The sun., 1919-11-03
FINANCIAL NEWS
AND THE SITUATION
Threatening Attitude of Labor
Is Influence of 0vershad-
owing Import.
MONEY CONDITIONS TENSE
Social Unrest and Relations to
Further Broadening of In
vestment Activity.
MONEY CONDITIONS TENSE
BY WILLIAM JUsrUs Bo1Es.

by WILLIAM JUSTUS BOIES.
In week of acute tension incident
to the most serious labor disturbance
that has developed since the world wal
began the public demand for securities
has broadened under the influence OF
sustained buying on reactions. That
movement is of much Significance and
shows that thinking people do not be-
lieve that the radical element in organ
lied labor will be permitted to starve
the nation into giving the miners a
thirty hour week and other concessions
which the men propose to wrest by brute
force. The whole nation has been in
censed by the attitude Of the strikers,
because the sturdy American citizen,
although noted for long suffering, gets
fighting mad when a labor official tells
him what he must do. The issue is
clear cut and the nation is ready to
meet 1t. II a handful OF miners are
permitted to put the country out of busi-
ness majority rule must be abandoned.
The strike leaders will find that they
are not immune from the law and that
court order cannot be ignored.
Points at Issue.
That crisis has clarified the atmos-
phere as nothing else has. England met
similar situation a few weeks ago
when the railroad strike threatened dis
aster, and In the words Of Lloyd George
showed that the nation would always
be master" It is absurd to think that
the American people will display less
backbone and permit less than half of
1 per cent Of the population of the
United States to tie up it's most i'm
portant fuel supply and put the rail-
roads out OF commission. The very life
Of the nation is at stake in such a con-
troversy and II the people meet the is
sue squarely the investment situation
will be strengthened and the whole con-
structive problem advanced. 1t is ap-
parent that such a course will command
the support of an immense body of or
ganized workers. who have been mis-
represented constantly by men who
sought to lead them. The loyalty of a
majority Of the workers need not be
Questioned, and II they are given pro-
lection, not only during the strike but
after the disturbance is over, they will
safeguard the civilization that thou
sands of them have risked their lives to
preserve.
A Critical Period.
Everything points. therefore, to the
SohSiuoioi tildl t1c weeks Oh
1919 will be historic. A Just settlement
Of the dispute will exert an important
influence not only on the American peo-
pie, but support thirty Governments
whose representatives are in the first
National Labor Conference that Wash
ington has ever entertained. As the war
hazard diminished in this country the
strike hazard increased until It modifes
every contract that American citizens
make with one another or with citizens
of other countries. It ought not to be DIFF
ficult to adjust labor differences and
restore order out of the semi-chaos that
has prevailed in labor affairs In this
country since the steel workers forced
the issue at the wrong moment The
of that strike was as moth
ing compared with the resentment
aroused by the intolerance of the soft
coal miners. The five day week, with
six hours of labor a day, is a demand
which exasperates the average citizen
sitting up nights to keep his head above
water.
Just Decision Certain.
In such a situation almost anything
can happen. but the Indications are that
this nation of workers will come through
100 per cent. efficient in this struggle
of the Reds against the Red, White and
ought not to take long to settle such a
strike, will find that the decision will
come sooner than they anticipated
The five Liberty loan campaigns added
10000, 900 people to the ranks of thrifty
Americans who may be relied on to sup
port the Government this year just as
they did in 1917 and 1918. If the army
of Thrift Stamp investors be taken into
account the ranks of hard headed Amer
leans who may be depended on to stand
by their country in a great crisis are
much larger. which does not mean that
possession of Government Sc
curities will be the deciding factor. But
1t shows that community prosperous
enough to gave money for a huge rainy
day fund may be relied on to think
straight about such a life and death
question as the coal strike represents
1t Is not an issue between those who
have nothing and those who have much.
Skilled artisans and raw labor never
received as high pay as they get to-day,
and although living expenses are bur-
densome the luxury margin for the av-
erage family is probably greater than II
ever has been. 1t is natural that the
great mass Of wage earners should show
a lively interest in a situation in which
a handful of men insist on a question,
which, to say the least. must reduce
greatly the production of the nations
steam making fuel.
Encouraging Conditions.
Had the coal strike come before the
steel strike the nutloOlr would baua haan