The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-09-03
MARKET Reforms To
NORMAL CONDITIONS
BY Broafian Wall.

New York, Sept. 2.---wsil street had
the best day today that 1t has had at
any time since the July rise terminal
ed. 1t was the frar of the radical la
Dor party getting the upper hand
which caused the break in August 1t
has been the definite removal of this
fear which has caused the recovery of
The last week and half. Foreign ex-
changes were quite weak again today,
especially sterling, which got down to
AIS, But this fresh decline had no
effect upon steeks which were ex
tremely buoyanf from Start to finish.
The fact that the STOCK market ig-
nored the renewed decline In exchange
was very significant. Some very good
judges have thought that 1T was the
drop in sterling francs< and lire. with
the accompanying threat against the
export trade which had nIoIe to do
with last months decline IA stocks
than the labor troubles. The market
is showing these critics that they were
wrong and that now that the invest
ment public feel treasured about the
labor situation the stock market has
returned to the same condition in
which it was at the close of July.
All fears OF great railroad strike
had subsidized when the stock ex-
change closed its three day holiday
last week. over Labor Day came the
added assurance that the labor leaders
would exert their influence in SINH
lar manner to avoid tie UP in the
steel industry. More than this, there
are to be no more strfkes.at all except
those where there Is exceptional cause
justifying the side of labor This
promise the labor leaders have virtu-
ally given to President Wilson. and in
return he has promised labor to call
q conference with the representatives
Of capital and presumably extract
some compromise from them. Very
| likely the heads of the steel industry
will be given a chance to prove their
attitude of Indifference toward the
steel unions.
1t looks now az II the whole indus
! trial section of the market'had started
in just where 1t left off when inter-
rupted month ago by the outbreak
of the railway brotherhoods. There is
the same confident speculation in the
closely held high priced issues that
there was in July. Moreover the bull
pools have a short interest to work
On. as they did not have then. The
bear crowd have made quite bit Of
easy money during the August break
and have been inclined to contest the
rise. AS a result they are being very
badly punished. especially in stocks
like Crucfble Steel. American Wool
Studebaker and General Motors. where
the insiders have bought up so much
of the available supply that situa-
ton resembling the beginning OF a
corner exists. Crucible Steel continued
today its sensational performances 1t
carried the whole steel group with it.
! Steel common was up at one time
over two points and held nearly all
/ its gains at the finish.
! In the motor stocks General Motors.
Studehaker and Maxwell were the
/ leaders.
/ OH stocks were bought with the ut
most eonAdenee.----
I All the Tobacco shares have been
very well bought during the last few
t days. while Copper issues Joined In
t the advance. they were behind the rest
especially In point of activity.
! All of the low priced rails were &C
tive. especially those which have been
| labelled ''oil roads.
Texas and Pacific was one of the low
priced rails which came in for great
deal of attention.