The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1901-08-08
THE STRIKE AND BUSINESS.
Seattle Pos,-Intelligencer.

Seattle Pos;-Iatelligencer
According TO Brads,reets the strike in
the steel trade has SO far had the slight
es; Of influence on the business ct the
world; far less, in fact, than the hot
wave and the irou,h in the Southwest
The strike this year has occurred at the
time when physical conditions Vrdinar-
ny enforce a cessation Of work In the
absence OF any strike. E; would have
been necessary 20 shut down A number
Of The plants now closed, because it
would have been impossible for he men
to work during ne terrific heat which
has been prevailing throughout the dis
;ric, affected by the strike. Moreover
according to the same authority, the
lumber Of participants in the steel
strike Is much smaller than is generally
understood. The careful searcher after
facts will find It difficult; 10 justify an
estimate Of over 5000 participants. The
machinists' strike Is in most places a
failure, and the miners strike In sym
pathy with the striking fremen, did not
materialiEe.
Under these circumstances, the i'm
rortant question OF the present strike
Is not Its present effect upon business
interests in this country. bu; the terms
Of settlement which may ultimately be
arrived at. at the end Of the struggle
between organized capital and organ
lied labor. The strength ot the capital
lists lies in the fact that capital is more
mobile than labor. The owners Of the
various plants now under enc manage
ment can close down plants n one place
and open them at another a; will, while
labor is to a considerable exten; attached
TO the soil. The weakness Of capital. in
the presen; struggla, Is Ia, ;h7 stock II
these great combinations have become
part OF the material Of ,he stock mar
ket. The necessity of sustaining th=
price Of securities in the stock m3rks;
puts pressure upon the -alnagers Of
great Industrial al.combina;ion to end the
strike. such as the Individual manager
or small corporation did &c: have 10 sa-
counter. As Brads;reets observes: Thu |
philosophic observer Of the ways II men I
may discern here he working Il law f.
Of compensation which has Herhaps at
ractsd less Of the attention Of he great
rus: captains than it may in the fu- .
ture"
1, is true ,ha; the late Addison Cam
mack. once a great operator, several
years ago stated tina, he had 'ound +:
Improbable TO sell stocks short on
strikes, leaving he inference that strikes
need not necessarily resul, in a serious
depreciation in the price Of securities.
/, is likely, however. that he referred
more particularly to the general trend
0f the market for stocks Of all classes,
not 70 the stocks 1f he particular cor
poratIon which had a strike on its naads.
He certainly could not have referred 20
The effcc, Of a strike upon the securities
of a great industrial combination. Here
a strike IL something more than a mere
adverse influence 70 deDreciate the value
4 stock OF all character I: represents
an actual, concrete loss Of money, as
We'll as OF the opportunity 70 make
money.
The stock Of the great industrial com
binaton, whose works are closed IS the
result Of a strike ls certainly worth Jess
in actual value than when the concern Is ,
being operated and Is earning money
Strong financial influences may sustain
the market price OF such securities dur
ing the pendency Of a strike. but only at
financial sacrifice. They simply have %
take over, at a price above their value, )
the stock which the small investor is
prompt TO unload Il is certain that the
effect on he stock market will. here I
after, be one Of ,he items to be carefully
by the managers OF tie great ,
Industrial combinations. whenever J
labor dspits threatens TO bring them /