Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-08-29
WALL STREET CONSIDERS
THREATENED Steel STRIKE
news Relative to Shopmen's Unions
Failed to Arrive Before En-
change Closed.
TRADERS HURRY TO UNLOAD
Market Closes With Selling Still in
Progress, but Did Not Go Far
Enough to Offset All Early
Gains.
ny HRoAnAN MALf

NEW YORK, August 2S.-The big
news of tho day did net come until
long after the stock market had closed.
good part OF the trading element
had gone home before word was re-
ceived that the executive council OF
Inc shopmen'S Unions had advised the
men TO accept President Wilson'S pro-
posa!s and not 10 strike pending tho
outcome OF the campaign TO reduce the
cost OF living THIS still left open
the que<ion of what Mr.. Gompcrs ana
The railroad brotherhood heads would
have TO say the subject. These
leaders have been in conference In
Washington all day without being able
TO agree. The late news. however. was
welcomed by all who heard Il as the
most important development that has
occurred in the labor situation since
1ho Iev9iutionary Plumb plan was
Wall Street paid most Of it's attcn-
ton during the business day to the
conflicting incidents in tho threatened
buoyant up TO the middle of the after
noon. with the stecls. equipments.
word came that Chairman Fitzpatrick.
OF the committee representing the
steel unions. had announced tina; there
would be "A strike unless Judge Gary
accedcd to tho mems dcman
buying is Checked.
This had the effect OF abruptly check.
: ing the buying movement. and caused
4 hasty unloading by traders who had
ing TO get out OF their stocks. The
market closed with the selling still
In progress. II Old not go far enough
TO Offset AL the early gains. but il did
materially reduce them. The whole
trading was so professional that It
was exceedingly hard 10 buy while
prices were rising in inc forenoon and
IGu!tc az hard to sell while they were
deGiining in the fnal hour.
Tho late decline was assisted by the
reversal in the sterling exchange mar
ket. Sight drafts on London. after
getting rs high - si2t. dropped TO
N.2i IL at the finish This vas the
ny the Bank Of England of its interes:
allowance, on American balances. II
was another proof in support OF the
contention tina; foreign bankers want
exchange down in order 10 shut on
American imports Of all but the nee
essar:es Of life The exchange si,ua-
not count asaiui; the developments In
the labor situation.
Worries Over Labor Troubles.
The market MS shown plainly tina;
u is chilly worry-ng II the action of
tho executive council OF the shopmen
Is Endorsed By the American Fedora
be brighter than i; has been at any
time in the past month. 1t matters
very little whether the steel unions.
which do not reprcscn; more than
quarter Of tho men employed. go on,
If the 100000 employees OF the rail-
roads align themselves on the side OF
i'resident Wilson and postpone their
demands until the efforts 10 reduce tho
high cost Of living have been tried
out.
Tho high priced indus,riais were
once again the features OF the market
Cruciblc Stecls violent jump did not
surprise anybody who has accepted the
authoritative statements about the
short interest In tho stock
American AGricuitural Chemical
dropped as low az % on the pubIica-
ton OF The annual report, which
showed that dividends 1t the rate OF
per cent had not quite been earned
Shorts in the .!rn stocks especially
in Kelly Springfield, found g hard time
covering Money Was unchanged with
the ruling rate per cent most OF the
day. and some loans made a; > IL
toward the close. Corn and oats
dropped off sharply and as an indica
ton OF the success Of the campaign
for lower food prices. provision mar
hctS broke very badly