The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-06-02
financial AND Commercial.
SATURDAY. June i

SATURDAY. June i.
The general weakness apparent in the
stock market 10 the last half houI Of busi-
ness yesterday was continued throughout
the short session Of the Stock Exchange
to-day and resulted ia declines running
TO over a point ia the cases OF some OF the
standard shares, while there were few OF
the active stocks that did not show at least
fractional reoessiops. Tho selling move
rnent, however. was plainly OF the same
'deeuitory and professional character as
that. responsible for the show OF strength
IN the market OIL Wednesday and in the
morning houTa al business yesterday. and
the market really exhibited no definite
tendency. Discussion concerning the Pres
ident's Memorial Day address almost
ceased, and practically the only news OF
the day was that contained in the publica-
fiop of ono or two reports OF railroad earn
ings and Of the weekly bank statement.
The railroad REPORTS were OF the same gem
.eral nature ss those which have appeared
fO so o time past. attesting the eject
upon gross earnings OF high operating cost.
Phe Lou willie and Nashville Railway Com
.pany's gross earnings for April increased
1901 900 and its net 500, 900, while in the
same period tho Union Pacitic's gross in
creased S94S, 900 and its net but $4,000.
IN the present etuse Of the money market
the bank statement was regarded az no
factor nj al In the speculative trading.
Bank loans rather surprisingly increased
SIS. 54l, 6On. and as the cash held by the
banks Increased but $3.50 100 the bank
surplus fell OIL 81. 500, AIS.
aside from the speech delivered by the
President of the United States at Indian
apolis OH Decoration Day having reference
largely to railway matters, the week in the
financial district has been u~neventful. 1t
was shortened by the holiday. and usually,
except at times when Wall Street Is agitated
nv especially important concerns, IA holiday
week there is apt TO be dull. Ths money
situation attracted absolutely 40 attention
during the week. although engagements
81 gold for export were made amounting TO
over $1,000 900. Money for the time being
ct this centre is in n state Of plethora, and
. considerably greater amount Of funds
than has already been taken could be spared
for the use Of foreign bankers. or course
IL the outgo Of gold should reach large pro-
portions II would become a distinct adverse
influence financially. Reason for the move
ment Of gold out of the ountry appears to
lie in the desire OF the Bank Of France to
huild w It's reserve. which is now some
what below the usual average, but il is
commonly thought that the especial reasons
why the French bank is terrifying itself is
a desire to he Inwontedly strong against
any possible trouble that may arise later
in the year connected with the financial
situation in Russia and Germany. News
from the grain fields was on the whole bet
TER than IL was in the preceding week. al
though the weather everywhere in the
porthern half Of the country was colder than
has been known at this season before for
years. sc fsr rs seemed, however, no
particular damage was lone by frosts TO
anything except the fruit crops in certain
sections. and the greatest harm from the
low temperatures was undoubtedly that
received by lines Of business dealing with
merchandise OF an essentially Spring"
character. A feature of the agricultural
situation. however, to which more regard
must obviously be paid in Wall Street. is
the outlook for cotton. The price Of cotton
has recently advanced very materially be-
cause Of u%ndoubted damage hat the sea-
eon,s crop has received, chiefly from con-
tinued aud heavy transforms. AS cot
ton is the countTy's leading article of
export; a reduced output this year would
he a matter of serious concern. Labor
difficulties over the country appear to be
somewhat less Of a menace, apparently
because of the firm stand at last taken by
employers, who realize hat they can no
longer. keep on advancing wages and re-
dueinE hours Of work II they are TO earn
any money whatever for themselves as a
result Of their business operations. Those
having charge OF business affairs in a large
way, such as the presidents of railway
corporations and all others in a position
to nave exact knowledge of what is going
on, continue 10 state that the greatest
present difficulty in the country's business
is the costliness and ineficiency of labor.
In his address to the stockholders of the
New Haven road at their special meeting
yesterday President Melen said frankly
that the most uncertain and unhappy ele-
ments with which the management had to
contend were, first, the demands of organ
lied labor. which were tremendous and
which would cost the company In the COM
ing year in the vicinity Of $500 900 in in
creased charges, and secondly, the freight
car demurrage payments, which would
make another $500 900 increase in the COM
pany's expenditures. In the case OF labor,
too, so Mr.. Mellen said, there was witnessed
a constantly decreased efficiency with
every increase in the distribution Of pay.
The same story is heard on every side
larger and more eNtravagant demands Of
labor. attended with less faithful service
when the demands are granted, and a
harassinent of business interests, espe-
caIly those Of the railway corporations,
that 10 occurring as a result Of the provoca-
tive acts and speeches OF the President OF
the United States. Specifically, the stock
market during the week was almost desti-
tute Of striking features.