Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-28
No STRIKE, IS THE
FINANCIAL VERDICT
Hurried Covering Of Shorts and
Scant Supply Send Prices
Up With Rush
Stock sales today on the New York
exchange. as compiled by the Evening
sun, tOtaiel 765. 100 shares

New York. Aug 2S.-Thc New York
Evening Sun in the closing financial re-
view today says:
Whethc, justified or not by present
Indications or future events, Wall
street about made up it's mind today
that there was not going to be q strike
either by the railway shopmen or by tn,
stCPlworkcrs. With Mr.. Gompcrs in
Washington studying the situation and
Mr.. Stone ordering the striking engi-
neers on the Pacific coast to return to
their engines on pain of expulsion from
the union, not to mention the report
later qualified that the shopmen in the
Reading district had voted to accept
President Wilson's offer. there was
ground for believing that the worst was
over.
Labor knows now that it has gone
as far as it can go and carry any
preponderance of sympathy of the coun-
try with it. The leaders have stopped
to reflect and there is great deal to
reflect on. President Wilson has as
sumed a position from which it is not
conceivable that he can recede. and
| labor is not going to assail that posi-
ton without due weighing because it
senses the fact that the country is un-
mistakabIy behind the President in his
| stand.
These considerations were more than
sufficient to send the shorts hurricdly
to cover, and all the more readily be
cause of the impending three day recess
from Friday to Tuesday. The volume
of trading was light and this demon
strated tnat the supply of stocks was
| not large. When the demand became
at all urgent, therefore, prices were bid
up broadly.
| The shorts were sadly squeezed in
trucibl" Steel, which advanced more
| than ] points; in Baldwin Locomotive
which push through Ill; indeed. in all
the steel and equipment shares. and in
| lesser degree the motors. feathers and
oils.
The shelving of the Plumb plan for
the railroads, which Washington re
CARDS aS accomplished. associated with
the better outlook in the strike matter
served to help the rails likewise nj
though there was nothing at all spec
tacular in that quarter.
Despite the proximity of the recess
II was apparent that pool Operators
Stores, Ne wIOrk Dock, General Motor
Marine common and preferred, were
among individual shares which stood
out.
There was considerable shading of
prices from mid afternoon and markip-, =,
presumably the completion Of the more
urgent covering operations. Steel. after
crossing 103, fell back to 1O2: Baldwin
Locomotive reacted some 3 points from
the top, and Crucible about : points.
Net gains We're still substantial how
ever, and the market position was NOT
impaired materially.
Money conditions were UNCHANGED
Call loans ruled at per cent folIowinp
renewals at that rate, and time funds
were scarcely more than nominal at {
per cent, without distinction as to col
lateral
Sterling sight drafts were higher carl,
in the session. but they reacted spme.
what on the setback ia London due +,
the Bank of Engig nd's reduction in th.
interest rate on foreign balances from
~ to per cent. Francs. lire an,
marks were all advanced. Even peseta,
recovered some 10 points Of its feeepi
losses.