The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1919-10-17
Business and Finances

NEW YORK, Oct. l0.-There has
been buoyancy in the stock market,
directly attributable to the news de-
yelopments of the last two weeks.
which cannot be construed otherwise
than as distinctly favorable. A sig
nificant feature of the market is that
United States Steel Common has risen
eight points since the beginning OF
the strike, indicating that, while the
steel situation has not brought the
sweeping and quick victory predicted
in the early days of the strike, it has
clearly demonstrated the side on
which the balance of public approval
lay, and it has brought a gradual and
steady infiltration of amen into the
mills. While it may not be possible to
predict with any degree of accuracy
when the plants will be operating at
normal or when the fear of riotine
will have passed over, the speculative
market has been we'll satisfied with
the trend of events as they have been
steadily developing.
It has been demonstrated many
times over that Wall Street Us the
great majority of cases has been more
accurate in its diagnosis of coming
events than any other section of the
country. For that reason, it is safe
to conclude that rising market is in
dicative of fair industrial barometer.
Its estimate of the steel strike was
absolutely correct, and it can easily
be seen that the end is in sight.
Bolshevism Factor.
The chief reason for the failure Of
the strike is that it was gased, not
upon the fair demands of American
workmen, but upon the Bo1shevistic
aspirations Of irresponsible agitators
who were clever enough to apparently
enlist the sympathies of some OF the
more ignorant of the steel workers.
AS soon as these workers discovered
their error, they were quick to re-
nounce their false, protectors and to
return to their duties. As a matter
lof fact, the congressional investigation
has shown that the alleged intolerable
working conditions do not exist No
money has ever been spared that
would make for better or safer work
ing conditions, advances in wages
have been numerous, and there have
never been in any reductions. In
other words, none of the ordinary
grounds for a strike have been present
in this case.
1t was demonstrated from the outset
to be merely strike in an attempt to
conquer the greatest employer of
labor in the country. The Federation
has failed and its failure must un-
doubtedly cost 1t an appreciable de-
gree of prestige. Under the conserve
tive direction of Mr.. Gompers, it is
probable that the attempt would never
have been made. His efforts have al
ways been directed toward the inn
provement of working conditions,
which is the legitimate function of
labor unions. This they have been
entitled to, and have always received,
the sympathy and support of the pub
he. His support of the steel strike has
only been half-hearted for he must
have known that it was doomed to
failure because dishonesty can never
get by with the American people. II
was unfortunate enough for the Fed
Grafton that the radicals should OBJ
tain control, but it was unfortunate
for the radicals that they should be
under the dominance of such leaders
as Fitzpatrick and Foster. Two re-
suits are to be seen as an outcome OF
the strike, one being that the steel
corporation will be free from them
for year at least, and the other that
the public will be less tolerant oil
labor's further demands. That labor
has overshot the mark, not only here
but abroad, is quite evident from the
British railway strike Sentiment here
has been with the British government,
and the hope has been frequently ex-
pressed that Premier Lloyd George
would stand just as firmly against
Judge Gary on this side is standing
against the steel strikers.
No Benefit for the Bears,
More and more it becomes apparent
that the stocks of many industrial
companies are extremely scarce. The
quiet accumulation which has beer
going on by the bargain hunters
Chose who buy when the news |.
blacklist while exercising keen judg
mcnt for values), has reduced thu
floating supply to point where tn,
market is over-sensitive to even :
modest wave Of buying orders. Thi.
brings some eager bidding for stock,
at rising prices, especially by thos,
who have been favoring the shor
side of the market. From every in
dication, the short interest has beer
quite extensive in recent weeks, BIZ
there has been little or no profit fo'
the bears.
Attention Conferred at Washington
Interest has centered during tn,
past week at Washington, where tn,
representatives Of capital, labor an,
the general public, have been tryint
to thresh out a solution for some 9
labor and capital could be induced t
sign. q six-nnonths truce. this problem
would disappear and the II. G. /
along with It. Meanwhile, the Unite,
k.i e N.4s~..oI nAfAa