The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1903-06-25
Chicago.


/! week almost simultaneous
ly, through inquiry prompted by the re-
ports of lighter trade received from some
centers and by the course of the securi-
ties market, which was on a steady de-
cline. One interview was with an Amer
lean who has been styled the leading mer-
chant of the country; the other opinion
emanated from the head of the London
branch of the great banking house Of
Rothschild.
Marshall Field of Chicago sees in the
labor situation, il the continued disaf-
fection and persistent demands Of various
labor organizations for increased compen-
sation. menace to the welfare of the
country. Labor, in his opinion, has gone
too far in our country, and there is a
day of reckoning to come, when with a
lessening of trade activity and recessions
all around, labor, too, will find its value
on decline. This day, he believes, is be-
ing hastened by the laboring men them
selves in their insistence upon conces-
sions which employers are obliged to
grant under the stress Of a temporary
labor scarcity; concessions which having
been wrung out of employers through
threats of ruinous strikes, will be the less
likely to hold long after an easier tone
develops in the labor market. While not
ing every element of an adverse nature,
Mr.. Field would put the labor question
above them all in importance as bearing
upon the question of a setback to Amer
lean industry.
Lord Rothschild confined his observa-
tions principally to stock market affairs.
He says: Two years ago when Wall
lation no American talked of anything
but further advances. To-day, with q
record Of heavy declines, there has been
and there still Is much pessimism and the
prediction of further heavy declines yet
to come. 1t is often true that one must
stand outside his local environment to see
the conditions surrounding him In their
proper relation to conditions Of wider ex-
tent, and 1t is probably true that Ameri-
cans are more likely to be blinded by the
light of their own fires in which they
stand, than are the men who watch them
from distance. The time for the Amer
ican pessimist Is gene. a., e---..s
A year ago there was a chance for the
cautious business man to go on record
as predicting a turn Of lessened activity.
and some few did this and had their pre-.
dictions fairly well borne out. But the
man who turns pessimistic now, after the
passing of some of the most unfavorable
features and the full discounting Of the
unfavorable features that still remain,
is likely to be as wrong as was the man
who shouted for still further expansion
when the country was booming beyond
the limits of safety.
The most encouraging feature of the
week was the government crop report
The showing made was gratifying. as the
prospect Of 4 heavy grain tonnage is
maintained, notwithstanding a decline in
the condition Of winter wheat. What
makes the promise for the West so good
is the prospect of big yield of grains
without the usual accompaniment Of low
prices. Stocks Of wheat are so light and
European requirements will be 20 great
that even If the yield be the largest ever,
as seems not unlikely, the prices will NOT
be materially lower, and the farmers OF
the West and Northwest. will be benefited
to the full. and every one will enjoy the
benefits with them