The sun., 1902-10-06

small book could be written on
the forbidding outlook OF the foreign ey-
change market just now; and 40 far as do
nestle affairs are concerned. even 80 happy
~ event as the dsper val Of the striking coal
min, RS in defeat aud the resumption Of
work in the anthracite regions would
largely increase the demand for money
and complicate the existing situation.
Four mont hs ago the hardening rates for
the use Of money on time and score OF
other Trustworthy indicia gave plain warm
ing Of the approach of the state of affairs
that il now with MS Yet in the face Of II
company Of market operators, some OF
them younger sons Of great houses just
flcshing their swords, others older men,
hut comparatively inexperienced in Wall
Street, intoxicated with now found wealth
and scorning all opposition as being only a
part Of that which they had trampled upon
a. p,lsilanimous in n" past. started in 10
oct natural laws al defiance, and bull a
market already inflated and high. The
ouictlis has il is believed. been finally put
upon the efforts of these gentlemen; and
they have retired from the field. leaving
a much larger share Of their former booty
than is commonly supposed upon the altar
Of the strong and silent gods whom they
despi-ed
In the excitement Of the week over The
money question and the coal strike con-
ference at the inprovised White House
in Washington. such matters as the birth
Of the shipping combination, Of the Armour
wheat corner and Of the unfavorable con-
ditions pressing upon the corn and cotton
crops passed almost unnoticed. Perhaps
the worst that can be said Of the cotton crop
l. that tho high prices for the staple which
the damage TO the crop assures will have
a tendency later on, II not at present. to
check it's export. although, OF course, such
a small Weld of cotton as Is indicated is
not good for the railroads in certain parts
Of tho South. particularly in Texas, whore
the damage seems to amount 10 devasta-
tion: and II must be remembered that in
what NAV be called tho Texas Pacific and
lower Atchison territory this is the second
year Of poor crops which inevitably means
a decreased general buying power in that
portion Of the country, Tho quantity
Of the corn crop will probably be very little
loss than the earlier estimates made it,
but the news Of the week strengthens the
evidence that the quality Of the crop Is
exceedingly poor; so that the opinion IL
general among experts that corn Of grade
Al for export will sell little below present
prices throughout the winter Whether
corn exports for the year will, therefore,
reach hoped-for dimensions seems qucs-
,ionable and as in III" case Of cotton, the
cr,ix Of the matter lies in its relation 10 the
Supply of commercial bills hal will hc avail
able in the foreign exchange market TO pay
of the Indebtedness Of our finance bills
How anvbody could have expected that
President RGo-evelt's conference with the
coal operators and miners could have turned
ont differently than it did il a mystery. But
the common talk in Wall Street was that
the President was going 10 end the coal
strike" popular discussion merely con-
tinuing the grca, optimism with which
il has regarded tho entire situation in Penn
syvanla from the outset, first maintaining
that there WAS 10 be mo strike, then that
the strike would inevitably be Of short du-
ration and then that the strike must speedily
terminate upon the appearance IN the scene
Of this or that sclf-appointed mediator.
Some dav this way Of looking al the matter
NAV he changed and there will be, also, per-
haps, some realization of the fact tha' II
is the "mediator-" that have kept the coal
strike alive. President Roosavelt's action
is pu22,ing After announcing dozen
times that the one thing ho would not do
was 10 mecldle in the coal difficulty, and
emphasizing this declaration in the strong
est way. he suddenly, after the appearance
in Washington OF IN" gentleman who is now
known a. his closest and latest adviser,
broke into IN" matter with characteristic
impatuosity. Tho Presidents Humanitarian
sontimcnis az expressed al the con-
ference, adorn his political canvass. Bn'
he is apparently blind to the fact thai
the grave iS-les in tho present Contro-
versv comprise certain high claims Of
property safeguards and moral justice,
whose settlement i" n righteous manner
is Of the first importance What other class
OF men cXCep, coal mine ovn'rs would the
President ask 10 conduct their business at a
loss under the hc el of sef-confossed murder
er.. for general phiiapthroTir purposes; Did
rhe Prrsidon' really think thai his fine talk
I yud win the hearts Of John Mitchell
and the gang Of iufanS on whom the state
Of PcnnsvIyania has conferred a sort Of
honored freedom l. tho President really
ignorant cf the conviction held by all intel
hgent people that the one man who should
have been summoned TO Washington was
William A. Stone the Governor Of pennsyl-
vania, there 10 be asked the quest ion whether
h" was able or not to protect in his state