The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-07
HANGS on ApproachIno Harvest.

The success of the big holders in dis
posing of their load will depend entirely
upon the continuance of prosperity, which
In turn. hangs chiefly upon approaching
halVests So far We seem secure from
scarcity. OF cotton we seem likely to
have large abundance; of wheat plenty
for home and export requirements, and Of
corn good crop if the weather proves
favorable. Excessive rains and cool
weather recently caused some injury, but
thus far nothing serious except in small
sections. At present, therefore, the har-
vest prospects are fairly good, and we
shall probably export more wheat, corn
and cotton next winter than we did last
very important consideration in view
of the fact that we are still large bor-
rowers in the foreign money markets. In
mercantile circles there is a hopeful feel
ing, and the merchandise movement
promises to be liberal except where high
prices are checking distribution
Apparently the coal strike, like the big
strike in the iron trade year ago, is
doomed to failure. So far the struggle
little actual disorder. which is to the
credit of the men; but as time progresses
it is evident that the movement was
serious mistake, and some of the leaders
may find themselves dethroned and the
unions seriously weakened by entering
struggle the inevitable outcome of
titled to sympathy for the losses they
have incurred; but they should choose
more capable leaders if they wish to sue
ceed-men who can treat the subject as a
business and economic question instead of
as source of personal ACKNOWLEDGEMENT
or matter OF mere sentiment. Mean
time, a few simple lessons have been
learned that should not be forgotten
Among them these: that the right to
work is equal to the right to strike; that
whoever leaves a position has no right to
interfere with his successor; that labor
has no greater right TO stife competition
than capital; and that the sympathetic
strike Is a failure, in the end only in
creasing cost or losses to other branches
of labor.
Usually a Relief to Wall Street.
Congress has adjourned. Usually this
brings a sense of relief in Wall street;
but as the last session was sngularly
terests, and as the market pays less
attention to congress when the country
is prosperous, the adjournment had no
effect Some disappointment is felt
at the Sinking of action on the curren-
cy BILL the need of which will be sorely
felt when financial panic is threatened,
but which Is forgotten when the skies
are cloudleSS. In the fall the elections
may produce some new issues: the most
likely being tariff, trusts and Cuba. AS
Tor the trusts, once the most inviting
subject for legislative attacks. the pros
poets are now for less radical action
than at one time seemed probable. These
their efforts to suppress competition, and
are gradually succumbing to the econ
omlc penalties of overcapitalization and
attempts to unduly control prices. Many
of the evils of the trust system can be
safely left to correct themselves; still
the public will not rest satisfied until
some restraint is placed upon the power
of these corporations, and among the
propositions thus far advanced those ia
Voring reasonable publicity and national
corporation laws seem to be the most
acceptable. A national corporation law
would avoid the radical action of some
states, and at the same time prevent
the abuse which permits the corpora
tiOn of one state to break the laws Of
every state except its own. which very
likely granted it powers not permissible
within its own territory.
The period of summer quiet has fair
Is begun, and no great activity need
be expected until vacations are over and
results of the harvest are known The
general situation, however, is sound and
confidence is general. While these con-
ditions last good RAILROAD stocks are a
purchase on sharp declines and a sale
on the pronounced rallies. The fall
months may witness renewed efforts at
manipulation, in which case increased
activity must follow.
Henry Ctlevs