The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-09-09
WALL ST. DISTURBED
OVER STEEL OUTLOOK

New York, Sept. s.-Today's mar
ket for the most part was a narrow
trading affair with the protest.
selling in the morning and covering
up in the afternoon The net result
was an unimportant series of price
changes except in a few specialties
where specul ative cliques bid UP
prices 1t was an interesting test of
the market position for ii demonstrate
ed a very strong underton despite the
unwilingness to do much with the
the uncertainty of what will happen
when the steel unions have their meet
ing.
The rhinkinr part Of Wall Street
has never been uneasy about the steel
labor situation. II has never felt that
a strike, should one occur, would have
any i'm portant results as affecting the
output Of the mills
The best evidence of this is the
constant testimony of the steel trade
journals from week 10 week that bag
mess is going ahead Is usual aespifc
the alleged labor unrest.
Nevertheless the action Of the la
Dor unions is a point of uncertainty
which the market would rather have
behind it than ahead OF it, Conse-
auently the street is disposed to wait
until the matter is settled one way
or the other.
There was no other news in today 5
market that had any effect upon the
price fluctuations. Both sterling and
continental exchanges were covered a
bit al the start and fell off again later.
There Is still Il considerable pressure
or commercial bills even at these low
levels
There is some Investment buying
OF sterling on the idea that sooner or
later the peace treaty will lie ratified
and that in the meantime rates are
not apt to go much lower. Moreover,
there. is the possibility OF the passage
OF the Edge. bill ,aisthar3nzipgethe cree
alton of corporations to extend credit
abread.i eo-aperatjon with sthe Unit
cd States government The heaviest
long range buying of the exchange
market Is that which has been oc
curing for the last few weeks in the
market exchange
Mexican Petroleum was the feature
OF the market with a rally of over
ten points from the lowest which car
ried the stock to a new high record
Other oil shares recovered with Mex
lean. The best opinion is buliish on
Sinclair and Transcontinental Oil
There was very good inside buying
in California Petroleum last week and
there was none OF IL today.
United Retaid stores was very strong
on the optimistic statements made by
Mr., Whalen on his return from Flu
rope.
There is an aggressive pool at work
in Goodrich and the stock acted very
impressiyely today.
Now that President Franklin Of
the International Mercantile Marine
Is back from Europe the market will
await with interest some early an
nouncement of the back dividend pay
mcnt plan. The telegraph stocks
were a weak spot in today's trading
II ~ now said that there will have TO
be some new financing by the Amer
lean Telephone and Telegraph before
long and that it will take the form
of an issue Of preferred stock. The
government crop report for Septen-
Der had no influence one way or the
other.
Call money was liz per cent most
OF the day with some late borrowing
at six per cent Rather less time
money was offered There may be
some temporary hardening during the
cuming1week