The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-07-02

week wall street Nda SNOW q. -"laH ItaN-
ZION from the improving tendency APP.
parent during tie previous pay. q .nis
month. The change, however appears
10 have been due rather to speculative
naueuycrs tuan 10 aay important
changes in material conditions. The
"bears' seem 10 have got up concerted
movement, including European cooper
alton, for raidln, the market, their main
dependence being on the impending
Pullman strike, u perverted c0ns,ruc.
non put upon the banks supplying tho
treasury with gold, and on misrcpre-
sgntatlOUs rs 20 cash resources OF the
government. coupled with contemplated
ltrgp sales OF stock. Tho preliminary
-k!rm.shiGgs Of TINS movement had,
during tho first half Of the week, quite
an effect upon the prices OF certain spc-
clu.tigs: but on tuesday the force Of tie
scheme was broken by series OF eX-
p.arnti0us and dcn.a.s, re -prc'lug the
condition Of tho trcUsnry. issued by
Prcsidcnt Cleveland Although zen.
orally approved. still there WAS some
difference Of opinion Us TO the necessity
or tho cxpCIicnCy OF the President
making such open reference 10 these
matters. his frank statements, however,
mad tao indirect effect Of defeating the
clans Of tho bears" Buying orders
came from London, which, IN pursuance
of the scheme. was 10 be seilor; and
hero tho previous sellers became active
IN covering their 'short5," and some
important rcCovcries in prices were the
consequence. 1t iuus happened that
tho movement tina, was intended to
break confidence in the market has re-
suited IN failure and has become new
element OF strength.
Tho really important event of the
week has been the sympathetic strike
Of western railroad employees. II i'm
possible, at present, to estimate the eS-
tent to which It NAV interfere with the
carrying trade or to which it may affect
large interests dependent upon railroad
facilities. To those familiar, however.
with the interests Immediately COuCcrn-
ed, 1t is not likely 10 appear bv any
meaus au unmiXcd misfortune. II will
raise questions ami lead to changes
which the strikers seem TO have little
anticipated The roads have long felt
that, under the existing depression Ut
business and tho great decline in price,,
large reductions n operating expenses
had become necessary, not only as q
means towards making both ends meet,
out also OF enabling them to make con-
ccssiOuB on freight charges IN certain
directions. They have hcsi.atod 10
make those adjustments through gen.
cral cutting down OF wages, though
all that i9 possible through reduction
in the numerical strength Of their EN-
uloycs. Their hands have now thrown
down the gauntlet on one issue, the
Pullman strike; the roads scnm quite
willing to accept the gauge, but on an.
other issue, general reduction OF
wages.
So far as can be Goresecn, therefore,
the strike begun on Wednesday is like
" to run TO lengths winch will put
it within the power OF the railroad, TO
effect general reduction in wages
The fact that this reduction has not yes
been effected has been, for some months
past, the chief point OF weakness N
railroad securities, and has had much
to do with the decline IN net earnings.
The occasion has now come for this nd
justmCnt OF the carrying interest to the
new conditions prevailing in the lndus-
trial and commercial interests. Tho
conditions could hardly have been more
favorable to the success OF the roads il
this struggle The strikers have
against them Tie justice OF the case, the
verdict OF public opinion, the essential
weakness OF any mere strike on grounds
OF craft sympathy" and the cxtraorli-
nary number OF unemployed who
stands ready to take their place. The
strike, therefore, can hardly fail to end
in reduction OF wages, that. directly or
indirectly, will run through our rail-
road system at large. The transient iu-
coHvonienccs resulting from the iutgr-
ruption OF traffic will be "a email matter
compared with the benefits to bU de-
rived from placing this immense
national interest upon sOuudcr and
more normal huaHclN. basis. When
this has been accomplished, little viii
remain TO be done in rcspnC. 10 the ro-
modification OF the scale OF general
wages which has become necessary
partly from the change Of tariff policy
aud still more irSm causes that lie
deeper and are mere universal. In
this important sense, the railroad strike
il 10 be regarded rs the harbingor Of
great national benefit, and as laying the
basis for new confidence aud for the re-
sumption OF now widely Suspended
operations
The banks have rendered a w!so and
VIII .lcfomu support 10 the treasury IN
Undertaking 10 virtually supply what
ever gold may bn wanted Tor export
pending the current outflow The pub.
lie have ceased 10 watch the declining
reserves Of the treasury with t.UI.'r.
uuI great relief rs felt ~ U:- virtual
assurance given by the bank, that they
are prepared TO make romwuu cause
with the government until Congress
has ut least had q tI'r opportunity Tor
cs.r'Ca.u. the national finances FROM
their present exposure. II Do TO De-
hopci. however. that ia" yrsiinD, auI
secretary %. 'uw treasury viii use their
u.mIs, influence towards securing surE
legislation ai will relieve the treasury
from tho overwhelming burden Of its
present demand obligations. such other
mg. .aiiOu Us tina, step might make nee
cssary. llr%NY ILrwr.