Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-10-20

nothing to warrant the fear that what has
threatened to develop into a financial crisis
in New York would be followed by an in
dustral crisis
There can be no industrial crisis without
overproduction and. in the pivotal iron and
steel industry. there would be no reason to
apprehend the overproduction had not the
expected demand from railways and from
contractors engaged in the erection of build
ings been materially cut down. The de-
mand has been cut down for two reasons:
First, owing to the extraordinarily high
cost of labor cost which nothing except a
prolonged lockout is likely sensibly to re-
duce. and. secondly. because it has proved
impracticable. extremely difficult, to Sc
cure the funds required for railway extern
sion and building purposes through the is
sue of stocks or bonds in the present state
of the money market. For our own part,
we deem it scarcely creditable that, in view
of the questionable aspect of the industrial,
no less than of the financial situation, the
President will proceed any farther in the
direction of interference with the relations
of capital and labor. or with the modern
tendency of capital to condemnation.
Anent Mr.. Roosevelt's Nomination.
Were the national convention to be held
next week he would individually be the
nominee, and 1t 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 see
Mr.. Roosevelt the candidate of his party,
we must recognize that the election of a
republican nominee is by no means so in
evitable as it looked a year ago. The pros
perity, which, however caused, was unques-
tionably under the Mckinley adminstra-
ton, has ceased to be a universal and con-
spicuous phenomenon.
If 1t be true that the political party in
power is instinctivey credited. to a certain
extent, with the generation or maintenance
of the national wellbeing, 1t Is equally true
that national adversely, or ominous indica"
lions of a drift thereto. are apt to be i'm
puted to the party responsible for legisla-
ton. If hngs shall go for the next
twelve months as they have gone on this
summer the democracy will have at least
chance of electing it's nominee for the pres
idency; provided, of course, that nominee
shall be man calculated to allay, instead
of aggravate, popular uneasiness and ap-
prehension.''
The wall Street Journal says notice
should be taken to the deft way in which
small security holders are appealed to to
enter into the movement to compel Mr..
Roosevelt to reverse his policy in regard to
trusts Harper'S Weekly, vocng the opin-
ion of certain powerful financial interests,
tells President Roosevelt what he must do,
and then follows 1t up with a very well de-
fined threat of what will happen If he re-
fuses to walk IN the path marked out for
him.
AS a step in the direction of Wall street OPP
position to Mr. Roosevelt, 1t is asserted that
certain interests there have given a check
for a large amount to Tammany Hall to
be used in furthering George B. McClel-
lanS chances in the mbayoralty election
this fall. S. S. S.