Evening star., 1921-03-14
MARKET STEAD|ER;;
RAILS STILL SOFT:
Bank Reports Favorable.
Railroad Situation Is in
Nervous Condition.
BY STUART p. WEST.

NEW YORK. March 14.-In the COL
lection Of over-Sunday developments
confronting the markets today there
was rather a mixture of good and
bad. The week end bank statements
were encouraging, with the marked
improvement in the position at the
continued rise in Federal Reserve
Board ratio, this time from sos to 500.
London dispatches told of more
optimism regarding the money out
look there. which was reflected in
better market for British investment
securities. 1t was felt that when
the huge tax payments are COM
'pleted, as they will be with the
course of the present month. the Bank
of England will quite likely see its
way clear to lowering the discount
rate.
AS against these favoring incidents
in the credit situation at home and
abroad. there was still the critical
problem of railway wages. The mes
sage Of the seven railway union heads
urging a congressional investigation.
while not unexpected, certainly did
light 1t lessened whatever hope there
might have been Of a voluntary ac-
ouiescence Of the railway employees
with the wage-cuttng plans of the ex-
ecutiyes.
Uncertainty Dominant.
Under these conflicting impulses. the
stock market moved with irregularity
and considerable uncertainty as to
what was the prevailing tendency.
1t did appear. however, taking the
greater part of the list. mat more
resistance was being offered-to pro-
fessionaI efforts on the selling side
thpn had been the case last week.
Here and there individual stocks
were driven down. among them
Crucible steel. Atlantic Gulf. Baldwin
Locomotive and Virginia Chemical
But the weakness in these and one or
two other shares failed to unsettle
the rest. of the market. as similar
driving had done previously.
1t looked as IL under cover of the
fan in these specialties short con-
tracts were being quietly taken in
other directions.
But these repurchases were not at
all urgent and refused to follow
prices up.
Rather More Bullish.
There is an increasing tendency
Writer'S WI teri to to regard the present period
in the market as one OF accumu-
iation. More than one such critic
has adopted this position after hav-
irg been consistently bearlsh Tor some
time past. 1t is pointed out that
bear raiding, while it is punching
holes here and there in individual
stocks, is not bringing about any such
general weakness as prevailed three
months ago.
The view is expressed that the mar
ket is in the reverse position from
what it is in the final stages Of a
great bull movement. Then indi-
vidual stocks continue to be pushed
ahead to form a screen for profit
taking in the rest of the list.
A large section of the market has
either stopped going up or il it goes
up a little in sympathy with the bull
manipulation of specialties promptly
comes down again.
The reverse Of this situation would
| it is claimed. be fairly exact picture
of what is happening now. Bear OPP
rations are succeeding in uncovering
weak spots, as. for instance. Crucible
Steel, today. But these individual
downward plunges no longer find the
general list as susceptible as 1t was.
Where the general run OF prices
goes down there is a quick recovery
as soon as the pressure is lifted from
the weak things. This is the sort of
process which has been going on for
the last fortnight or so in quite por-
ton of the Industrial group.