The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-15
FINANCIAL AND COMMERCIAL.
THURsDAY, May II

4
weeks, there were some small evidences OF
general liquidation In the stock market
To-day It must be admitted that these
evidences increased. There were no de-
velopments in the news to which the day q
decline in prices could be especially or
even generally attributed, and the best
opinion seemed to be at the close OF business
that, in view OF the narrowness OF the mar
ket. rally in prices was more likely to
occur tomorrow than a further break In
them. The dull and dragging market
which has now lasted for a considerable
| period serves to impair the patience OF those
who have bought stocks specuiatively Tor
a rise more than it actually lessons the
weight of their pocketbooks That Is 70
say, fluctuations In prices have been really
small. and no great financial loss has been
experienced by any one. 1t Ia very dis
couraging, however, to one who has bought
stocks with the idea Of selling them out
later on at a profit and Is closely follow
ing quotations as they are recorded, to
see the market. day after day, exhibit no
signs of life, and to observe that the general
tendency is in the direction of lower prices.
I The longer this state Of affairs lasts the
greater becomes the possibility that holders
of securities will throw their shares upon
the market either out Of sheer disgust or
from the fear that sudden and severe
drop in values may occur. The course OF
the market to-day was, to considerable
extent, governed by this feeling.
The Bank Of England's rate OF discount
was not reduced to-day, and the bank
weekly statement Of condition showed
large fall in the proportion Of reserve held
against liabilities. The statement was
only technically bad, Of course. and was
caused by the complications over the Trans
vaal loan, which have had the effect, tenn
porarily, of increasing the banks loans
and deposits without increasing its cash.
The balances will, Of course, be adjusted
In the statement next week. Announce
ment was made Of the proposed shipment
on Saturday Of 81 10000 in gold to South
America and also Of another reduction in
pig-iron prices: and statistics usually ac-
cepted as authoritative in the iron trade
were published showing that our countrys
weekly output Of pig iron at present is by
far the greatest on record. This fact,
taken in connection with the weakening
tendency Of iron prices, naturally raises
the suspicion that production Of the metal
is outrunning, or is at least fully equal
to, the consumption of it. The further
advance In the price Of cotton to-day was
disturbing because Of it's obviously dis
turbing influence In the textile trade and
upon general business; and the complete
statement of our foreign trade for April,
published by the Bureau of Statistics this
morning, showed a reduction of the nation s
foreign -trade balance. The value of ex-
ports in April was almost identical with
that Of April last year, but was 322, SOC. 900
less than that OF March this year. Imports
for April. on the other hand increased
nearly SIS 900 900, making one Of tie
largest monthly totals of imports on record.
In view of the present problems in the
foreign exchange situation these figures.
Of course make not over pleasant reading
in Wall Street. Finally, reports were re-
ceived Of the too great abundance of rain
in certain portions Of Nebraska and Kan
sas, which. it was said. had the effect Of
unduly delaying corn planting; and prices
in the grain market advanced
Statements OF railroad earnings as they
come to hand. are uniformly favorable.
and it is generally understood that the
forthcoming report OF the Pennsylvania
Railroad earnings for April will be very
much better than preceding statements OF
the kind. The Wabash, Missouri, Kansas
and Texas and Missouri Pacific issues were
strong features Of the trading to-day. but
they all declined with the others at the
close The Erie stocks seemed to lack the
support which has heretofore been in
varably extended to them and this fact
and the heavy selling of stocks like st.
Paul, Union Pacific, Rock Island Reading
and all the standard railway shares, as
we'll as OF investment stocks like North
west, Delaware and Hudson and General
Electric, contributed much to the prevailing
depression. Another matter which was
harped on somewhat by the trading ele-
ment was that Saturdays bank state
ment might be unfavorable, inasmuch as
the gold shipments throughout the week
would logically serve to increase the loan
account of the banks, and the banks had
lost cash as we'll to the Sub-Treasury. 1t
is also said that the return flow of money
from the interior has dwindled to compare
lively small proportions. As long, how
ever, as money keeps as easy as it is at
present it would seem that gold shipments
and bank statements are merely academic
factors in the financial situation. The labor
SlUudtlOI, SO stIlhes pTeStuI duNt
prospective upon the railroad systems OF
the country are concerned. seems to be in
better shape; but 1t is distinctly not in
better shape AZ regards general business n-
dustries. Experience has atteeted that such
strikes as that now naugurated by the build
ing trades in our own city are lasting and
serious. The fear was very generally ex-
pressed in Wall Street to-day that while
the determination shown by employers in
various portions OF the country and the
enthusiasm with which they have united
to put an end to labor union aggression
were in every way admirable and COM
mendable, the widening controversy be-
tween labor and capital which has thus
developed would make for lower prices
in the stock market until it could be said
that the worst phase OF it, at least, had
been seen.
New York Stock Exchange 0ales. May IL.