The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-23

caution In that quarter 1t wo,iJd ba axe
ncuit, II not impossible, to lift railroaa
STOCKS to higher level if a downward
movement started in the industriais. The
U TID Is Tor a good trading market
1nere is no occasion for uneasiness INF
we seem to be enduring one of the torn
porary reactions Incidental to any period
Oh prolonged prosperity The latter is nv
no means ended.
The steel strike is now about settled
partly through collapse and lack of
FUNDS, and partly through the bonorahia
resolution OF the employees of several
mills not to support strike which is in
ndt violation of contracts. This firm
90 oe9lleslon to honor and sound principles
VI contract is the more praiseWorthy be-
tIause the action is taken in defiance of
me reckless attitude of the strike lead
t as ana without regard to the probable
Of tha ' mi [esuIIng IN broad disruption
- me union organizations. When work.
nlei1 mus declare in favor of honor and
sooo ialth first of all, there is hone Of
co5fidarca I ID gaining the respect and
u LII e or public opinion; and this re-
VoH against the immoral action of rect-
Tess leaders is an important first stem
t to"afqs the unions raising themselves
to a higher level of integritV in 800 -
relations with capital
al AttInousn the tremor- of the shock INCL
uent to the cruel assassination IF -
few bd tmaslstrate loved and trusted as
lew nave ever been, has now s,Ibsidad
YET IL leaves an aftermath which will
nave a certain SOLDERING tendency NJ
tionaI opinion seems to have reached a
very unanimous conclusion that Mr.
Roosevelt will prove in ali resneo+s -'I,
wise, prudent and trustworthy successor
10 president Mckinley. He has nrornis-
ca TO follow closely the policies of his
predecessor, and retains the able and
trained secretaries who have cOntrihuted
so much to the success of the last foIr
ana half years of administration: and
Wbic 10 ei moved with personal qualities
MIIcn JUSTIFY the hope that he NAV
prove one of the most vigorous .-snd
popular of our long list of presidents
Inere is therefore nothing in this change
OF cnlef magistrates to warrant anv nIIb
lie misgiVings or justify any arrest of
tivities. e1'4I"i az
But at the same time, in forecasting the
niShiy important measures of leeisIotior
and administration that will occIInv The
government during the next three and a
naT years, rejecting men cannot b,It
go, neen deeply impressed with the un-
usual magnitude of the questions await
ing public elaboration 1t is NOT nereIy,
Lntit we are entering upon new CONNER
ca! and political relations with the out
I irte WorIu and broadening all our trade
lhterests In Europe, Asia and South
AE1erlca-it is also the fact that we are
undergoing great Industrial and noIificaI
revolutions at home. This presidential
Crisis comes at a moment when we are
completing a great industrial revolution.
AT present that process can ONLY he re-
garded as an Observation-Disclosures des.
tlIed TO success or failure or modification
II Is impossible to say. And yet the vast
amounts invested in several of our lead
ing lnduStries-Valued nominaIIy at over
% 0G,OOO 0OO-are committed to these radi-
cally new conditions. Our credit institu-
lions have been more or less committed
10 these 81 EXAMINATIONS, and cannot
escape more or less commitment to the
great experiment 1t seems inevitable
that after the completion of these crea-
tons there insult come period of watch
fulness of their operations which NAV be
productive of caution in making invest
ments, if not of boarding of capital. 1t
Is also to be considered that the process
of redistributing the capital thus trans
muted has not by any means been COM
pieted, the result being a set of unsettled
and unsettling conditions in the market
for securities These conditions cannot
be excluded from consideration in est
mating the political prospects which the
change of presidents has brought under
serious consideration. Immediate factors
are therefore calculated to produce a
mood of cautious reflection, a disposition
to moderate speculation and to encourage
conservative financing in all directions