Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-09-27

same period. Crncible, J.. which there
is supposed to be an influential specu-
lative pool, opened more than six points
higher, and advanced to 212 in the first
few minutes, thereafter settling back
few points only to rally again in mid
session, crossing pa. Republic Steel,
Baldwin Locomotive and Pressed Steel
Car were also eagerly bought.
1t was, in short, n steel session in the
sense that the stock market has not been
for some time back.
News dispatches from the strike dis
tricts were very cheering, indicating as
they did that workmen were returning
in substantial numbers, and that serious
riffs had taken place in the ranks of
those who had walked out.
Wall Street Confident
Wall street was self contained but
carefully watchful in this the first week
of the steel strike. Pride of opinion was
not permitted to interfere with cool
analysis of news dispatches as they came
day by day from the centers of disturb
ance. That the dispatches were con-
fusing in a measure and in many in
stances highly contradictory was not at
all surprising, since it was entirely
human that each side should desire to
appear in the ascendency. Confidence
that the strike would in the end be
broken was not for moment shaken,
but this feeling, while II formed the
background of strength in the securities
market, was subjective. The fact re-
mained that there was n fight on which
was recognized by thinking persons as
of fundamental character different
from and perhaps more ominous than in
fights of the past between employer and
employed. Consciously or uncon-
sciously. caution and hesitation were en-
gendered because other factors of far
reaching Importance were TO be con-
sidercd as well, the unratified treaty.
the high cost of living probe, as yet in
its. initial stages, threatened stagnation
IN foreign trade, to mention some of
them.
As the week drew to close the posi- i
bility presented itself that some form
of mediation in the strike might grow
out Of the investigation instituted by
the Senate as to the causes of labor
unrest in general and the present
struggle in particular. In the hearing
which was begun Immediately at Wash {.
lngton, the labor leader. Fitzpatrick
stated his willingness to arbitrate.
Whether this attitude might be inter
pretativc of the course of events in the
steel centers was Coniectural. At any
rate, Judge Gary, speaking for himself
ana the interests under his care, was
not willing to arbitrate. Nevertheless
the financial community looked for one
OF two things to happen in the near
future-either the strike movement
would collapse or the government would
fee! constra ncd to take hand. Mean
while, developments seemed to Justify
hopeful view since emphasis was placed
on reports that workmen were return
ing to the mills. Whether these were
striking workmcn who had become dis
illusionod or workmen who had STAYED
away TO avoid trouble or even strikers
who sought to aid the cause from within
was question. Thus the true situa
ton could not be clearly defined. and
such uncertainty as there was had to be
carried over into next week.
President Not a Factor
The Presidents enforced abandon
ment of his western trip because nj
strain on his health was not. strictly
Speaking. a factor in Wall street of.
iairs. 1t did not appear that his con
dition called for anxiety. but that he
was returning to the capital suggested
more concentrated effort on such prob
lens of the hour as the steel strike
hut TINS. 90. would have to go over
uhtli next week at least. as it remained
TO De seen how soon Mr.. Wilson would
ec aoie TO give attention to public af
1alrs: Judge iary is not scheduled r.
testify before the Senate committee nm .
til Wednesday next, and his TESTIMONY is
anticipated with the greatest interest
IL was not regarded as likely that much
progress toward arbitration would he
made in the interval. W
The view of the Street toward , sot
tlement by arbitration was rotbe,
mixed. Everybody. of course, wanted
10 see thS strike ended II. as was
quite freely asserted al the beginninc
OF the week, the financial district vel :
! coined test of strength now. thpre
was some justification for the hone that
the issue would not be COMPROMISED nre .
maturely. Many felt that It sbnuld
first be demonstrated in very posi
tive way whether it was minority of
radicals which was essaying to domi
nate majority of conservatives. and
II so, whether it were not possible ia
de1eat such an un American purpose.
1t was not clear that events had pro
gressed to the point of demonstrating
beyond peradventnre anything of the
kind, however they ma have tended
to aid belief for conjecture. Their,
was talkVof nationalist alignment
among the workmen, as. for instance,
that it was those who were sympathetir
with the former central empires who
stood opposed to American laborers to
those who might be supposed to have
sympathies for the Allies. This and
other phases, it was felt, should have
thorough airing.
Foreign Exchange Figures
The foreign exchange market came
into prominence by virtue of the fed :
eral treasury's announcement of the
funding of interest on foreign wartime
loans made in this country. The step
was generally approved by bankers be-
cause it would tend to aid measures Tor
extending credits to Europe. Grpat
Britain. France, Italy and the othefs
found it virtually impossible to make
cash payments on account of interest
accruing because of the extremely ad-