The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-12
CLEWS ON BIG STRIKE
LABOR, HE SAYS, Is SADLY IN
NEED OF WISE
LEADERS
STOCK MARKET IS WAITING
Bull Sentiment Has Received Serious
Check. OVviG to Injury to Corn
and Industrial Con-
ditions.

Henry Clews, in his weekly review of
onditons in Wall street. says:
Wall street has been almost entirely
dominated by the great steel strike,
the steel stocks themselves having dis
counted the influence more perhaps than
the general market. This shows how
seriously capital views the question 1t
issue The struggle is not for wages
OF hours. The men are generally en-
ployed and are earning good wages
hence there is little suffering except
WFat Is self-intiicted; and the strikers
nave thus far received little public SYM
pauhy, except from the radical elements
OF trades unionism. The strikers wish to
compel the steel management to employ
union men at some of its mills, whether
IL VIII or no. 1t aims to solidify labor
lEeo trust of the mightiest and most
tyrannical sort, and deprive EMPLOYERS of
their rightful liberty to employ union
or non-union labor as they see fit: to
compel non-union men to Join forces
OF lose their occupation. In short, it
AIMS TO 90 nothing less than run the mills
themselves and assume a dictatorship
more tyrannical and dangerous than that
ever conceived by any combination of
capital If successful there would be
wholesale migration of capital There
may be some trade combinations which
possess Objectionable features, but none
whose managers have given thought to-
slch unjust measures as the Amalgamat-
ed association Is attempting
me right Of labor to organize Is free
~ admitted, and labor leaders must
N!Tn Uhat employers have the right to
Clllze union or non-uniOn labor as thew
sec MT. 1t is a mistake to say the life
81 unlonlsm is at stake in this struggla ;
SnCuld the strike fail, as it probably
VIII unions will exist as before but
Inelr attempt TO wreSt control from the
OWhFrS or property must be defeated or
tne country would face a crisis and de-
pIeSslon too dangerous to be contem-
mated. Labor is sadly in need Of wise
ana capable leaders. 1t has suffered
EIleFously from reckless and malicious
u'm2goSues, mon who for their own ends
preferred to stir UP envy and strife TO
, seeking tair play and mutual resDect
pGlWeen employer and employee OF late
I1no! mas nut forth as leaders men who
1INoHu wen ana men whose personal
CHARACTER was beyond reproach, but thew
EnNc not been men of a high order OF
t 21,uSlliess or .Xecutye ability. Usually
Iaey- arc sentimentalists and signauy I'M
Htteu by nature TO lead in matters 50
Gohple% and practical as those surround
IiIS nl tTo '"stry: Strikes rarely sue
ceeu; they accomplish less than anv otbe-
method. In the vast majority Of cases
ihey lnlure rather than benefit the work
Cu-''u; ana laborS chief progress in the
tEco,,o ~ wages and hours has been
JnI0uGh the path of rational negotiation
Nere were more labor leaders with the
"1i.-'N ana wisdom Of Chief Arthur Of
HE lie. engineers, brotherhood, our Industrial
4'SloIV would contain fewer dark snots
than II does. and better relations wonId
exist between capital and labor The
more harmonious these become the better
10Y 10Y t,e country at large, and public opin-
ION should denounce those who embitter
TIC dlEerences between employer and en-
ploye. Both sides would gain bv work
ing on basis of mutual respect and
Tho stock market continues IN wait
ing attitude. Summer quiet prevails ev
efyWhere and until the vacation period
II over and general business resumes ito
accustomed swing there is likely 70 ho
NIUE beyond a good trading market in
Whlch we should advise selling on ali
EooI Ia,nes and buying only on good de-
ciiilSS. Inc big men hold the stocks: the
plpHc at the moment being to n largo
extent out of the market. Bull sentiment
tiS received severe check by the in
Jury TO corn and the steel strike tn
former element has unuuestionabIv banr
considerably exaggerated, and saturdays
sCNeIhinent crop report will be awaited
VIII unusual interest. 1t is still too early
w Tx any positive estimates of Weld
ana should the weather average fairly
during the remainder of the season the
PeSs MYSTIC calculations made two or
three weeks ago viii not be fully real
lEed. In the district where the damage
was greatest the most reliable inform9-
IlCn is mat general business will be onIv
moderately diminished by the damage to
SOIn. AlioWlng Tor loss in the corn crop
in the states of Kansas Nebraska Mig
sour ana Iowa they are all eXceDti0naI-
~ wen apie to stand the loss sustained
Ihere has been q big wheat cron fo5
der is plentiful, and the farmers &C a
Grass are prosperous and out of debt ow-
ING TO series of good harvests Better
pIlSSS lor corn on last years surplus
ana on what there is for this years are
other compensationS of some account Tn
portions of the country where no drought
appeared good harvests have been real
izeu' ana prosperity is unQuestioned So
tHdI 10 the country as a whole it is quite
certain the corn damage will have mo
permanent serious consequences and caD
only be considered an unfortunate draw
back but to an important exfe1t offse+
by other considerations
beyond crop and labor troubles there
is little TO say. The money market is in
easy condition, and likely to remain 81
untll crop and trade requirements begin
20 be felt. The demand on sneculativa
account IS limited, and liquidation has
undoubtedly helped to swell the bank re-
serves. There is some talk of gold AZ
ports, which however cannot he very
lheaVy with the outward movement or
= cotton and grain close at hand We are
already shipping heavy quantities of
MHedt 70 meet foreign requirements Gold
from the Klondike has been coming in
considerable quantities, and the African
mines VIII soon be reSuming operations
on scale of increasing consequence
IheTe Is no reason for anxiety concern
ing the future The market is restiny
from a period of excessive speculation
ana prices are settling down to more nor.
mai conditions. Quotations We're in many
cases unreasonably high, and, if they
are allowed to drift to a still lower basis
II Will only make the subsequent recov
cry the more substantial
Excess OF exports over imports for the
SIX OlscaD years commencing with 1895
ana TO date of this year, taken from lat
ment:
Isis ................... $102 $50 2e4
ISSb-I6Sf ................ 2S6 1853 144