The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1908-03-24
FINANCIAL REVIEW.
Views Of Henry Clew's cn the Out
look.
journed.

New York, March 21.-The up
ward movement in stocks which has
been in progress for some time past
received a check in the latter part of
the week, owing to unfavorab,e rail
road reports and q disposition to
take profits. A good deal of realiZ-
.ng has recently taken place, espe-
ciaIy by the larger interests which
bought stocks during and Immediate
ly after the panic to check the de-
cline Very substantial profits have
been made by such buyers, and the
inducements to realize were irresisti-
BILE, in view 70 the greater difficulty
Of carrying prices to a still higher
level Oh this movement.
it evidently appears to be the mo-
tive of the big leaders to induce
activity by creating frequent mod
crate fluctuations. The two most po-
tent factors just now for the selling
Of stocks are the poor railroad re-
turns and the political situation.
New York Central, Baltimore e Ohio,
Pennsylvania western lines and
other representative roads are all re-
porting very unsatisfactory results
in both gross and net earnings. New
York Central was obliged to reduce
it's dividend to 5 per cent. This was
not unexpected, and the reduction
was favorably received, inasmuch as
the payment of the recent high rates
at q time when 1t was known net re-
suits were very poor, invited con-
fidence in the management. AS q
matter Of fact, this decision was IA
vorably received, and similar action
on the part of some other lines
which it is known are not earning
their old dividends would aid in
restoration of confidence.
The cotton goods situation has
been somewhat helped by a reduc-
tion of about 10 per cent. in wages,
which was better for the operatives
than forced shut down of the mills.
1t is worthy of note that the process
of readjustment following the panic
has been more easily accomplished
in the cotton goods industry than in
any other. This is partly due to the
fact that cotton manufacturers are
not under trust or monopoly in
f1uence; while the unions are fire.
quently led by men of intelligence
and conservatism who are able to
recognize and accept changes in busi-
ton but that the cotton industry of
the United States is in a safer con-
dttion than any other branch of man
ufacturing at this time.
The most disturbing issue in the
stock market is the political out
look. The presidential campaign is
growing in intensity and more or
less uncertainty is inevitable until
the nominations can be ascertafned.
The attempt Of labor to secure
through the president exemption
from the operation of the Sherman
act and to make itself privileged
class is absurd and untenable.
Whoever are responsible for this
movement their judgment is at fault
and their conduct unwise. Such
class legislation will never be accept
ed in the United States, and its ad-
vocacy simply further diminishes the
sympathy and respect for the cause
of labor. Labor had already secured
it's full share of the prosperity>which
eliminated in 1907, and it's refusal
to take its share of adversely.
coupled with its determination to
make itself a privileged class. is sim
ply placing itself beyond the reach
Of reasonable discussion.