St. Paul daily globe., 1894-07-16
STEADY AMID CONFUSION.
STOCKS STAND THE STRIKE SHOCK
REMARKABLY WELL.
THE DECLINES WE'RE SLIGHT.

4uo ACtlCuO0 or the GOVernmonC
Regarded Favorably by Own
ers OF Railway Shares-Henry
Ciews Predicts Pronounced
Improvement in Business In
the Next Six or Eight Weeks.
Special to the Globe.
NEW YORK. July 15.-tor the past
week the chief influence acting upon
Wall street interests has been the dis
organization of business arising out of
the great Western strikes. The re-
markable fact Is that-with so many
thousands Of the working classes in
open hostility not only to capital. but
with the threats of labor leaders to
carry this disorder to the utmost extent
that the numbers of their followers
made possible-the financial center of
the country has remained calm, and
values have been comparatively unat-
fected. European holders of our invest
ments have shown some uneasiness at
this spectacle of organized revolt against
capital and the laws that protect it
which is only what might be expected
from the distance separating the event
from the observers and there has been
some consequent selling by the London
market, though barely sufficient to Wis.,
IDLY affect quotations here. The cause
of this confidence in the financial mar
kets has been the conviction, enter
tanned from the first that the disturb
ance could only be temporary-so brief.
indeed, as barely to afford chance for
making safe "bear" attack on the
market. Wall street has become so
familiar with labor disturbances as to
know pretty we'll how to value them.
1t understands the intrinsic weakness
Of the strike principle. when fairly put
to the test, and has learned that such
contests are most apt to end in some
form of relief from the restraints or
exactions that have been
ARBITRARILY ENFORCED
by the unions. In this case it has been
seen that the arrayIng of the utmost
force of organized labor could only end
in defeat that would widely discredit
the union principle and emancipate in
dustry from the disturbing rule of the
unions. The interruption of travel and
transportation has been regarded as
more temporary postponement Of rail-
| road business than as so much per-
manent loss; and the destruction of
property has been viewed as charge
upon the local governments which have
failed to prevent violence, rather than
| upon the corporations that have been
| raided. Moreover, what minor forms of
actual and uncompensated loss have
| fallen upon the railroad interest, 1t is
felt to be small matter in comparison
with the Offset aceruing from the signal
failure of the strike principle and the
consequent future Limitation of the
| unions power of disturbance. The firm
attitude assumed by the government in.
| for the first time, affirming that these
violent methods Of strike are funda-
mentally opposed not only 10 the rights
of the citizen, but also to the laws of
| the United States. Is an invaluable
CONTRIBUTION TOWARDS CONFIDENCE
in the future immunity of our rail-
| roads aud other large corporations
as against the lawless Interruptions of
| labor from which the country has suf-
| fered so much and by which the use OF
capital has been surrounded with very
serious risks. In brief: Wall street re-
| CARDS the struggle as the crewning bat
| tie between the employing class and
| the employed Class, in which the former
has regained its right to unobstructed
| freedom of contract In the employment
| ,E =.
of no small value to the future stability
| of orr industries; and the estimate put
upon it is significantly expressed in the
| steadiness of the financial markets amid
so much confusion. Another result of
| much value to the railroads has come
out of the strike. Under the past de.
preston of business and the general
fall in prices, the roads have felt the
| necessity Of general reduction In
wages, and yet they have hesitated to
| enforce 1t lest it should produce labor
disturbance. They have now an OPP
portunity of replacing their past en-
| ployes, and are doing SO upon gen.
orally reduced scale of wages. A valu.
able opportunity has thus been afforded
for the railroads conforming their scale
| Of expenses to the general, and prob
| ably permanent, reduction in prices
I Thus what has been dreaded as pos
| sible
GREAT NATIONAL CALAMITY
| turns out to be valuable contribution
towards completing the process of re.
adjustment which our material interests
| are now undergoing. Congress is now
| within q few days of completing the
| enactment Of the new tariff, and so far
| nothing has arisen in the conference OF
the two houses suggesting the posSibil-
ity of disagreement. LIN business cir.
cies, however, there Is no disposition to
take anything for granted In this mat
| ter, and the effects of the adoption oil
| the bill therefore cannot be measured
| until the agreement between the senate
| and house has been finally completed.
| at present, the feeling Is very com mon
| that a general revival of confidence and
| of business will then set in, from which
| steady development may be expected.
| Accounts from European centers in.
| dicate that the enactment of the tariff
| will be the signal for q revival of inter-
est in American Investments. Taking
| all the conditions and probabilities as
| they stand today, we should not be sur
| priSed that, within the next one or two
mouths, the situation is construed as
| favoring the setting in of general
| process of pronounced Improvement in
| the industrial, commercial and financial
| interests Of the nation.
HENRY CLEws.
4. .<&f al nnIv L., H.