO the
groups affected and did not extend to
other quarters Of the list. although
there was sympathetic giving of
grOuni all RrOuuj
At the outset number Of Leading
rails extended yesterdays rally by large
fractions to almost = points, Northern
Pacific. Delaware. LackuwGnna and
Western and Chesapeake and Ohio dis
playing pronounced strength. Domestic
and foreign oils also wer" higher.
Houston. Royal Dutch and Mexican
Petroleum being most favored The early
rise was sustained mainly by tn" fur
thpr advance of oils. cOalerS and some
Of the minor rails. Pullman recovered
all but point Of yesterday heavy loss
on the declaration Of III" regular divi-
dpnds and American Car and Foundry
rallied with General Electric. Constant
pressure was directed. however. against
American Sugar. Sears RoebuCk and
Harvester nt losses OF y to 2l2 points.
Shorts next attacked the ste"ls effect q
ing losses of /? 10 81 points in Rep.
logic Gulf States, United States Steel,
and R"pubIir Iron common and pre-
ferrru Oils became unsettled before
noon. M"xirHn Petroleum r"u"ting :
points.