The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1894-07-14

shown some reaction from the i'm
proving tendency apparent during
the previous part of this month.
The change however appears to have
been due rather to speculative ma
neuyers than to any important
changes in material conditions. The
bears seem to have got up a con-
certed movement, including Europe
an cooperation, for raiding the mar
ket; their main dependence being on
the impending Pullman strike, on a
perverted construction put upon the
banks supplying the Treasury with
gold, and on Misrepresentation as to
the casa resources of the Govern
ment, coupled with contemplated
large sales of stock. The prelimi-
nary skirmishings of this movement
had during the first half of the
week, quite an effect upon the prices
of certain specialties; but on Tues
day the force of the scheme was
broken by series of explanations
and denials, respecting the condition
Of the Treasury, issued by President
Cleveland. Although generally ap-
proved. still there was some differ
ence of opinion as to the necessity
or the expediency of the President
making such open reference to these
matters, his frank statements, how
ever, had the indirect effect of de-
feating the plans of the bears. Buy
ing orders came from London, which
in pursuance of the scheme, was to
be seller; and here the previous
sellers became active in covering
their shorts, and some important re-
coveries in prices were the conse-
quence. 1t thus happened that the
movement that was intended to
break confidence in the market has
resulted in failure and has become a
new element of strength.
The really important event of the
week has been the sympathetic
strike of Western railroad employees
1t is impossible, at present, to esti-
mate the extent to which it may in
terfere with the carrying trade or to
which it may affect large interests
dependent upon railroad facilities.
To those familiar, however, with the
interests immediately concerned, it
is not likely to appear By any means
an unmixed misfortune. It will
raise questions and lead to changes
which the strikers seem to have an
ticipated. The roads have long felt
that, under the existing depression
OF business and the great decline in
prices, large reductions in operating
expenses had become necessary, not
only as means towards making
both ends meet, but also Of enabling
them to make concessions ON freight
charges in certain directions. They
have hesitated to make those ad-
justments through a general cutting
down of wages, though they have
done all that is possible through a
reduction in the numerical strength
of their employees. Their hands
have now thrown down the gauntlet
at one issue, the Pullman strike, the
roads seem quite willing to accept
the gauge, but on another issue, a
general reduction of wages.
So FAR as can be foreseen, therefore,
the strike begun on Wednesday is
likely to run to lengths which will
put it within the power of the rail
roads to effect a general reduction in
wages. The transient inconvenience
resulting from tie interruption of
traffic will be small matter com
pared with the benefits to be derived
from placing this immense national
interest upon sounder and more
normal financial basis. When this
has been accomplished, little will re-
main to be done in respect to the
rehabilitation of the scale of general
wages which has become necessary
partly from the change of tariff pol
icy and still more from causes that
lie deeper and are more universal.
In this important sense, the railroad
strike is to be regarded as the har-
binger of great national benefit,
and as laying the basis for new con
fidence and for the resumption of
now widely suspended operations.