Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-09-20
STEEL STRIKE is
WELL DISCOUNTED
Financial Community More Con-
N cerned Over Solution of
Obtaining Harmony
LABOR UNREST GROWTH
Stock. sales today on the New York
exchange, as compiled by the Evening
Sun, tOtaled 4S), 500 shares.

Stock sales today on the New Yorl,
exchange, as compiled by the Evening
Sun, totaled 4s'o, 500 shares.
New York, Sept. 20.-The Evening
suns weekly financial review today
says;
The all-engrossing topic and domi.
nant consideration in Wall street to-
day was, of course, the impending steel
strike. and this was reflected in the
STOCK market by cautious and hesitating
trading and general softening OF
prices.
" 1t would be inaccurate to describe
Ntsathe list as having been weak. In ths
hrst place, only the professional trad,
ers were in the market, and in the sec,
ond place, they were not so much bear.
lsh as they were prudent in assuming 6
waiting attitude. Whatever there was
remaining in the evening up of accounts
against week end developments was at
tended to without delay.
Accordingly the situation tended to
depress prices, but it was clear that
there was some quiet buying going on all
the time on the theory that the strike
had been fully discounted that prices
were at low level and that now was
the time to pick up some good bargains
/ at time when everybody was holding
back.
Week of Anxiety
Wall street went through another
week trying period of uncertainty with
respect to industrial unrest this week ,
that is to say, it was not until Fri.
day that it was able to make up its
mind whether of not there was to be
steel strike. BY that time every
thing which was likely to happen in
that direction had been pretty well dis
counted.
1t may be said without exaggeratioL
that the refusal of the labor union rep.
resentatives assembled in Pittsburgh to
rescind the strike call issued for Mon.
day was a positive, constructive market
factor; not so much. of course, be-
cause the decision was to strike, but
because there had been n decision
reached.
Perhaps there are gentlemen. high
in financial and industrial affairs whd
will welcome the walkout as a test OF
strength, the issue to which they be.
lieve to be quite as crucial to the Amer
lean Federation of Labor and labor 4
ranks in general as to the United States
Steel Corporation and the whole steel
industry.
They have an idea also that Mr.,
GomperS has more at stake than Judge
Gary. Nevertheless, it is manifestly a
Misrepresentation to assert that the
financial community would prefer te
have strike now than to have il
deferred until after the industrial con
ference scheduled to take place in
X Washington October 6.
There Is little concern as to what the
test of strength will reveal, but there
Is concern as to the feeling which vii,
exist between capital and labor should
the latter he worsted in the struggle, a.
seems more than likely.
Those who look at the subject broadly
from a humanitarian ns we'll as AT
economic point of view, pray for a solu
tion of the problem which will bring
about the sort of harmony which car
form the basis for permanent treaty
!, Of peace between the two elements ant
not truce with both sides stalking il
the armor of suspicion and recrimina
tion.
- Conference Has Big Task
The character and talents of the score
or more prominent men whom the Pres.
ideht has invited to assist at the Octo.
ber conference, men representative OF
AL elements which might be supposed
to be, most interested in solving til,
problem, promise at least that an earn.
est attempt will be made to find suck
a solution with some hope of success.
With a battle intervening, bringing
defeat certainly to one side or the other
bitterness on the one hand and elatioI
on the other will be carried into tn
Washington meeting which will i'm
u nensely complicate matters and preju
dice an early understanding.
Judge Gary's letter to the steel sub
sidiary companies, explaining his rea
sons for declining to meet the uniol
leaders when they applied to him las
week, was approved not only as main
tanning position which it would be un
wise to reverse under the circumstances
but also as indicating a desire on tn
part of the industrial leaders to dea
courteously and openly with labor
s Neither can do without the other an
It is equally true that the time has lon
since passed when either should be per
mitted to deal arbitrarily with the other
There was not much to quarrel will
In Judge Gary's reasons for declining
which were, "First, because did no
believe the gentlemen were authorized
to speak for large numbers of oar EN-
ployes, whose interests and wishes ar
of prime importance; second, becaus
conference with these men would hav'
been treated by them as recognition
of the CLOSED shop method of employ
ment We do not combat labor union
as such. We do not negotiate witt
labor unions because 1t would indicate
the closing of our shops against non
workmen are not members of unions anC
do not care to be. '.
The reply to this in substance wa
that the men who sought hearing
were authorized to speak for larg
numbers of steel workmen and tina
the only way to prove it was to strike
Small Percentage Unionized
1t has been estimated that not NOR
than 10 to Is per cent of United State
Steel employees are affiliated witt
unions. What the proportion is il
other steel companies cannot be know
accurately, but the fact remains tina
the larger steel organizations regar
the forthcoming struggle very compia
Gently. a.,
1t is problematical whether labor dis
&turbance has reached the peak.
compilation has been prepared, whic