The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-03
...New York.
Stock Market
KEYNOTE IN BUSINESS
DURING THIS WEEK Is MF"
Need for Revival I'm Confidence mud In
y Activity Becomes More Urgent
a Every Dny.
sTRAws SHOW HOW WIND BLOWS
Hitting of Shadow From Railroad
{ World Would brighten Sentiment
y nnd Restore Europc's Fnith.
HY Ii. G. Forbes.


keynote OF this weeks article covering
business and financial prospects,
Fundamental and also stock market
conditions would warrant II remarkable
transformation from pessimism and
depression to optimism ana prosperity.
If = satisfactory peace be established
in MoXico-whch is still doubtful AMI
OF overshadowing Importance;
IL the Interstate Commerce Commits
sion grants the Eastern railroads sub
stantial rclicf-which is very prob
Cble:
II president Wilson ignores politics
H. selecting Federal Reserve Board
lmombers--which lie likely will;
If the crop outlook continues as
promising as it Is now-which at least
can bc hoped:
II Congress postponcs its haphazard
antibusiness proposals: and
( II the tariff does not seriously
cripple numbers of our lending indus
tries-a matter of grave moment and
one the public does not justly appreci-
{ ate.
Given peace, the chances would favor
Smarkcd recovery in trade and in invest
) lnents. as most of the other impending
: developments are likely TO prove en-
7 couraginG.
That sums up tho whole position.
7 The need for revival in confidence
land in activity becomes more urgent
every day. Things are drifting INTO II
distinctly dangerous condition.
~ Here are straws showing how the
industrial and financial winds arc
blowing:
Chcnp Labor n Menace.
Foreign manufacturers are flooding
Z this country With cheap labor goods
{ al n rate never before experienced.
Exports are not increasing.
I European investors have rcsold per-
| maps S250,o00,cO worth of American
stocks formerly held by them. and
3 Will sell II great deal more if the rail
sroads are not given tangible and i'm
mediate succor.
{ Gold exports on heavy scale will
afollow these developments unless bur
densomc borrowing by the United
: states government for war purposes
sforccs up interest rates ho-c
Steel and copper prices are falling.
1.-The United States steel Corporation
suffered :. deficit, after the regular
dividends, OF fully $6,O0o,OO0 last quar-
Is ter
I Railroad development has virtually
ceased. The Baldwin Locomotive COM
pany is to-day employing less than
5000 men. which contrasts with ur-
ward of 1900 one year ago, cut of
{ more than 80 per cent.
y New England mills are curtaillns
production.
Irndr Recession Spreads.
: The trade recession. following we'll
I established precedent, Is moving west
ward Complaints now come from the
Middle West, heretofore cheerful
: "licsitancy is general in anticipating
forward requirements" says Dun's
trade review, which usually strives TO
! be optimistic.
The soil was never in better condi-
! tion at tho opening Of May. and our
FARMERS If All goes we'll will utilize
! their increased knowledge to raise
(arves's never eqdaled by this or amy
other nation. Bountiful harvcsts form,
of course, the most solid base for pros
lerity.
railroads Need Help.
The lifting Of the shadow that has
lain across the railroad world for
many trying months would brighten
sentiment in high places ut home and
restore some OF Europe's aforetimc
faith III the ability OF this country to
REGULATE its affairs iutclliGcntly.
Industrial and mercantile interests
have kept SO close TO shore during the
last year or more that they are in n
position 10 respond with ah.sfity TO
any announcement from the atininis-
tratiun that none Of the weird anti
business bills under consideration will
lie passed this summer.
Credit imitation has been rcctiticd In
most direct ons, hat if there be no
revival In trade very shortly. the com
nercia! mortality list. already distress
ingly long, cannot fail to be seriously
icngthened. Tho railroads and Wall
Street firms would doubtless figure in
,tae record,
Agitation Mny Spread
The appalling events in Colorado and
the windy demonstrations of profes-
sional and semiprofessional labor agi-
tators do not reflect general labor
f,y
become grave If The administration and
riis min,ous persist in policies calculat-
ga 10 aeHl'aNaic unemployment ana it's
attendant unrest 1rd ugly discomfort
There never was more pressing need
COR constructive. broad gauge. common
sense craftsmanship.
Can Prc, ident Wilson ana his adj
visers rise 10 the OCCASION
The answer decisive. mayhap,
epochai one-should come within The
next thirty days.
New York. May "a Slow decline in ,,o,k.
to-day tcok OF the edge 81 the weeks ad-
vance The movement was downward from
iiTst 20 last, bat there was no ra,i unnk
me-, a"d IN majority OF cases losses were
sA Af,eT ,s sueh A upiurn occurred ,hi.
nopaigar share s9' points A!FAer Not i Tor
.mVht"s hfn IA. aH .s seen sucn pcoNi. In =
week SEEMING .to-da| was principally real
!@!"i; on sreeuiatiyt profits. and tHefe were
~ "a EEIt-SiHr operations bear side
Offerings we're accepted readily 3D.. ronccs
sions. and i WAS @sl4eu: that * strong nc
ZION was taking OF stocNs ou the eNueciatl,.n
Sci a further upturn. provided mo- unforeseen,
lion.
ccalers and coppers were heaviest rh.s.
ttochs ~ere affected ny labor troubles In me
fltuMthouE h"ids ana lrss favorable cont.l-
tom IN Tho copper trade steel hclt III, fnirt,
70! uniil Vac ate trading when il gave
way on reports % further cuts ia prices OF
b. .ls iion anu certain steel products Tho
fndnclal problems OF ROCK lsIar5 wore 70
iitcted in further decline IN Ncsc securi-
lles; Hoih comlnoh AMI preferrod stock
ihg E?id .eSpof, i''2yeinent. discussed as a
the cngagemen; OF Sl,0G.0Jo for Paris 900"
the bank statement dlsafroin,iug
though j; showed actual cash palm 81
,sgOre than s. Dy9.vJj. and q At!u Iar.er IN,
crease IN surplus. a cash gain o: - 90, "a
had heon predicted.