Salt Lake Tribune | 1919-08-21 | Page 16 | Stock Market Reaction due to Serious Labor Problems

jSTOCiTIARKET REACTION DUE TO 5ER10U5 LABOR PROBLEMS Prices Firm at Outset, but Ease Off and Close Weak on Absolute Demoralization in Foreign Exchange. NEW YORK. An?. 20. The more confident J feeling created yesterday by tile apeedy seule-j seule-j men l of t lie i ruction strike was completely dis-I dis-I pelled today by fresh misglvinKS regarding cur-; cur-; rent financial and industrial problem. Prices were firm to strong ut the outset, but i etised all around before ni Id day and weakened j before the close on the absolute d'?morali7.tloa j wlilch prevailed In the foreign exchange market , and growing, apprehension as to tiie outcome of the steel workers' utrike vou . Favorable developments, such as the reduction reduc-tion of t lie bank acceptance ra te and prospects of an amicable adjustment of dif fi-rnc'.'s between be-tween Pacific coast oil refiners nod (lie navy department were ignored in the more obvious evt-ntB of the day. ("all money alto offered Ground for unsettle-ment, unsettle-ment, the easy rates of the opening hardening appreciably in the final hour on withdrawal of funds by interior banks to meet Jcmunds in their respective locullt lis. In connection with the fur'her slump of ex change in Loudon, Paris nnd Ko:ae whi:h extended ex-tended to other continental European centers. It was rumored that the Frencn government had entered into active negotiations with American Amer-ican bankers for a lurse loan to stablllLe credits, but no confirmation was forthcoming from high financial interests. Authorities scouted the idea of a protracted strike In thf- steel trade, but th-ir slews were not shared by traders, ns indica ied by United Slates Steel's decline to OS a us lowest price la four mouths und drop of 2 points. Reversals in other stnnd.v.d stocks ranged from S to 5 points, specialties LUHlainlng lohs.-s of 5 to almost 10. the market elomiig almost at lowest levels. Sales amounted to WO. 000 shares. Liberty bonds were fairly steady ; but the general list, "including forfign irues, w.is hcavv. Total 'sales (par vuluel .iggrc-pated ' LS10!C75.000. Old I!. S. boonds unchanged.