Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-05-06
BUSINESS AND
INDUSTRIAL.
Special to the Register.

Special 10 lIle tA6SlSleT.
NEW YORK, May 5.-Labor troubles
and gold experts have partially mod1-
fed the confidence shown in the Stock
Market during the past few weeks.
1t is useless to deny that the threat
ening 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 adj
vanced; and the new industrial combi-
nations have often been enabled to
show exceptional liberality to their
employees in the matter of wages. 1t
is not forgotten, however, that these
advances have been granted because OF
phenomenal conditions; conditions
which cannot be expected to continue
very much longer and when they cease
wages must Decline. The cost of man.
ufacturing has already been so heavily
enhanced in other directions that any
reduction in the cost of finished pro-
ducts. which must surely come as soon
as the pressure 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 manufacturers are rapidly
increasing their product for foreign
markets, and about 25 per cent of our
exports now consist of manufactured
products. Let the cost of these be car
ried any higher, and we shall immed-
iateely be shut out of any foreign mar
kets: the foothold we have gained will
be lost, and surplus products now eX-
ported will be thrown upon the home
market, forcing either shut-downs or
reductions, instead of advances in
prices and higher wages. Labor is al
ready sharing freely in the general
prosperity; the present large gains of
capital are only temporary, and will
barely compensate to the extent of
making a respectable average profit
for the last five years. 1t is a COM
paratively small period since manu-
featuring concerns were either on the
edge of bankruptcy or else only earning
beggarly dividends; and before many
months 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; and it
will simply cause injury to itself by
enforcing terms that restrict production
and check new enterprise. If the la
Dor unions would only select men of
character and ability as leaders instead
of professional agitators or would-be
politicians, their cause would be better
served and their progress more sure
When the spirit OF fair play prevails
equally between employer and en-
ploye, 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 1Q11s per cent more in London
than in New York, it is but natural for
gold to flow in that direction. While
more will probably follow there are
no indications that the efflux will be
sufficient to cause any inconvenience
here. Money rates are easy; funds are
ireturning from (the interior; trade re-