The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-08-11
RAIL WORKERS DISCOURAGED BUT
WON'T ADMIT THEY ARE BEATEN
Wall Street Enters
a Period Of Sanity
Three Times During Past
Week Stock Market Was
Within Inch Of Panic.
BY Broadan Wall.

New York, Aug. 10.--Wall Street
seems to be emerging into week of
com parativeiy SANITY after period in
which 1t went plumb crazy over the
labor question, The threat OF a ma
tion-wide railroad strike was too
much for the over strained nerves of
the traders.
Three times during the past week
Wall Street was within an inch of
panic. Nothing but American horse
sense saved it. There are many per-
sons who are continually fearing that
Bolshevism may get a hold in this
country and every time super
heated labor agitator makes some
foolish statement. they think 1t has
arrived. They did not stop to con-
slider last week that the extreme
views advanced at Washington were
strictly personal and were not shared
by the body of union labor. The num-
Der OF actual strikes in progress was
not much greater than normal. 1t
was the threat rather than the reality
that made the trouble.
President wilson's address to con-
rress made ii clear that IL the union
labor wants anything from the presi-
dent. 1t will have to go back to work.
In expressing that sentiment the
president, for once. voices the over
WHetIUlHB SEHk&Iu@tll Vi tic IoAiil y
He will be backed up in that attitude.
That is why his speech had such a
buliish effect on the stock market
Saturday.
But even the president and those
who are sincerely trying to solve the
vexatious problems of labor and the
high cost of living are. in the opinion
of many serious thinkers, venturing
into unwise experiments. 1t is sug-
hi cn1f t,1
the ancient law Of supply and demand
is. in part. repealed by modern con
ditions.
The president says not word In
his speech about imitation, and In
fiaiion Is at the root OF the whole
trouble. Prices are always a prob
lem in simple division. All the com
modities in the world and everything
that is for sale is used for the divisor.
All the money in the world and all
the credi, lis the dividend. The an
swer is the price.
DUE TO INITIATION.
The world has very large divi-
dend, due to unavoidable imitation,
and the problem II 10 reduce the divi-
dend or increase the divisor. Any at
tempt TO sidestep the law of supply
and demand viii only delay a reduc-
ton of the answer.
clusion that the most vital thing just
now is an increase of industrial ac-
tivity. He is trying to increase the
divisor. By striking and reducing the
output of commodities and the supply
of labor. the unionc are doing their
very best to reduce the divisor and
increase the answer, which is the
price.
Careful reading OF the presidents
speech fails to disclose any hope Of
relief from that quarter. except where
he urges union labor to return to
work, That is the only possible solu-
ton of the problem, The law against
idleness should he severely enforced
Production and more production is
the only solution. What is happen
ing now has followed war In the his
tory OF the world.
All in good time the problem will
be adjusted. as II always has been
adjusted after every war AS mat
ter OF fact, this war will continue for
years. 1t was In progress years be-
fore the first cannon was fired. Every
war Is.
This war began years ago, with
boarding of gold in Europe The
Vaterland, launched by Germany,
was the first real gun fred In the war