Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-12-12
GOSSIP OF THE STREET
COAL-S7RIKE SETTLEMENT
FAILED AS MARKET FACTOR
Crude Oil Likely Be adopted Fuel by the Counuys
Important Industrial Plants

THE expected bull market. which
i some had hoped would follow the
announcement Of the settlement Of the
coal strike, failed to materialize. On
the contrary, declines in practically the
whole stock exchange list were the re-
suit.
IL is true that some far seeing brokers
did not expect the settlement Of the
strike to influence the stock market TO
any great extent, and Ou Wednesday
and earlier in the week were advising
caution by their clients. telling them
that even il prices of stocks should show
sudden advance on the publication of
the news, not 10 be carried away by
such movements, as they would only
be temporary. and in many cases would
result IN reaction, AS one broker
summed up the situation the results oil
the strike are far reaching and cannot
be overcome in day
Practically every business. he said
has suffered more or less and will con
tiuue to do so till the coal mining al
over the country has returned to nor
NAL and depleted coal stocks are re
plenished. This will take time, he re.
marked
The money situation was credited
with the decline in stock prices yes
terday. in conjunction with the unsst
isfactory progress Of the railroad prob
lem.
/ Speaking Of the railroad problem.
youug banker, who predicted both ih'
coal and steel strikes long before they
were spoken of in the street, said yes
! terdsy that soon we would have rail
/ road strike, When il was pointed on
to him that we already had a railroad
strike, he said his guess was that th'
former didn't count.
This railroad strike. he said. will no
/ probably result in a walkout but do
mauds would be made. if for no othe
purpose than to 60 on record. Then. b.
remarked. We will have done witt
strikes for n long time. His concern j
largely interested in the securities of al
three-coal, steel and railroads.
Coal Burning Versus OIL Burning
A broker remarked that as one of th
results of the coal strike he expected
to see the oil stocks take on consider
able activity in the near future. Th
predicament in which the coal strik
had placed many large industries, es
pecially the steel and power plants. no
10 speak of the owners Of large depart
ment stores, apartment houses and of
Acc buildings. had started many Il
thinking of tho means TO combat such
situation If the need should arise again
He said that manufacturers of fuel oi
were already turning their attention t
the matter.
He had heard that the owners o
several large buildings in New Nor
had made arrangements to chang
from coal burning to oil burning. II
fact. he said, he understood that th
Hotel Astor had completed arrange
ments including a large tank under tn
sidewalk, and were only awaiting tn
necessary permission from the city au
thortes 10 begin operation.
Fuel oil men, he said. are 6udin
that the greatest objection to the chang
of installation is the cost: but in Ger
tain eases they are offering TO max
the change to the boilers free of cost
Such a proposition, he said, had bcel
made and accepted in connection will
the Woolworth Building,
The plan of campaign, he remarked
is likely to be successful. 1t is similar
he soid. to the method adopted when th
Corliss engine was first introduced. Th
proposition was to install the engine TO
the Saving in coal for number of years
with an option TO buy out at q statet
price at an earlier date, and it wa
said that no contract was permitted t.