The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-05-17
The WEEK
IN FINANCES
iir ---------
Labor Situation the Most Dis
turbing Factor.
STOCKS HAVE BEEN HEAVY
Excellent Railway Earnings Have Been
Mainstay of Market-Wild Specula-
tive in Cotton-Rumored Gut in
Steel Denied.
STOCKS HAVE BEEN HEAVY
Especial to Tho TImes.Dispatoi,)

Especial to Tho Timcs-Dispatch)
NEW YORK. MAY 16.-The Financial
Age says: There Is no feature OF the
situation that is worthy Of as mucn
thoughtful consideration as tho labor
problem. Tho developments of the past
few weeks have further alienated en-
ployer and employee. and there is no lon
i ger disposition on either side TO make
O pretense of harmonious relationship.
Employers of labor from all over the
country are tlockng to the support OF
the New York builders In the war Which
they have declared on organized LABOR
and there is a strong probability that
National Federation Of Employers VIII
DO formed as result OF the local move
ment. Such an organization would be an
offset to the American Federation OF
Labor, which claims to control 2,00VJ
workingmen. While conservative people
must regret state OF affairs where capl-
tai and labor are in open conflict, 1t Is
preferable to submission to the arbitrary
demands to which corporations have been
forced to yield continuously during
the past year. Success has maddened
the leaders of labor, who. not satisfied
with securing for their men higher pay
and better hours, have sought to hu-
initiate employers to such degree that
self-respect, to say nothing OF the law OF
MISREPRESENTATION. compels resistance Cap
ttal has shown a disposition to share Win
labor the fruits of tn cpast half dozen.
years Of prosperity, but It IS not willing
to vest the management OF Its affairs
in the hands of those who have given.
every evidence OF their antipathy, who
are willing to call out 10000 men that a
shop employing 800 may be "uniorized."
whose chosen weapons are boycotts and
sympathy strikes.
FOLLY TO BELITTLg.
IT Is folly to bclittle the seriousness OF
the labor situation or TO treat 1T as q
problem which the future Will dispose Of.
In the words OF prominent statesman
Who is at present the object OF consider
able popular attention. I'VE are confront
ed with a condition, not a theory" con-,
dition which Is disturbing business and
imparlng confidence and which must be
met with the wisdom of a Solomon.
Tho heaviness of the stock market was
accompanied by liquidation in many OF tho
high priced shares. This liqulda ton was
ssht, but the fact that It represented hold
8 lrgs OF large interests seems TO dispose OF
the talk OF prominent financiers being ~
favor of an uplifting OF prices at present.
In fact, leading Standard OH official
stated last week that he saw no hope Tor
market Improvement at this time. ms
III the consensus of opinion In well In
formed circles. and In We've the apatny
OF the public andthe disposition OF banks
10 restrain specaiati ton. the market is not
NIlely to show n marked tendency In either
sirecton for some time. The mainstay
81 the market continues 10 be the excel
lent railway earnings. OF the forty roads
reporting gross earnings for the hrst week
" May, thirty-seven showed increases
amounting to sl,os5.595, and the remaining.
go
Ing the total net Increase SIC .367
MORE FAVORABLE.
Compared with last year the money
,iaIket IS in much more favorable con-
IoJ2 the rate for call funds reached TWEEN
ly-flye per cent, while money Is now In
lmple supply at the unusually low figure
II two and half per cent. The improved
,tate Of affairs Isl due to the fact that
tock market speculation has been cur
\ Lailed BY the banks, which are preparing
for the requirements OF the coming sum-
mer
lighter this spring and summer than In
previous years. We shipped $12 ,55o,ooo IN
the months OF May, y: June ne July and Az
months OF 1901. and sal,eGo.oo in the SINH
lar period OF 1900. while so far this year
shipments have been Insignificant.
che feature OF the situatonin the indus
trial world last week was the report tnat
there had been a cut In the price OF steel
biIlets. This, however was met with pos
five dcnlals by officials OF the United
states Steel Corporation. That there had
teen further reduction In pig iron was
IN some quarters regarded as not without
Significance, apart altogether from the
steel billet outlook. while some interests
declared that whether or not there had
been n cut In billets, II was a fact that
In the iron and steel trades generally
there nre unmistakable signs of reac-
ton with many large orders lately can
celled It Is noticeable that this Talk Of
a REACTION comes from people connected
with the Independent steel companies,
while from officials OF the United States
steel Corpora ton all the talk is encourag-
Ing and hopeful.
WILD SPECULATION.
The wild speculation which has been
going on in the cotton market for. the
past ten days Is causing considerable con-
Germ to the textile interests Of Massachu
eetts. where the high price OF the staple
threatens to temporarily close several OF
the large mills. Tho money market. nj
though not yet seriously affected by the
speculative whirl, will be unsettled by a
continuance of the upward movement.
The banks, therefore, may take a hand
IN the game, as they have previously
done In the stock market and force the
"bull" leaders to curtail their operations.
FORMAL SESSION