Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-27
MARKET HES|TATES
ON LABOR UNREST
General Reaction in Prices, but
Entire Movement Was Highly
Professional
Stock sales today on the New York
exchange. as compiled by the Evening
Sun. tOtaled Cos, 900 shares.


Stock sales today on the New York
exchange. as compiled by the Evening
SIM. totaled Cos, 900 shares.
New York, Aug. 27.-The New York
Evening Sun, in its closing financial
review today. says:
prices reacted substantially from
the higher levels attained in Yesterdays
stock market, but trading was dull in
the extreme and presented few features
of more than passing interest. The
encouragement and cheer derived from
the Presidents firm attitude in the
matter of the shopmens demands was
tempered just enough by succeeding de-
velopmcnts in that quarter, as we'll as
in the steel workers area. to give the
bear element an opportunity to exert
pressure against the entire list.
Tuesdays rapid advance matle the
time ripe for profit taking also, and
realizing sales went hand in hand with
short selling. Declines were moderate.
however, and were frequently inter
spersed with good rallies.
The entire movement was highly pro-
fessional and carried scant significance.
The stocks and groups in which pool op-
orators were most active underwent the
brOadeSt setbacks. such as Crucible
Steel, International Paper. the leath-
ers and oils
The standard shares and rails were
heavy but not weak. and rather
neglected Wall street talked, thought
and dreamed in terms of labor agta-
tion. Many viewed the situation as
having seen its worst phase.
1t was suggested that if the railroad
shOpmen did not heed the saner coun-
ellis of some of the more conservative
labor leaders and meet the President,
in his effort to cut the cost of living by
1 reducing prices rather than raising
wages. there was less likelihood of the
steel men going to extremes. Mr..
GompcrS $ promised statement is
awaited with the kecnest interest.
Whether justified or not by events.
the feeling has gained considerable
ground that the labor heads are begin
ming to realize that the rcstleA foreign
element in labor's ranks is more eager
to stir up trouble than the larger mum =
Der Of plain. common sense American
workmem, or than their grievances war
rant.
- At any rate reason seems to be re =
! turning to some degree and this is re
garded as a most hopeful indication OF
improvement in the near future.
Judge Gary's refusal to receive the
steel representatives was not unexpected
nor interpreted as precluding settle
ment. But whether or not there is ia
be a strike among the steel plants there
was no particular anxiety. 1t is esti
mated that the union steel men number
only about 10 to II per cent of all steel
workmen.
The steel plants which would be most
affected by walkOut could close down
for few days, or even iapger, without
disaster. and probably in the end cooler
counsel would prevail
Meanwhile the public has withdrawn
from the market and only professional
give and take keeps the ball rolling. 1t
is presumed likely that the exchange will
close for Saturday, giving a three day
recess and adjustment of accounts was
, uDuIf.
The prompt reply of the United States
/ Steel head to the letter submitted by
/ the steel labor committee refusing t.
admit the committees right to repre-
sent majority sentiment among tn,
wOrkmen Mt least tended to bring thu
mntter to an issue quickly. Immediate,
ly after its being made public in tn,
afternoon prices stiffened to some OK
tent, although trading was of such ,
desultory character that the improve
ment was not sustained War bOnd
were actively dealt in. and on most is
sues prices were higher.
According to the Iron Age the stee
trade believes that the strength of tn,
strike movement has been overstatet
and that the large majority of mil
hands is opposed to being thrown ou
of work. II adds that neither manu-,
facturers nor consumers of steel an,
pear to be taking any of the safeguard
ing steps as to stocks or shipments
of materials usually seen when a strik,
is considered imminent. ExpOrt trad
is still expanding. The Orient, Soutl
America and the late neutral countries
of Europe are good buyers. Car re
pair work is growing in the absenc,
of new railroad equipment orders. Brit
ish steel exports are stated to be grow,
ing slowly.
There was a distinctly better ton
in foreign exchange. Sterling sigh
bills were quoted at 4.2l% aud franc
at sos francs to the dollar Ther
was a further drop in pesetas to Il
cents and marks declined TO 4.S5 cents
Money rates were unchanged, Cal
loans renewed aud ruled at 6 per cen
for both mixed and industrial collateral
and the same rate prevailed for Rxe
date funds. Cotton was steady an
| grale was heavy,