The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-03-29
MONETARY
SITUATION |.
This and Labor Question the
Disturbing Elements. Ell
KEEN r POSITION W'EAKENS
Actual o Developments III Railroad World
Have Been insignificant Though
II a There Have Been Some Very To-
NJ serestlng ROmors Afoat


3E N E1v YORK, March 2s.-The chief dis.
t,,rbing factors OF tbs situation are the
$uiifavorablekm monetary and labor features
which during the past week have become
more complicated, with the result that the
stock market has suffered considerable
reaction. says the Financial Age This
was disappointing 10 speculators, who
had hoped. although 81 must be admitted
with little reason, for continuance OF
the elevation Of prices that was notice
able during the preceding week. In
money the most disquietlng development
was the appear nce Of an apparently ur-
gent demand for currency from out-of-
town points for the purpose OF terrifying
reserve accounts In other cities. 1nas-
much as the drain from the lint erior was
understood TO have been checked, with
tho expecta ton that tho return flow might
set In at any time, this new development
!dampened speculative ardor materially.
There are many Wall Street commenta-t
tors who have expressed great surprise
that the market does not reflect tho re-.
cent? good" bank statement: they lay
particular stress upon the fact that the
neglect to go into details as to the cause
sthereof. The increase OF surplus reserve
Z BY the x exc e ssvei & Withdrawals Of depos-
IT'S such as has occurred during the past
few weeks cannot be construed III any
other than an unfavorable Light. What
makes this withdrawal the more signii-,
cant Is the fact that deposits grew this
year by $50 900 900 In tho first seven weeks
and fell In the following weeks by 500. ooo 4
00l. OF hich the sub treasury took nearly
half. Deposits are in the control Of the
{depostor. and he has been compelled TOT
reduce them in&Sthe most embarrassing
manner to the ] ocal Institute ns.
DEMANDS OF LABOR.
Al The demands OF labor are daily becom-j
ing more persistent. and much concern Is
expressed regarding the outcome OF the
many threatened strikes onS the various
raDroads. NJ N o sooner does ono corpora
ton scuceed in pacifying its employees
than another system Is confronted with
Funion demands, many OF which are un-
Just and some, indeed. arbitrary. In the
face OF these incessant labor troubles in
Svestors may; well ask when an arrange
ment can be effected between emp oyers
and employees whereby peace may be as
sured, II only! for q stiplated time. The
findings OF the Anthracite Strike Conn
mission have unfortunately had the effect
OF inspiring labor agitators with q desire
to empulate the example and obtain the
fame Of the leader OF the Pennsylvania
coal miners. who II he has not achieved
an unqualified victory. has at least been
more successful than has tho leader Of
any other great strike during the past
half dozen years. The corporations are In
many cas- es willing to treat with their
employees In regard to increased wages and
similar demands, but they insist In their
refusal to recognize the unions, knowing
that to do 50 would not only establish a
precedent Injurious to their interests, but
would place them In a position where
= - =
dictated to by men whose chief interest
in labor lies In their Individual pockets
and In the notorlety which. they can
achieve at little cost to themselves, al
though at q great sacrifice on the part
,ot their followers. s#8s 5
SOUTHERN PACIFIC.
The Southern Pacific night continues to
attract Considerable attention in financial
circles. although the opinion is daily be-
coming more prevalent that the ostensible2
object OF the pool. or rather Of the pool
lender, will fail Of accomplishment, X The
policy pursued BY the Keene party Is re-
ceivng much censure from conservative
interests who are inclined to the belief
that this policy is mot approved by a
large number OF those who entered into
speculative contract with Mr.. Keene,i
but who would rather suffer a monetary
loss than antagonist tho controlling inter-
eats In the Southern Pacific. and who
are opposed to a policy that IS q menace,
not only to tho entire market. but to the
railroad and financial community as we'll.
Tho Keene position was further weak
ened by the interesting testimony brought
out at the Vreeland trial, in which Mr..
Amory, who made the charges OF mis-,
management against the Metropolitan
Railroad testified that Mr.. Keene supplied
the funds for the mpaign. Coming out
at time when Mr.. Keene is endeavor-
ing to grasp control OF a great railway
system from Its conservative owners this
admission OF Mr.. Amory can have no.
effect other than to further ALLEVIATE pub
lie sentiment from the Keene side of the
controversy. So far as the charges
against tho Metropolitan are concerned.
they are declared baseless. even by the
expert accountant employed by the Keene-f
8Amory crowd, But stocks are sensitive
/ to Islander, no matter how unwarranted,5
and the "minority shareholders" regard
ing whose welfare there is SO much So
llcitude at present, area usual the chief
sufferers. 8. Z 81 S H.
5sS5 FEW DEVELOPMENTS.
Actual developments In the railroad
world have been insignificant during the
past week. although considerable interest
conferred in the reports OF the acquisition
OF the New York Central by the Penn
sylvanla interests. Both parties have de-
MED that there has been any change OF
control, and even II there Is any founda-
ton for these frequently recurring ru-
fmors 1t would have little Significance. as
1t is we'll known that Pennsylvania and
New York Central have long been hand
and glove, and that the owners OF these
two great systems have each acquired q
considerable block OF stock In the others
property. Should my change in control
OCCUR, It would be with the full consent
OF the present dominant interests In Gem
trail. and In such an event the present
policy OF the road would undoubtedly be
strictly adhered to, Ia
The fall in sterling exchange is by no
means unex pected. In fact. fall Is to
be expected whenever q little unusual
strength appears. until such time as the
Panama purchase remittance Is arranged.
With a monthly excess Of exports OF 34O,-
100000 to be paid for, there can be no
difficulty in offsetting q single similar
amount, payable In the contrary direction,
without disturbing any bullion.
,EAMnuIC SrEpTpE COIN