New-York tribune., 1919-09-29
In Wall Street

Precipitation of what has been de-
scribed as one Of the greatest strug-
giles Of the age between labor and
capital, the strike in the steel indus
try, caused little if any perturbation
in the financial markets last week.
The event had been largely dis
counted. The blow aimed at the
great basic industry by organized
labor fell heavy, but failed, accord
ing to the judgment of unprejudiced
observers, TO accomplish the result
predicted by the labor leaders. Many
mills in various parts of the country
were forced to shut down for lack Of
operating forces, but this was not
true Of the heart of the steel-making
/ industry, the Pittsburgh district,
where the manufacturers success
I fully met the attack. The strike be-
( came operative on Monday. Two
days later men began to report back
to work in many mills, and by the
end of the week it was apparent that
if the backbone of the strike had not
been broken it had at least been
badly bent, and it looked as if it
were only question of short time
before the whole strike movement
would collapse, provided, Of course,
! the Federal authorities do not inter
vene.
Fears were expressed in the tinan-
cial district that the investigation
undertaken in the Senate last week
Of the strike and it's causes might re-
suit in government interference, q
development that the steel industry
does not desire, in view of it's splen-
did fight against labor dictation. So
far as the stock market was con-
cerned. the course of prices was or
derly and in the main toward higher
levels. Steel stocks moved up
sharply toward the end of the week,
in some cases establishing new high
records for the movement. Else
where industrial specialties were
made the media of professional
speculation that produced sensa-
tional rises in some cases. Motor
shares, tobacco issues, sugar stocks
and some Of the oils were prominent.
The stock market to all outward ap
pearances indicated a conviction on
the part of security owners that the
steel strike has already been won bv
the manufacturers.
1t IS, of course, not impossible that
the stock market following NAV have
Jumped to conclusions in assuming
that the strike has been lost bv the
steel workers. 1t cannot be denied
that the strike has possibilities of
most serious consequences. Regard
less of whether the manufacturers
win out in the long run, the fact of
the decentralization Of working forces
that has already occurred and that
IS likely to continue for some time to
come must not be overlooked, In
other words, it is inevitable that pro
ductlon during this period of labor
disturbance must fall off sharply.
This in turn will affect other impor-
tant lines of enterprise which are de-
pendent upon steady supply of
steel to maintain operations. The
automobile industry is in this class.
and for time last week the shares
OF automobile manufacturing con-
Germs were under pressure because
or fears that the etrike might prove
more serious than it has TO date.
indications arc that until it can be
seen definitely whether the efforts OF
the labor leaders to tie up the indus
Try are to continue or whether there
is to be collapse of the whole move
ment in the very near future tho
stock market will not move far ont
OF IT'S recent range, for until conf
dence OF investors is restored public
participation will remain of com
paratlvcly small proportions. Last
week the so~called professional op-
orators dominated the situation.
Purchases from this quarter for the
purpose of covering short lines Of
stock played an important part in
Shaping the upward course of prices.
Fundamentally the market presented
strong appearance, Indicating that
stocks are in much stronger hands
than they were a couple of months
ago, after four months of intons;vo
speculation for the advance.
L :