The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-07-16
FINANCIAL REVIEW.
Henry ciows's Weekly Lister on
the Bua!nosu Outlook.
THE EFFECTSOF THE GREAT STRIKE
Was No. TO Disturb Wall strect-con.
ffdencetn tho Government-one no.
SUIT of tho Strike wnl Be to Epaole
Railroads TO Mako a General No.
ductiOn IN waGcs-Tbo Tariff Uu.
certainty.
sg.elal caropgn4erc, efnc Ir.tll-.ae,t

SpstGIt CoraponGeues ornc IakRfseaesh
EEw YoRK, July ll.-For the pas
week the chief influence acting upor
Wall street interests has been tho dis
organization Of business arising out o
tho great western Sthkca The remark
able fact is that-wi.h go many thou
sands Of the working classes 10 oper
hostility not only to capital but 70 thu
United States government. and Will
the threats OF labor leaders 10 carry
this disorder to tho utmost extent tina
tho numbers OF their followers made
posSibIe-tho financial centto Of tbs
country has rcmnIned caIm and valusl
have been comparatively unaffected
European holders Of our investmont
have shown some uncaSiness at this
spectacle OF organized revolt ogains,
capital and tho laws that protect IL
which Ia only what might bs expected
from tho distance separating tho Gveni
from the obscrvers-nnd theTehas been
aomo consequent selling by the Londor
market, though barely suthclcnt L
Y'sib!y adoct quotations here.
The cause Of this confidence In The
financial markets has been the convic
ton, entertained from the tIrst. shat TIT
disturbance could DO only temporary
briof indeed as barely TO afford a chsncS
for making n snfo boar" attack on the
market. Wall street has hccomo 81
familiar with labor disturbances rs Il
know pretty vol how 10 value them
1t undetstands tho intrinsic weakness
OF tho strike principle. when fairly pu
10 tho test, and has learnt that such
contests are most apt 10 end in some
form Of relief from tho restraints o,
exactlons that have been arbitrarily
| enforced by thountons. In this case, il
has been seen that the nrraying OF the
utmost force OF organized labor could
only end in defeat that would widely
discrodit tho union principle and
| einanctpate industry FROM tho disturb
ing ruio OF tho unions. Tho iutorrup
tIon Of travel and transportation has
been regarded ia moro Of temporary
postponomcnt OF railroad business than
rs 80 much permanent loss; and the dc,
| struction OF property has been viowod
as charge upon tho local governments
which havo failed to prevent violence
| rather than upon the corporations thai
have been raldod. Moreover, what.
over minor forms Of actual aud
unrompensatcd loss have fallen upon
tho railroad interest, it is fell
to be small matter in comparison
with the offset accruing from tho sigua
failure OF tho strike psinctple aud tho
consequent future limitation Of tho
Unions power Of disturbance. 9ht
| firm attitude assumed by tho govern
ment 10, for the first limo. affirming
| that these violent methods oil strike arc
fundamentally opposed pot only TO the
rights Of the citizen but also to the laws
OF the United States, Is an invaluable
| contribution towards conadeRce In tho
future immunity Of our railroads aud
other largo corporations ms agatnst:th
lawless interruptions Of labor from
| which the country has suffered so much
and BY which the use OF capital hnI
been surrounded with yery serious risks
| In briei, Wall street regards tho struggle
as the crowniug battle between the en-
| pioyins class and the employed class, it
| which the former has regained Its right
| 10 unobstructed freedom Of contrnct II
| the employment OF labor, Tho result
| Of this victory is OF no email value Il
| the future stability of our Industries
and the estimate put upon It Is ste
uifcansly expressed IN the steadtness O.
the fnancial markets amid go much
cpnfusion.
Another result OF much vaiue to The
| railroads has come out oil tho strikO
| Under the past depression Of, business
and the general tall in prices, tho road!
have felt the necessity oil general 10
ductiop in wages, and yet they have
besi;aIed toeniorce Il lest il should pro
duce q labor disturbance. They have
now an opportunity of replacing their
past employees, and are doing 80 upon {
generally reduced scale Of wages. 4
valuable opportunity has thus been Of
torded for the railroads conforming
sheIr scale Of expenses TO the general
and probably permanent, reduction In
prices. Thus what has boon dreadet
az a possible great national calamity
turns out to DO valuable coutribusior
towards completing the process Of read
instmtnt which our material Interests
are now undergoing.
Congress Is now within a fow days Of
completing tho enactment OF the new
tariff, and SO far nothing has arisen IL
the conference OF the two hduses suR
costing the possibility Of disagree
ment. In business circles, however
there is no disposition to tako anything
for granted In this mattor, aud tho Of
fec.s Of tho adoption Of tho bill tho.e
fore cannot be measured until the
arreement between the senate aud
house has been finally completed. Al
present tho feeling is worry common thai
a general rpvlval Of confidence and Of
business will thon SGT In. from which .
stnadv development may DO expectcd
Accounts from European ccntrcs ind,
cate that tho enactment OF tho tariff
will DO the signal for revival OF inter
est in American invGstmOnts. Fakthl
ali tho conditions aud probabilities as
thev stand to-day, wo should not be
SURPRISED that, within tho next ono OF
two months, tho situation is construed
AZ favoring the snttino in Of general
process Of pronounced improvement. IN
| The industrial. commercial AID hnanciaI
| Jp,orosta nf tho nation,