August 10, 1901.
RECORD ANT) GUIDE.
173
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No. 1743,
Vol. LXVIII.
AUGUST 10,1901.
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JUDGING Ijy the quotations only, it would appear that the
Stock Market has done, with crop damage, strikes and other
evil matters, and is looking only at the favorable signs, of which
there are a good many. But looked at more closely the situa¬
tion is this: There is no commission business, that is no large
body of outside, buyers to take stocks, the professional element
is avowedly bearish in their views, yet prices advance. This is
anomalous and lorces the conclusion that quotations are manip¬
ulated, and support has been thrown in hy the syndicates that
are carrying the new issues. What it is to support a market in
the face of public indifference or hostility, those who remember
the result of similar efforts made at different times in the past
know best. Hitherto the fact that powerful interests came to
the support of the mai'ket was always hailed with joy by those
who were carrying loads too heavy for their strength, and they
promptly and unanimously accepted the support so kindly of¬
fered them. After a while the market would be permitted to
take its natural course, and that was invariably downward. The
present movement is said to be based upon the advantages gained
by the U. S. Steel Co., during the week in their struggle with
the Amalgamated Association, but prudent men wish to see the
result of the stiike order, which goes into effect to-night, be¬
fore awarding victory to either side. The strike ended in favor
of the company need not necessarily produce a new bull move¬
ment, though it is sure to create a substantial reaction. As we
have pointed out before the decline in stock market prices is not
due, primarily, to either strike or crop damage, or both, but to
over-speculation, the effects of which have not all been seen yet.
AFTER all the nonsense, which has been written about Eng¬
land's industrial decadence, it is refreshing to come across
a treatment of the matter by a man. who, without ignoring ob¬
vious facts, can see the question in its propei' proportions, Such
a discussion of the "American Invasion" is undei'taken by Mr,
Kensie B. IMurray, Secretary of tlie London Chamber of Com¬
merce, in an article in the new Lilieral Review. He nuikes no
attempt to belittle the seriousness of American and German
competition; but he claims what is obviously .true that EngHsl!
industries are still perfectly sound, and will be a.ble after a
while to put up a much more effective fight against thO! threat¬
ened competition. He compares the English nation to a fiim or
an individual who, under comparatively easy conditions, has
amassed considerable wealth, and whose luisiness methods have
become adapted to the easy enjoyment of a large and safe busi¬
ness. When such a firm is threatened by fiercer competition, it
must, of course, succumb, unless it changes its methods; but
he is sure that English business men are fully equal to making
the necessary changes. The best indication ol: this is that Ger¬
man and American competition lias not ci-eated in England an
imperative and increasing demand for piotection as would be the
case if English manufactureis were thoroughly frightened and
saw no way of putting up a good fight. On the contrary, these
manufacturers are willing to see oven goveinoient contracts go
to American firm.s, when such firms can undorhid them. Ihi-
der such eircumstnnces. instead of demanding tnvoritisni on
the part of their own govei'nment, they seek leather to improve
their own metliods. so that they can iu the future compete more
effectually. Mr. Murray welcomes American competition in¬
stead of seeking to get rid ot it. "The stimulus of competition of
a superior character will." he says, "prove invaluable. It will
provoke a serious awakening in the highest regions of financial
and business activity. The best methods of American manage¬
ment will be studied and probably adopted with alterations
suitable to local requirements." It is absurd to call a nation,
which can take competition in such a spirit as this, industriaiUy
decadent,
The Pittsburg Strike.
T P the cause of the Pittsburg strikers depends for its success
â– ^ upon a large measure of public sympathy, it is certainly
doomed to failure, for another strike that excited less of this
sympathy is hard to recall. This apathy of the public may be
due, as the newspapers allege, to the fact that the steel workers
are not overworked and are very well paid, and that the strike
is no policy of desperation to wring a bare existence from a reluc¬
tant employer; or, it may be due to a growing conviction in the
minds of the masses of workers themselves that, in the condi¬
tions tha.t now regulate labor and its recompense the strike,
judged by results, is the least useful, if not the most foolish agent
for advancement that the workers can employ. The flrst sug¬
gested cause of indifference, is not reasonable, because the work¬
ers cannot be expected to abandon their organizations because
they have achieved their first objects. As to all other institu¬
tions, time brings to labor unions, new desires and ambitions,
and the circumstances they have to meet require that a position
gained should be defended. As to the utility of the strike, that
may easily be questioned, if not entirely refuted by an examina¬
tion of the data bearing on the subject. For instance, we find
that in Great Britain during one year, 1899, which was one of
general advance in wages, only 3 per cent of these advances was
obtained by strikes, direct negotiation, arbitration and the au¬
tomatic working of sliding scales being each much more potent.
But as we see by what has occurred at Pittsburg, there are
disputes over other things besides wages. In spite of the col¬
umns of print that are published daily for the purpose of en¬
lightening the public, it is still difficult to arrive at the real
trouble. So far as we have been able to see it is this: The
Amalgamated Association, in pursuance of its avowed policy of
bringing within its control all the workers in the steel and iron
mills, object to a clause in the contract made by the Steel Co.
in their non-union mills that forbids a worker bej^oming a mem¬
ber of a trades union. The company, on tbe other hand, hold
to this provision as their salvation from a labor monopoly that
could dictate their own terms. The issue is yet to he seen, and
it depends largely on the opinion the steelworkers themselves
may form of where they can find the best guarantees for their
future—with the organization, or with their employers. Thus far
honors are divided, because, if the organization has crippled
some plants, the company's cause has won sufficient support
from labor to enable them to re-open some of their mills. The
company's cause has, probably, been somewhat prejudiced by
negotiations being carried to Wall Street, where one is hardly
likely to find the cool judicious mind fortified with perfect famil¬
iarity with technical facts necessary to control a situation like
this. Wall Street is more arithmetical than mathem;;tical and
philosophical as the manufacturer most be, and is too likely to
l)e guided, according to the circumstances of the hour, cither
whether by subtracting from wages additions may be made to
profits; or, whether by concessions some ulterior benefits, such
for instance, as are involved in the momentary fortunes of the
security mai'ket can be secured, than by the real cause of the
dispute, or by a consideration of tlie human facto;- which always
biis place in these struggles.
As to tbe question whether it is bettei' that the labor in a cer-
tiiin line or establishment should be all or partly union, experi¬
ence shows that the former is much the bettpr. The labor is
then compact and more easily dealt with. Then it must l)e borne
in mind, men in all I'anks of business disiilaya tendency to organ¬
ize with their fellows. The U. S. Steel Company itself is an il¬
lustration of this. Suppose this company is completely victori¬
ous in its present fight and the Amalgamated AssocJalioii de¬
stroyed, how long would it be before a new organization was
formed? Nor would the interval be one of peace, or such out¬
ward peace as there was would always be in danger of being
broken at any moment aud at any one of a dozen points.
Whereas with the forces consolidated on each side and the ma¬
chinery provided for dealing with disputes as they arise in a
laliona! way, interruption of operations would be very rare. If
lhi> bankers who have made llicm.selves responsible for (.he policy
of Ibe cumijany want an easily accessible oiiinion on tl"" advisn-
biiily of having lielp all of one mind, they can probibly find It
by consulting their better halves, and asking lliem whether they
prefer their domestic help all of one.mind or iiatioitality, oi.-
mixed, say, as to religion or v^dQ.
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