The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-07-09
BANKER oLEws' VIEWS.
The Financial Outlook as Seen From
. Wall Street. 81.

i AO 4 AAAaS4aA OoJAOOh d5 GS61 = 1O11
ae ar Wall Street. as.
New York, July THE business of the
past week has been of a ragged and I'M
satisfactory nature. The railroad strike
has had much less effect than might have
been expected from its extraordinary
magnitude. At the opening of the week,
there was some selling from that cause
but it is a significant symptom that the
"bears" instead of making it an occasion
for selling, became buyers to cover their
shorts - and the fall in prices was con-
sequently but 1904 per cent. and of brief
duration.
! The view very generally taken of the
wild action of the strikers is, that its
own excuses must bring a speedy rem
edy. Wall street takes little stock in the
| schemes OF mere agitajors; and in the
| blatant pretensions OF Debs, it sees
| damaging blow to the demagogism that
| prevades a certain class of unions,
| though fortunately, by no means all of
them. The present strike, in spite of its
magnitude and its display Of threats and
force, has brought out an assurance
which not only goes far toward aIlaying
the present trouble, but will also prove an
| invaluable protection against future
! disputes between the railroads and
| their empoyes The government has
| reached the conclusion that it is legally
| concerned not only in preventing violent
| interferences with the ansportation of
| the mails, but also with the interruption
| of the carriage OF passengers and freight,
! as between state and state. This, upon
| full consideration by the highest legal
| authorities, the administration accepts
! as a true construction of the interstate
! commerce laws; and the troops have ac-
] Il -, 70 ? he
! present disturbances in the west; which
| means that, if the strikers do not speed
! ilV return to their places, the
roads will be enabled TO I'LL
| their positions with new and non
union hands. This action not only
provides a shortcut to the end of the
! present riotoUs procet dings; butt puts
| before railroad employees The certain
prospect of their having to deal with the
! armed power of the United states in any
| future attempts to enforce their strikes
! by violence. This is not only of immense
! value to the railroads. as relieving them
! of a constant menace to their property and
| operations it viii be equally welcomed
| by the public at large, who have suffered
| great inconvenience and loss from these
! Interruptions of travel and transporta-
/ ton. Beyond this, the action of the gov
! eminent carries great moral
ass trance to the country at
large The lawless proceedings Of
I LABOR organizations have so long been
| quietly tolerated as to produce growing
feeling of distrust as to the sutficiency OF
the laws for the preservation OF order;
! and this spectacle of the impunity of vlo-
| lence has been a direct encouragement TO
the disregard of the civil rights OF the
citizen. II IS therefore, most refresh
in0 assurance TO see the highest authority
, of the nation thus boldly declare that the
rights of properly, and liberty for its un-
INSTRUCTED use, must and shall be
respected And yet this action,
| irresnectiye of the interstate
commerce laws, is nothing more than
should be expected from the government.
! The railroads are the highways OF the
nation: and if it is conceded To be neces-
| sarv TO keep them OPEN for the carriage
of the mails, il must be allowed 10 De
/ even still more necessary, in the interest
of the people at large, that they snail be
lrent unobstructed for the transportation
If nroducts and persons. II is PLAIN dc
tate of pubic policy that this Important
service should be performed by tne
| national government; and IL IS simply
marvellous that this duty should never
| haze hitherto been openly coRnlZed.
Duria1 the latter half Of the week the
| market for securities showed the Denenclat
| enacts OF these assurances. Even LONDON
resUonded by orders 10 buy. Indeed, the
! tDgiish market is becoming muen more
I jmDortant element Of support 10 New
| Xo,x than % has beeu for mary months
naet n not since the pessage 81 the oher-
man silver act. This seems " DC ~