The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-17
FINANCIAL AND COMMERCIAL.
SATURDAY, May 10

SATURDAY, May To-
To-days half holiday stock market was
the same dull and sagging af1air that wan
Street witnessed in the four preceding
daxs. Prices were inclined to be shade
stronger in the early trading because OF
more cheerinr news ar TO the health OF Mr..
Hartman and by reason OF little buying
for the account OF London. This was aoon
oyer however. and the familiar market
lethargy put in an appearance, iollo~eo'
after the publication of the bank statement,
by selling movement which carried prices
down about half point, to the io~est
figures seen in the present week Inc oahk
abatement again bore witness to the lar ee
borrowing that is going on at TINS centre
for the purpose Of paying on sterling loans
and it also showed that the inflow OF cash
to this city is slackening Advices from
Chicago are that the country banks III the
West are drawing upon their Chicaeo
correspondents for funds Bank loans
increased here during the week S'sos'ooo;
cash increased but 32l3,OOO, or considerably
less than yesterdays estimates made ou1'
The increase in deposits correspondent 10
the increase in loans, and the surplus re-
serve fell of eighty over N,0OO,OOO. Inc
bank surplus here is now practically the
same as It was last year at this time; LOT
two months previous 1t was greater than
for the corresponding period last year
New York Central, Brooklyn Rapid
Transit Missouri Pacific and st Paul seemed
to be the especially weak stocks to-day.
while the United States Steel issues, espe-
cally the preferred shares, were COM
paratively strong. The buying OF the
stock last named was attributed to pur-
chases caused by the companys bond
conversion scheme The days develop
ments comprised further fall in the price
OF cotton, corroborating the opinion which
seems to be generally held now by COM
petent observers that the efforts to advance
artificially the price Of cotton futures
have ceased, and few miscellaneous re-
ports OF railway earnings. The Lake
Shore report for the March quarter, showing
that a gross increase of $l.484, 1870 had been
reduced by increased expenses and charges
to a net decrease Of 1851 was held to be
unfa vorable. The Lake Shore. OF course,
charges improvements to operating ex-
penses, but there have been no known
improvements on the property made in
the present quarter which can account
for so great decrease in net earnings as
the foregoing.
While the labor situation in this city seems
to be somewhat improved, there Is very
pessirpiStic feeling in the financial COM
munity here regarding the situation IN
the country as whole. Strikes and labor
disturbances were less numerous on May
/ than they had been OH any similar date
for many years back, and the hope became
very bright that these labor troubles had
reached their climax. Since that time.
however, there has been an outbreak OF
strikes and extortionate demands on the
part Of laboring men all over the country.
80 that there are now more men idle by
reason of this cause than there have been
for a very long time. Happily no great
railroad system seems to be involved. or
has. at least been tied up. The feature
Of the matter, indeed, seems to be the null
titude of different industries and businesses
that are involved rather than the location
of any great acute trouble in any one place.
In Lowell the great strike OF cotton mill
men goes on with comparative quietness.
but in Denver, Kansas City, Omaha.
New Haven, Portland, Ore. as well
Is in many other places, business seems
practically at a standstil by reason Of the
strikes of all forms and conditions Of labor
ine men, from clerks In mercantile estab
lishments to day laborers receiving the
lowest rate of wages The enthusiasm
with which employers in general have
greeted the efforts Of the building trades
In this city to form a common organiza-
ton for mutual support and defence against
labor union aggression, and the indica-
tions that in the controversy here the
emnlovees are weakening and arriving at
a realization that they have pushed their
demands altogether too far and really
against their own interests, Ia, Of course
very gratifying. The time seems ripe for
the formation of similar organizations Of
employers all over the country, and such
a movement gems 20 be starting. The
first effect of such a development, OF course
will not be to make higher prices in specu-
Iatve financial markets,
New York Stock Exchange saies. May l0.
iuHtrkr sra,ns 40 srArE BOND. n u Mons,
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