DailyTimeCapsule brief
September 21, 1938
On September 21, 1938, R. J. Watt delivered a significant lecture at a management parley where he criticized the sit-down strike tactic employed by labor unions, asserting that maintaining discipline was essential for the labor movement's future post-war. Watt emphasized the choice between taxes to support the unemployed or the need to innovate and pay workers adequately, reflecting the economic challenges of the Great Depression. Amidst this, the political landscape was also shifting, illustrated by Hall conceding defeat in Nassau, losing the Republican nomination for Congress, highlighting the ongoing political battles amid low voter turnout, with only 12,274 votes cast. This day encapsulated pivotal discussions on labor, economic policies, and the intricacies of political nominations in a time of economic strife.
Key developments
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On September 21, 1938, the New York Stock Exchange announced amendments to its rules regarding priority for members leaving the trading floor. The changes aimed to streamline trading during busy market periods, enhancing efficiency. Additionally, the ticker procedure was revised to reflect these modifications, ensuring smoother communication among members.
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On September 21, 1938, R. J. Watt addressed concerns over sit-down strikes, blaming the Roosevelt Administration for the unrest. He emphasized the importance of discipline within union ranks and the need for a new management creed post-war. Watt warned labor about potential class wars and stressed the government's role in economic reform, particularly regarding debt reduction.
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William F. Hall conceded defeat in the Nassau assembly election, paving the way for his Republican nomination for Congress. The election was notable for its low voter turnout, with only 12,274 votes cast. Additionally, the Labor Party fielded a candidate for the first time in the county's history, indicating a shift in the political landscape.
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