Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-09-20


shows that the number Of strikes has
increased month by month, with one
exception, that Of March, from the be-
ginning of January to the close Of Au-
gust that is to say, there were nearly
three times as many walkouts in Au-
gust as in January.
The American Federation of Labor
Is credited withY an estimate that at
present there are 1000 strikes going on
or impending.
In the light of this it might well be
asked whether the situation has not
come to point when il is imperative
that concessions should be made of mu-
tual advantage to both capital and la
Dor. AS Wall street understands it.
President Wilson's purpose in calling
the October conference was to enforce
recognition of some such idea.
Threshold Of Prosperity
Irrespective of the merits Of the peace
treaty there are numerous enough in
dications that the country has become
weary of the delay in settling the league
of nations controversy. Whatever the
bases for prosperity may be, and they
do not seem to be lacking in solidity,
there cannot be full surface activity in
business until the Senate determines
NOuTSt. ~ UDIdUlt TtCEulJ " lHP
ranks of those who look for thriving
business conditions was Charles NJ.
Schwab, who stated that he had been
converted to optimism and who declared
that the United States is ION the
threshold of the greatest era of pros
perity in our history"
1--WE in America" he continued,
''have made remarkable progress indus
trially and financially since the signing
of the armistice. We have given a
most interesting exhibition Of our re-
Cooperative powers. 1t takes a situa-
tion such as we have just passed through
to weaken us to our actual resources
The attorney general averred reduc-
tions of 10 to 10 per cent in retail
nrices of foodstuffs have been effected
in twelve states; of 2 to per cent in
wholesale food prices in four states, and
in other states and communities the cost
| of living is being held about stationary.
Except in a few communities, no cuts
have been brought about in clothing or
other necessaries. The work is indeed
slow, but it is still too early to pass
Judgment on the governments efforts.
Money continued at ease throughout
the week. Only at the closing Thurs
day did the call loan rate get above D
per cent. The ruling rate was 4 per
cent. Time funds were fairly active at
@ per cent, bids being made at ON per
cent in the middle of the week.
United States Treasury expenditures
in the first thirteen days of September
were $215 200 600 less than in the same
period of last year. The payments @ que
| last Monday, estimated at 5000, 600 600.
were more than offset by payments due
the banks on Treasury certificates OF
| Indebtedness, thus obviating tightening
of money rates during the shifting OF
| funds. There was little question OF re-
deposit of tax funds with the banks since
certificate maturities required the use
of them and more.
Interior centers continued to send
| funds here which were presumed TO
represent sums which had been re-
served for crop moving. but IL now
aDnears that the reserve was bigger
| than was or will be required for that
purpose, since the wheat and some
other crops have shown marked de :
terioration from midsummer estimates,
The offering of the new tax certihcates
has met with pronounced success, the
Federal Reserve Bank calculating that
the total subscriptions to both issues
will be not less than SI5O,ooo,Voo.
| Foreign exchange again sought new
low levels in the first half Of the week.
| Sterling bills sold down within frac-
tion of the record low at S4.12A
francs. lire and marks were at bottoms
not heretofore touched. There was
moderate recovery in the second hall
of the week. but the market remained
unstable. ,.,
There We're further signs that little
was to be expected from the other side
in the way Of correcting this situation,
one eminent English writer predicting
that the pound sterling would 60 as
low as S3.75. He considers that Great
Britain-s balance of trade will be. i'm :
proved thereby and will result in
redistribution of this country's accu-
mutation of gold in one way or an,
other. This suggests the subject OF
production in Europe. Mr.. Hoover
states that there is population OF
100 900 900 on the other side more than
the present basis of production can
. provide for.