The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-21

acteristic of the workmen in the coal re-
glons The success Of that strike. how
yer, bred discomfort elsewhere and result
ed In a great epida1nie Of demands for in
creased pay and shorter working hours
and other conditions which made the sue
cessful carrying on Of business imprac-
tlcable. In many instances the demands
were granted, altho they lacked Justice,
/ particularly by the railroads, and one has
only to look at the reports Of current
operations to see how the railroads have
suffered.
To an impartial observer the sequence
OF events is clear. Encouraged by the
recognition the miners secured, artisans
thruout the country made demands on
those engaged in constructive enterprises,
which, on being refused, resulted in cessa-
ton Of operations which were under way
and the postponement Of many that were
projected.
| building trades. but was commontsto the
railroads. and was naturally reflected in
the iron and steel industry. With the de-
cline in the iron business, the public,
which has always regarded the fiuctua-
tons In that trade as significant of gem
eral conditions. took alarm and sold their
holdings of stock, irrespective of actual
merits This resulted in embarrassment
| to individuals who, in self protection.
We're compelled to unload standard stocks
at time when the public was more or
| less disturbed and the operation meant
still lower prices IA,
| With the continued decline the slow
panic set in and the spectacle has been
witnessed Of Decentralization in the secur-
| ity markets, while the business of the
country, outside of the iron and steel in
| terests, and possibly the textile interest
which has suffered from unusual but well
understood causes, has continued prosper
GUS beyond precedent, and even now is
without indication Of relapse. Rarely have
cause and effect been so closely allied
| And who can doubt that Mr. Roosevelt
has been the cause.
Harper's Weelzly's Cunning Attack.
| The Wall Street Journal, on the
other hand, Is strong supporter OF
the president, and has held all along
that it is preposterous to charge him
with responsibility for the altered
condition of the country since he
came into office. It quotes a signifi-
cant article from Harpers Weekly
now In part owned by J. Pierpont
Morgan, in which the following state
| ments are made:
| OF grave interest to the hundreds of
| thousands OF small holders Of railway and
| industrial stocks and bonds is the uues-
| ton whether Mr.. Roosevelt means to push
| any farther at the present coniuncture
| his campaign against tho so-called trusts.
a campaign which, rightly or wrongly, is
| deblted with the grievous shrinkage of
values on the New York stock exchange:
shrinkage which has terrified a. multi
tude Of humble investors into selling at
calamitously low prices the securities in
winch their. savings were embarked. It is
perfectly true that, in the promise Of the
grain and cotton crops and in the pros
pective earnings of railways for at least
SIX months to come, there is nothing to
warrant the fear that what has threatened
to develop into financial crisis in New
York would be followed by an industrial
| crisis. -, =
| There canbe no industrial crisis with
out oyerproduction, and, in the pivotal
iron and steel Industry, there, would be
no reason to- apprehend overproduction
mad not the expected demand from rail-
| ways and from contractors engaged in the
erectlon or buildings been materially cut
down. The demand has been cut down
| Tor two reasons: First, owing to the ex-
| traordtnarily high cost of labor. a. cost
winch nothing except prolonged lock-
out is likely sensibly to reduce and. sec
ondly, because it has proved i1npracti-
cao!e, or extremely difficult, to secure tho
FUNDS required for railway extension and
| bulAing purposes thru the issue of stocks
or bonds in the present state Of the
money market. For our own part, we
deem 1t scarcely credible that in view of
the Questionable aspect Of the; Industrial
president will proceed any farther in the
dlrectlon OF Interference with the rela-
| tons Of capital and labor, or with the
modern tendency of capital to conglomer-
| alton 35$.s-7' 49,
| Were the national convention to he held
next Week, he would indubitably, be the
nominee, and it is, on the face Of things
improbable that the situation will have
| changed SO materially before June. 1904
that the nomination will then be withheld
from him. But, while we still expect to
lisee Mr.. Roosevelt the candidate of his
party, we must recognize that the cleo
ton OF a republican nominee is by no
tmeans so inevitable as it looked a wear
ago. The prosperity which, however
caused, was Enthusiastically witnessed I'M
der the Mckinley administration has
ceased to be a universal and conspicuous
pher>men/. =,
| II it be true that the political party in
power is instinctively credited, to a, GER
tain extent with the generation or main
tenance of the national well-being. it Is
equally true that national adversity,. or
| omlnous indications of a drift thereto are
apt to be imputed to the party RESPONSE
! bic for legislation. If things shall go; on
/ for the next twelve months as they have
gone on this summer, the democracy will
nave at least a chance of electing it's
nonlnee. 1or the presidency: provided. Of
course, that nominee shall be a man call
culated to allay instead of aggravate,
popular uneasiness and apprehension.
A Wall Street Defender. ,-
The Wall Street Journal saws notice
should be taken Of the deft way In
which small security holders are ap-
pealed to to enter into the movement
to compel Mr.. Roosevelt to reverse his
policy in regard to the trusts. Har-
/ per's Weekly, voicing the opinion of
certain powerful financial interests.
tells President Roosevelt what he must
do, and then follows it up with we'll
defined threat Of what will happen if
ne refuses to walk in the path marked
out for him. -" -
AS a step in the direction Of Wall
street opposition to Mr.. Roosevelt, it
is asserted that certain interests
there have given a check for a large
amount to Tammany Hall, to be used
in furthering George B. McCIelland's
chances In the mayoralty election this
| fall. ~. -,
% DRIVE THEM OUT
Demands Of Unions Drive Big Publishing
House From Chicago.
l. Chicago, Oct 21-Iabor tro,,h1os ~,