Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-10-24
RECOVERY CHECKED
BY PROF|T-TAK|NG
Rails Indifferent to More Favor.
able Outlook Of Strike
Situation

New York, Oct. 24.-Dulness and
irregularity were the outstanding fea-
lures of today's stock market. The
week end developments in the strike sit
uation we're generally regarded favora-
bic. Instead of stimulating the bullish
speculation they we're employed to facil-
itatc profit taking, especially among the
industrial specialties which scored a
little short of sensational rebounds in
the latter part of last week
Apart from the more favorable out
look in the railroad labor controversy
the developments over Sunday we're not
altogether inspiring. The deficit re-
ported after thee losing on Saturday by
the Clearing House institutions, while
regarded as merely temporary condi-
tion, nevertheless ofund reflection per-
ceptblc hardening of money rates. News
from abroad was not pleasing. but the
Hungarian episode and the fall of the
German Cabinet did not appear to cause
much unsrttlement. More attention was
focused on the follow-up cut in steel
rails by several OF the independent steel
companies. These cuts, together with
those announced by prominent autOmo-
tiscd BY several Of the tobacco COM
pnnies was accepted in some quarters as
suggesting another wave of general price
reductions.
While the railroad strike situation
was unQucStionably entirely eliminated
as market menace there were quite Il
few who were disposed to await upon
future developments rather than 'ndu'C.
ing in snap judgment as to settlement
terms There was in many quur,tvs
open condemnation heard against the
railroad executives for commencing or
supportinE much Of the misleading
propaganda being put supposedly by
! ,hC Bureau Of Publicity Of the AssOCin-
ton of Railway Executives. 1t was
pointcd out by some Of the most con-
/ Scrratlve men on the street the car
7 riprS had sufficient facts and figures on
| their side to offset any charges of the
| brotherhood chiefs and other union
leaders without sending out matter mis-
lending on It's face. and which was
! likely to prove a boomerang and hurt
their own cause in the eyes Of the pub. &.
VIC, whose sympathy they have gained
at the moment. 1t would not. nov. -
rvcr, be the first time this bureau mad"
Il wholesale nuusrating mess of it.
According to the adviCes received
from Chicago the Railroad Labor Board
was reported to have declared there
was every reason to believe the strike
scheduled for next Monday would be-
averted. This strengthened the posi-
ton Of the rails, but no special interest
was shown in the group, but some of
| last weeks headliners in industraIs
we're sold freely for profit taking under
! the cover Of the strength Of the rails.
The market made the best showing
NJ the outset when the trans-c"n'
tinental. granger and coalers in. the
rail group we're higher by large frac'
tions to III points. with Northern
| Pacific as the strongest issue. Railroad
equipments. notably Baldwin and Gen
era Electric. also were substantially
! better. Domestic oils made initinl
gains. but soon became unsettled on
free offerings of Mexican Petroleum
! which reacted 21a points, European oils
also falling back. Active oils continued
TO fuctuate irrcgularly. however, dur
ing the morning and steels and equip
ments we're under pressure, tobaroS
and utilities also easing. The few ex =
ceptionally strong issues included Bald
win. Virginia Iron, Endicott- johnson
and Cuba Cane preferred, these gain
ing one to two points.