Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-09-05
MARKET SUFFERS
FRESH LABOR CHILL
Mr.. Gompers's Alarmist TeIe-
gram Gives Bear Contingent
Fresh Advantage
BREAK IN THE AFTERNOON

New York. Sept. J.-Thc New York
Evening Suns closing financial review
today says:
Bear traders were supplied with
plenty of ammunition today and they
proceeded to make the most of it with
out loss of time. But their real op-
pOrtunity didn' come until shortly after
noon. when Mr. GompcrS's alarmiSt
telegram was dispatched TO the PrcS-
dent on tour. Wall street was taken
abnck by this unlocked for incident
and resistance TO pressure was for tho
time abandoned. prices dropping from
to - points or more from the Thurs
day closing level and as much again in
many cases from the high level of the
day.
The financial community asked itself
why. if the labor leaders had under
taken to arrange truce pending the de
velOpment of measures designed to
lower the cost Of living. they should
suddenly fear the radical union ele-
mcnts just as the President had left the
capital. Why this talk all at once
about the lawful situation" in the
iron and steel industry. the brutality"
and "thuggery' of corporation agents
and the like epithctS: The financial com
munity was puzzled and wondered who
was short of the market this time.
President Wilson was appealed to
several days ago to intcrrrdr with Judge
Gary to induce the latter to revoke his
refusal to see the union leaders. If he
has made the effort. Mr.. Wilson has
t.,
said today that nothing had drvplODpd
to his knowledge. \ meeting of steel
union presidents is to be hcld,in Wash
ington next Tuesday, and presumably.
il the telegram is to be taken at its
face value, Mr.. GOmpers and his as
sociates fear that they cannot hold the
radical element in check unless they
have something from the President to
show for their efforts on that occasion.
Before the telegram was published the
stock list was Irregular in animated
trading. in which cross currents of
short selling. taking Of profits and buy
ing by sold out bulls were conspicuous.
The oils were we'll bought on the
strength of reports of oil production in
July made to the Geological Survey at
Washington. Mexican Petroleum crossed
POI early in the session. Pan American
was moderately strong. while Sinclair
made an exceptionally coed showing.
CruCible Steel at the outset lost ten
points, recovered about half the loss
and then touched new low on this
movement below 1863. Baldwin retreated
six points. and American Sumatra To-
I',ptro1 I
Genera Motor suffered from persistent
bear attacks. On the other hand. the
traction shares were in excellent demand
and the marines had expansive mo
mPnts.
! The rails inclined to heaviness. The
break in the foreign exchanges, in which
francs and lire established new low
levels, was another factor favorable to
the bear side
The new low record for fancs was
s francs 81 centimes to the dollar, and
for lire 9.74 lire to the dollar. Marks
also went to bottom at 4 80 cents the
mark, Sterling dropped to $414a4
which, however, was 2la cents above
the recent low of 4.12 Kroner and
pcsatas were likewise weak. This stu
alton reflects the failure of the gov
ernment to take steps in arranging for
credits and confirms the view that the
recent betterment was only passing
phase due to speculative buying.
Money again ruled easy. Call loans
renewed at 51a per cent and rates later
dropped to 3 per cent. More money was
put out on time loans at per cent.
Bids on mixed loans We're made at 534
per cent for early dates. Gold to the
amount of 81 300 900 is being engaged
here for shipment to India on behalf
of the Bank of Montreal agency, re-
lating presumably to transactions in
rupee exchange.
The break in exchange effect both cot
ton and grain, which We're weak.