Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-30

NSi'"cs uVSiiutu 10 see L0e COIntn1LJee hn0
suggested that IL submit its arguments
in writing. Later the committee 4
spokesman replied that unless hear
ing was granted the strike vote which
had already been taken would be al
lowed to become operative.
But evidently the committee was moi
prepared to follow its spokesman as
far as that, since it developed or
Thursday last that the steel men were
advised to do nothing for the present
Meanwhile Mr.. Gompers arranged tC
see the President yesterday afternoon
and it was understood that he sought
to enlist the Presidents aid in Undue.
ing Judge Gary to yield the point Of
hearing. The significant thing about
all this. of course, is the fact that
everybody apparently is striving tc
avert strike movement, and what
everybody tries to do cannot fail Of
effect.
Wall street had good reason to feel
that the atmosphere had been cleared
and that neither the steel men nor the
railway shopmen would venture to
strike. This feeling was reflected pro
gressively in the stock market. The
advance in securities prices on Thurs
day and yesterday did not accession any
very material influx of outside orders.
The anxiety of the short interests to
cover, badly squeezed as they were,
was not allayed by the decision Of the
Stock Exchange governing committee
to close the exchange today. The short
interest had indeed grown to large pro-
portions and those who had commit
ments of that nature could not view
with composure three day recess with
the most cheerful sentiment prevailing
at the outset. And it was not easy for
the shorts to find n supply of stocks
adequate to their needs, although Offer
ings were not lacking for the same
reason having to do with the extended
week end.
Shorts Hard Hit
In truth, neither the longs nor the
shorts could feel convinced of any GER
tainty that events between Friday and
Tuesday would be favorable to them.
The former had the advantage of eK-
listing conditions within the market, and
there appeared to be no reason for an
ticipating that anything would happen
over the turn of the week essentially to
change the technical position. The
shorts were especially hard hit in
Southern Pacific and in the oil group
The decision of the Federal Court in
California in the governments suits
against the the road for the recovery
of oil lands in San Joaquin county II
that state favored the railroad, holding
that the acquisition of the patents tC
the land did not show fraud. The mat
ter will be appealed and the railroad
company will, in the interval, be en-
joined from developing the lands il
question. but this did not prevent 1
violent advance in the Southern Pacific
shares in very heavy buying.
The movement spread through thu
entire list, aided by the extensive buy
ing of oil shares which were given con
siderable impetus by dispatches from
Mexico City, stating that the ptroleun
committee of the Mexican Senate hat
reported in favor of amending Article
% of the Mexican Constitution in
manner to eliminate the retroactive
feature having to 60 with foreign hold
ings of Mexican oil lands.
Those foreign interests, therefore
which had acquired such holdings priol
to May 1, 1917, were to be left in pos
session of them. The Mexican Petro-
leum Company will be, of course, one 'oi
the largest benefciaries under this rec,
ommendation should it materialize as
recommended. The price of that com
s., nj, yninte
with the other oils following in good
form. The standard shares were not
far behind and the week closed yester
day with prices at the top and theil
progress interfereG with, apparently
only by the sounding of the gong OIL
| the exchange floor.