New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-10-26
fluanridl.
The Financial World.

~ ~ P''VS9 vi SlOcks as compared v.,
the previous Monday. With the clo.. WIN
| the week. the upward movemAn, ss OF
abruptly It has remained stopped r ps
/ past week the market has been in th Inc
| drums. 1t has been as stagnant as AZ an.
during the summer holidays. Not often a.
| nave week so duh and wearisone
rms was not unexpected. The tsnnsr 49,
street seemed TO be antagonistic to the rrr.-
ing which followed the first announcement g.
| washington. 1t was common remark that .l
| time was an inoppOrtune one to start a 49,
| in stocks, while the public was still spe,~.N
| from the effects of the coal strike ana IS
| Treasury Department was resorting IN. rr,.Il.
measures to give relief to the money r,ar1'S.
rms Keeling was quite pronounced in bankt,.
circles The general idea seemed 10 ba &c
| II was best TO go slow for while
| 1t has gone slow. Business has dwindras
| day. and call money has become little cbs,..4
each day, so that on Friday it got down AZ
| ing the afternoon to = per cent. with fav, -
| rowers in sight even at that figure Bur IT,
money has scarcely relaxed at all the 80
| being about as stiff as they were three os -
weeks ago. The call rate represents The -
uVi'y' or lack OF it, in daily speculation: ti,a
money more nearly the speculative outIook
Yesterdays bank statement shows r.
quickly money has, so 10 say, been nur,nas tu..
the banks from the Treasury vaults The am
plus reserve increased over u millions II ~
stands at nearly Is millions; and if the resarva
/ against L. s. deposits be added az 49,,
- millions. The deposits are now again Iarvan
| than the loans after some weeks Of a sbort~a
the other way; the former being $50 miIiors
and the latter $40 Therefore. the banks -
appear to be on easy street. and pretty wan
| fled up.
Nevertheless, on the appearance Of this STAT.
ment yesterday, the market not only an NJ,
advance, il actually sold off little This NJ
probably the work Of the traders only Cbus,ra..
being very dulD, who had bought In antciDa-
ton of a good statement and wnen they tried n
realize found takers rather scarce.
The condition of the market may be inferrsd
from this incident; and appeara noes favor the
expectation of another week of the like kind Of
dizziness. The big men seem 10 be dissatisfied
one about one thing. another about something
else. From one quarter comes complaint OF the
pinching action of the banks; from apotb.r
grave approximations Of the unrest OF labor and
the tyranny of unionism in yet another. one
| hears condemnation of the way the coal opera-
tors Hiismanaged the strike, letting Mitchell
beat them at every turn; and again. fears are
expressed that the railroad companies or sew
eral or the leading ones. are in for a bad time
next. This state Of mind among men who do
most TO influence markets is not conducive IN
large buying OF stocks. All are agreed that the
conditions of trade throughout the country are
sound The railroad earnings are sufficient
proof OF that But the labor problem looms I'd
threateningly
The difficulty is here-men working at fxed
wages find their wages shrunk by the increased
| cost OF everything they have 10 buy. Prosper-
Gus times OF course benefit them by the steader
employment given; there are less idle DAYS. or
| laying on between jobs; but on the other hand
unless there is some increase in the rate of wage
| paid. the higher cost OF what these wages have
| to be paid out for. operates the same as an
/ actual reduction of the rate. The mutterings
We are hearing in Wall Street from the drec-
| ton OF certain big railroad systems. are all
about this trouble.
| The difficulties connected with unionlsm and
| the tyranny OF trades unions are somewhat diff
| ferent. They are not necessarily connected with
the rate of wages paid. since strikes are repeat
eddy occurring in which the wage question does
not figure. But where trouble threatens on a
| wage question pure and simple. which would
seem to be the ease with the railroads. the
thought suggests itself that the men In control
| might forestaH disturbance of business by an
| intelligent inquiry into the conditions; whether
/ in fact the big earnings the roads are making
are not made under such conditions as may
! justly and equitably call for certain proper
! tionate distribution Of them among the workers
| Something less in net might consequence
| appear in the roads reports; but this would only
| be equalizing things as between the hirer and
| the hired The former might express his posi-
ton in respect 70 the owner thus: What ask
is that conditions which are increasing your net
! income shall not so work that they decrease
mine. while am performing the same labor"
1 hatra al
ways with us: but it becomes most acute in
times of extreme depression or Of unusual pros
perity The great Pennsylvania railroad riots
/ were an extreme example Of one; and We have
/ an example of the other now. There is no sure
| cure solution OF the problem; and consciousness
of the various and manifold troubles which can
| grow out Of it, are restraining. if not actually
depressing influence in Wall Street at this tims'
IL is very earnestly hoped. aS II Is also DC
| Heved that the Coal Commission inquiry WIZ
do much towards putting the relations OF laoOr
and capital on "a better footing in at least one
great branch of industry, of overwhelming I'M
portance. than they have been in very many
years
| In respect 10 movements OF special s'oSAS -
the market IL may be noted that renewal Ol
seemingly competitive buying for contFol - -
| sporsible for rise of eight or ten points IN
| Colorado Fuel; and that Norfolk s WestsIH'
/ after touching 81. has fallen back some p0''''1
| which il should not do if the next dlVldsh1 W.
| to be per cent. The next dividend acc0iu
| To our information. will not be in excess -.
per cent Notwithstanding. however 49,
/ e. Western is. under Pennsylvania maha5oN
| one OF the best properties on the list ~
tinuance of inside buying is observable III 49,
| Pacific; not to boom the stock at ALI out " ~
it steady. The steel stocks have mace 10 ~
| ward start yet which does not apparehS
nlinish the faith of a number Of people tna' s"'A
| a start is not far Off.