Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-10-23
WALKOUT
SLACKENS TRADING
Wall Street Uneasy Over Revo.
lutionary Character Of
Mine Strike 4

New York, Oct 23.-The financ,,,
outlook Is presented In the Herald to.
day as follows:
4, IL was rather confidently expected NJ
tne close OF last week that in the cur.
rent week a forward movemest in Sc.
curities prices would develop. There
was something. to justify this optimism
because OF the outlook for money.
since the heaviest financing Of tho
autumn prior to December had been
taken care Of without much diffcultv
or disturbance.
indeed. there was very fitting oc.
casion for congratulation, and doubt.
less the stock market would have
shown reflection Of the satisfaction
generally felt had it not been for tho
Eruption of the British labor crisis
The feeling had grown that there would
be no strike Of the coal miners, even
though the balloting should disclose \
majority In favor Of the step, as turned
out to be the case.
The proneness Of the speculative Gle.
ment In Wall street to wander to the
FAR ends OF the earth In quest of mar
ket factors was an outgrowth OF the
silver famine in India, a revolution In
Tim mbuctoo or what not, were SOL
emnly alluded TO as potential or ac.
tual influences.
This tendency rendered the strike in
Britain capable Of being exaggerated so
far rs its effects on international trade.
on our own supply Of coal and on the
supplies which the continental coun-
tries were wont to draw from England,
were concerned. Industrial dislocation
In Great Britain itself could even be
viewed with equanimity since. in the
nature OF things, the situation could
be but temporary.
Rut the financial community here, as
well as elsewhere, was called upon to
contemplate a movement which was not
based primarily on wage demands nor
yet on abuses with respect to hours.
There was. instead, an ominous tinge
of revolution In It and some indica-
tions that foreign radicals were in
yolyed in it's instigation. Production
Is the main thing, whether in England
or anywhere else, and the refusal Of
the strikers and their leaders to give
assurance of increased output as ac-
commitment to increased pay gave the
government little option In its position.
It was not at all surprising, there
fore, that the stock market here called
halt and that trading was restricted
and narrow. The bears, Of course. made
the usual effort to depress values and
met with little success. There were
several reasons for their failure. One
of them was the size to which the short
interest had previously grown and an
other was the absence of public par
ticipation.
Had there been large volume Of
margined accounts In brokerage houses
doubtless there would have been df-
ferent tale to relate. There was moth
ing to induce the public to participate
in the trading and much to deter it.
Buying initiative was, in consequence.
Mt low ebb. md by the same token OF
lack Of outside interest, the supply OF
stocks was limited.
In fact, the shorts found that 1t was
not easy to cover and that it was not
easy to work prices down. The result
was q stalemate, a marking of time
until something definite should develop.
It was clear that the British Govern
ment was disposed to negotiate with the
recalcitrant miners should the latter
show any disposition to give way in the
matter Of production. A compromise
was not despaired Of, and as the week
drew to close it was evident that some
progress was being made in that direc-
ton, although the attitude Of the rail-
waymen in delivering an ultimatum that
IL the government did not treat with the
miners by tomorrow the railroad men
would 20 out. did not help clarity mat.
ters nor smooth the path Of the prime
minister.