Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-09-06
LABOR DAY DESTINED
TO Be MEMORABLE ONE
Wall Street Forcsccs Cheaper
Money, Cheaper Labor and Lower
Ing Of Cost OF Living.
EURopE's TRIBUTE IN CASH
With Rail Congestion Ending and
American Capital Looking for
Bargains In America, Financicrs
Look Forward to Another Boom.
ny BnOADAN WALL.

the leading thinkers OF tho financial
world, because IL marks the turning
point Of the Great War It must
be understood that wars never begin
nor end with fighting. The fighting
begins after an economic crIsis is
reached. and after the fighting ends
another cconomic crisis must de-
velop before things can mend per-
manenuy. II liz that second crisis
that the great financial economists
OF the world believe has now been
reached, 30 far as America il con-
ccrned.
The lnal financial European crisis
is stiil In the uncertain future. That
tx why there Is so much chccrfulncss
developing in Wall Street. That is
why money Is going to he cheaper,
wages lower. and tho cost OF living
= materially reduced in America
Day of Rejoicing.
This Labor Day should therefore
DO one of rejoicing Tor all good
American citizens. Tho Wall Street
point of view Is that It makes no
difference TO the workingman what
his wages are In money. The only
question Is what he can buy with
that money, and from tho Wall
Street point Of Wow wages arc now
very low for the workingmnn and
nigh for the employer. whereas n
reduction In the money payment OF
wages would 30 reduce the price OF
commodities that lesser number OF
dollars would buy more for the wage
worker and would mean a real In
crease to him. This point of view
should be distinctly understood. be-
cause Wall Street. In talking lower
wages. believes It Is really doing
the wage Garner 4 friendly turn.
The high money wages are at
tracing LABOR from Europe In large
nurnbcns. AT the game time the
high cos, OF living makes It i'm
possible for many thrown suddenly
into idlcness to obtain work at
wages enabling them to live as they
have learned TO 1.-Two since tho war
began. Tho result is that there are
thousands OF Idle workrnen who re-
fuss 10 do the work offered TO them.
because the persons wanting II done
cannot pay the wages demanded.
This is particularly true In the build
Ing trades.
The presence In America OF these
thousands OF workmen from Europe
iB. In tho opinion OF fnanciers, GER
tain TO break the money price Of
wages In the near future. The
abundance Of this years harvcsts
guarantees plenty OF food for every
body.
Clearing Up Freight Congrstion.
Cleaning UP fthc freight con-
gcst!on has encouraged the railroad
men In particular. and general bust
ness has declined to such an extent
that II Is now the correct thing in
the financial world TO begin dis
counting recovery of business,
even though It seems certain that
business in commercial and manu-
featuring lines Will have to be worse
before II can be better. But with
the captains of Industry having made
up their minds definitely that bust
ness Is about at the worst OF the
crisis. few weeks or months makes
no difference In their plans. They
are about done with the work Of
cleaning up wrcckage, and some of
them are already beginning TO lay
foundations for new enterprises. Be
cause OF the commanding position
America has attained as 4 result OF
the war these foundations will be so
broad as to astonish the world
This revival of American business
that Is now looked forward to will
be all the stronger because the Eu-
ropean crisis Is still uncertain. For
time after the military part of
the war was finished. American can't
tai had tendency to go rowing to
other countries looking for bar
gains. 1t was particularly keen
about finriing bargains Nm Franco
and Germany. but recent events
have cured 1t of that tendency, and
now American capital is seeking
bargains in America
Tribute TO America in Cash.
thus American wealth will be con-
centrated. That is ono of the reasons
that Americans have never captured
moro Of the foreign trade. There
nave always been so many bargains
at home that 1t has been hard to
tempt capital into foreign fields,
whereas countries like England had
no bargains at homo and were com
PEELED to go abroad in order to in
vest their money. The whole world
IS paying tribute to America now in
cash. and this cash will find ample
opportunities right at homo.
Announcement Is expected Tuesday
morning Of the new French loan in
connection with which France is
sending about 500. 900, 900 of gold to
New York. The new loan will have
to De made to look very attractive
In order to compete with American
bargains presented in the bonds of
railroads and Industrial companies.
Under the new railroad laws. the
bonds of American railroads become
FAR safer than the bonds OF any for
eign nation, and these railroad Sc
curities can be obtained on an in
vestment basis OF per cent and
better.
With the arrival OF all this gold
from Europe, and with tho prepara-
lions for crop moving completed,
and with the decline of many lines
OF commercial business. money must
work castor on economic grounds.
even IL there were not an attempt
to reduce the rate for political
reasons. Wall Street is not much
interested in the reasons for re-
ducing money, provided, it. is re-
duced. Idle money always finds ON
ployment in Wall Street.
Under the circumstances. railroads