The Washington herald., 1907-06-02
STOCKS IN DECLINES
Weakness Apparent in Short
Session Of the Market.
HOLIDAY WEEK A DULL ONE
Money Situation Attracts No Atten-
ton - Net Earnings of Railroads
show Only Small Decrease. Owing
10 Growth of Operating Expenses.
Wall Street Interested in Cotton.

New York, June 1.-The general weak
ness apparent IN the stock market IN the
last half hour Of business yesterday was
continued throughout the short session OF
the stock exchange to-day and resulted in
declines running TO over a point in the
cases OF some Of the standard shares.
while there were few Of the active stocks
that did not show at least fractional re-
CeSsions.
The selling movement. however. was
plainly of the same dssultory and profess
sional character as that responsible for
the show Of strength In the market on
Wednesday and in the morning hours of
the business yesterday. and the market
really exhibited no definite tendency.
Discussion concerning the President s
Memorial Day address almost ceased, and
practically the only news of the day was
that contained i'm the publication of one or
two reports of railroad earnings and Of
the weekly bank statement. The railroad
reports were of the same general nature
as those which have appeared for some
time past, attesting the effect upon gross
earnings Of high operating cost
The Louisville and Nashville Railway
COmpany's gross earnings for April i1-
creased $4,000. and its net 100000. while
I'm the same period the Union Pacidc's
gross increase was S3iNHn. and its net but
Sll9CJ1
In the present ease of the money mar
ket The bank statement was regarded as
no factor at all in the speculative trad
ings
Holiday Week a Dull One.
Aside from the speech delivered by the
President Of the United States at Indian
apoHs on Decoration Day. having refer
ence largely 10 railway matters. the week
I'm the financial district has been unevent-
fuI. Il was shortened by The holiday, and
usually. except at times when Wall street
IS agitated by specially important events,
a holiday week there is apt % be dun.
The money situation attracted absolutely
no attention during the week. although
engagements Of gold for export We're
made. amounting 10 over S3enno. \ CON
siderably greater amount of funds than
has already been taken could he spared
for the use of foreign bankers or course
If the outso should reach large proper
ti0ns. it would become q distinct adverse
influence financially. Reason for the
movement Of gold out of the country ap-
pears 90 lie iu the desire of the Bank OF
France TO build up its reserve. which Is
now somewhat below the usual average.
bUt il is commonly Thought that the CSpe-
CiaI reasons why the French bank is for-
tifyiug itself is ii desire to be uuwontediy
strong against any possible trouble that
may arise later i'm the year with the finan-
Cial situation I'm Russia and Germany.
News from the grain fields was on the
whole, better than If Was iu the preceding
week, although the weather everywhere
800 the northern half of the country was
colder than has been known at this sea-
son before iu years. So far 10 seems no
particular damage was done by frOsts to
anything except the fruit crops i'm certain /
sections. and the greatest harm from the
low temperatures was undoubtedly that
received by certain lines of business deal /
ing with merchandise Of an essentially /
spring character
a feature of che agricultural situation
however. To which more regard must oh
vi0usIv be paid I'm Wall street is the out
look for cotton. The price of cotton has
recently advanced very materially be-
cause of uudoubted damage that the sea- !
sens crop has received chiefly from CON
tinued and heavy rainstorws- As cotton .
IS the Country's leading article Of export. .
q reduced output this year would be a .
matter of serious concern.
Labor Conditions Improving.
Labor difficulties over the country ap-
pear 10 ba somewhat less Of a menace. /
apparently because of the firm stand at
last taken by employers. who realize that
they can no longer keep on advancing .
wages and reducing hours Of work if they
are 20 earn any money whatever for +
themselves as p result of their business /
operations Those having charge Of these /
affairs iG "a large way. such as the presi- T.
dents of railway corporations and all 9th F..
CTS iu such position 10 have exact /
knowledge Of what IS going on. continue .
20 state that the greatest present diff .
Guilty I'm the couutry's business is the .
c0stliuess and ineficiency of labor.
In his address 10 the stockholders Of the /
New Haven road at their special meeting .
yesterday. President Mellou said. frankly. +.
t..tL lf a..'~. lr'I.. anu AII.H i.i-
meut with which the mana cement had % /
contend We're first. the demands of or 4
ganized labor which were tremendous.
and which would cost the company I'm the /
coming year iu the vicinity of $4,000 in
increased wages. and. secondly. the .
freight car demurraEe payments. which /
would make another $4,000 increase i'm
the company's expenditures. In the case
Of labor, too, so Mr.. MeIIen said. there
was witnessed a constantly decreas sed eff
cheney with every increase I'm the distribu-
ti0u of pay.
The same story is heard on every side.
larger and more eZtravagsnt demands Of /.
labor attended with less faithful service /.
when the demands are granted and en-
harrassment Of business.
LONDON EXCHANGE DULL