Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1901-07-23

The machinists' strike is fading out in
some cities, and does not interfere seri-
ously with business except in few. Tbs
failure of the Amalgamated Association
| and the steel combine to reach an agree
ment at their recent conference is a more
serious matter. 1t may have far-reaching
| and dlsagreeable consequences, Affecting
the stock market as we'll as the iron and
steel industries. As yet only sheet Steel
steel hoop and tin plate mills are involv-
| ed. The extension of the strike to all
the union plants controlled by the United
States Steel Corporation will not merely
decrease the earnings and depress the Sc
| curlties OF that great corporation, but
will Interfere seriously with manufac-
turers who look to it for their supply OF
raw materials. The business interests Of
the country will suffer if the conflict be-
tween capital and labor which has be-
gun shall spread beyond its present linn
its and be long continued.
Speculative markets attracted great in
terest during the week. The growing APP
prehension over the unpromising condi-
ton of crops in the Southwest was re-
flected in sharp selling movement on
the New York Stock Exchange. Other
factors of great Importance entered into
the decline which characterized the trend
of stock quotations during the week.
Foremost of these was the tightening Of
the market for money for speculative pur-
poses. The threatened rate war between
Western railroads, which appeared Likely
to break out has been aHerted. The
roads have settled their differences and
will begin again" on a peace basis.
Besides these influences on the surface
was the evidence that the community OF
interest plan has not been rounded out
to a sufficient degree to prevent ruptures
between the large banking firms in New
York which have been debating the pol
icy of the railroads. A vulnerable point
in the community of interest principle is
disclosed when the few Wall street in
terests now dominating the railroad sit
uation OF the country do not agree. Mi
nority stockholders may be safeSuarded
against loss of their investments by rate
wars, but the market values of their Sc
curities are apt to dwindle much more
rapidly when financial magnates fall
out" as a rumor Of disturbed harmony
between MessrS. Morgan and Rockefeller
revealed last week.
In its general movements the New York
stock market is a fairly accurate barom-
eter of business conditions, even though
it presents the extreme of every situa'
ton, but special conditions which gov
ern stock market prices do not always
affect the total business of the country
in an appreciable measure. The harm to
crops means severe loss to farmers in
Kansas, Missouri, Oklahoma and Texas,
and perhaps in other States unless timely
rains save the crops. Reports of such
damages are almost invariably exagger-
ated, and the trouble is local in charac-
ter. Still it means decrease in rail
road earnings.
Money for commercial uses holds firm.
The margin of loanable funds in the coun-
try has been absorbed steadily until it
is nearly exhausted and any abnormal
demand would cause an instant tighten
ing of rates. The outlook points to
higher money market. General mercan-
tile business and manufacturing indus
tries, other than those affected by the
labor troubles which have been referred
to- show n steady gain.