The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-05-07
LABOR'S ATTITUDE.
Viewed With Much Concern by In
dustrial and Railroad Managers.

Viewed With Much Concern by In
dustrial and Railroad Managers.
Henry C1ews Weekly Financial Re
view says:
Labor troubles and gold exports have
partially modified the confidence shown
in the stock market during the past few
weeks.
1t is useless to deny that the threaten
ing attitude of labor is viewed with
considerable concern by both industrial
and railroad managers. Wages in the
lower grades of labor, where business
has been exceptionally good have in
many instances been voluntarily ad
yanced; and the new industrial conbi-
nations have often been enabled to
show exceptional liberality to their en-
ployes in the matter of wages. 1t is not
forgotten, however. that these advances
have been granted because of phenom-
email conditions; conditions which can
not be expected to continue very much
longer, and when they cease wages must
decline The cost of manufacturing has
already been so heavily enhanced in
other directions that any reduction in
the cost of finished products, which
must surely come as soon as the pres
sure of demand abates, will compel the
manufacturer to resist any further rise
in wages and may in fact oblige him to
find means of lessening the labor cost.
1t is quite possible for the demands Of
labor to be pushed so far as to injure
its own interests most. American man
ufacturerS are rapidly increasing their
product for foreign markets, and about
rs per cent of our exports now consist
cf manufactured products. Let the cost
of these be carried any higher, and we
| shall Immediately be shut out of many
! foreign markets; the foothold we have
gained will be lost,and surplus products
/ now exported will be thrown upon the
| home market, forcing either shut downs
| or reductions, intead of advances in pri-
ces and higher wages. Labor is already
| sharing freely in the general prosperity;
| the present large gains of capital are
! only temporary, and will barely COM
! pensate to the extent of making a re-
! spectacle average profit for the last five
! years.It is a comparatively small period
| since many manufacturing concerns
| were either on the edge of bankruptcy
/ or else only earning dividends; and be-
| fore many moths they will be obliged to
| meet new competition and reduced
earnings. The true friend of labor will
| certainly advise moderation. Labor has
been generously and fairly dealt with by
the great corporations lately land it will
simply cause injury to itself by enforc-
| ing terms that restrict production and
check new enterprise. If the labor I'M
| ions would only select men of character
and ability as leaders intead of profes-
| slonal ag1tatOrS or would-be politicians
their cause would be better served and
| their progress more sure. When the
spirit of fair play prevails equally be
/ tween employer and eInplOye, we shall
have few labor disputes
Gold exports have attracted more at
tention than deserved. At this period
we usually ship gold, and as money is
worth 1Q112 per cent more in Londor
than in New York. it is but natural fol
gold to flow in that direction While
more will probably follow there are NJ
indications that the efflux will be suffi.
Gent to cause any inconvenience here
Money rates are easy; funds are return
ing from the interior; trade require
ments are relaxing; bank reserves arr
rising; the treasury is taking less from
the banks than usual, and now hold
over $5O,O00,0 900 of free gold that coulC
be taken before the surplus reserve O
$150,00O, 600 could be reached. In tn
money situation, therefore there is NJ
cause for concern; in fact New Yorl
is now practically a lender of funds il
London, Paris and Berlin; than which
we could have no better evidence o
financial strength. The trade situation
shows some aba tement of the rusl
noticed during the past six months
Some manufacturers will be occupie
for two or three months more on high
priced contracts, but new orders ar
coming in more slowly. Buyers hav
gotten over their excessive zeal to ge
goods, and in some departments of mer
chandiSing retailers are already carry
ing large stocks, and will probably pu
in their duplicate orders with less free
dom until these are worked down t
normal proportions For these reason
1t would cause no surprise if genera
business slowed down somewhat at frs
hands. If then some shading of value
should follow, new orders would prob
ably come in more freely. In the iro
trade most departments are fully en-
plOyed and no recessions of consequence
have yet been made. The present ali
I normal prices for these products canno
however, continue Indefinitely; and a
there are many new projects deferre
because of the high cost of structure
, materials, a lower range of values woul
[ | place such industries on a more stab
/ and natural basis.
2 In the railroad situation there is n
, feature of Importance except the cor
tinued satisfactory reports of earning
These strengthen the preference, Whic
/; we have persistently expressed in thes
4 advices, for railroads over any otht
l large class of investments. The stoc
!. market at present is so completely i
the hands of the trading element thu
i it's course is difficult to forecast II
I trinsic conditions are sound and encoul
, aging; yet there are so many question
v ahead which may affect speculatiN
e forces, and which can not be foretol
r that the best advice we can offer
caution. There are a number of secur
), ties which will probably see higher fiE
ures; but just now the buying elemel
seems to require fresh stimulus. Stool
are generally in strong hands, and
& concerted effort could easily lift IL
: market were the leaders so disposed.