The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-14
LIQUIDATION
ORDER OF THE DAY
Offering 7umb'ed on Market as
Prices Declined.
BEARS WERE, HOWEVER, TIhllD.
Nevertheless There Was Some Short
Selling in tho Belief That an
Extended Period OF licac-
ton Had Set In.
BEARS WERE, HOWEVER, TIRlD.
(Iy Associated Press.)

NEW. YORK, Feb 13-Speculative liqui-
tlaIion was the order OF the day TO-DAY
ON the stock market, and towards the
close of the day the selling became urgent
in some OF the stocks which nave Deeh
highly manipulated in the progress OF the
extended advance The depletion OF mar
gins and the uncoHeriEg OF stop orders
were evidently responsible for some OF
the heavy offerings of stock. which were
;unbled u,cn the market in growing
volume as the decline in prices proceeded
Generally speaking, there was feel
ing in speculative circles that the good
news was all out to favorite Wall
Street phrase. The TACT that the day $
news did not bring any announcement OF
"A new gigantic combination in prospect or
in course of achievement probably had
much to do with this feeling. The highly
seasoned fare to which the Nail-Stfeet
palate has been accustomed leaves the
speculation rather fiat without its accus-
toned -tbracer'' of a financial CONSOLE
cation running up into the millions.
The Dissemination to look for further
important developments in the immediate
future MAS emphasized by the current re-
ports Of contemplated winter vacation
trips by several capitalists who have been
foremost figures in the great financial
projects which have recently GaZzleu the
speculative world. There has been daily,
and even hourly, expectation that the de
tails of the financial plan for cifecunS a
merger OF the steel combinations would
he officially given TO the public The de-
lay in giving out this information has
been trying TO the nerves OF some OF the
spectators long OF the stee! stocks, and
they sought relief to-day more than on
previous occasions since the projected
merger became known by unloading the
holdings.
The repeated rebufs which the bears
have received have made them very ti!nid,
and there Was not much evidtFlce of a de-
lnand TO cover short accounts, even at
considerable declines. There was undoubt-
edly short selling. however, in the belief
h:f a extended DpriDN Of reaction mad
been fairly inaugurated, Il belief which
has been indulged in many times before
the course Of the recent extraordinary
market.
The course OF affairs in the money mar
llet gave substantial ground for appre-
henSion on the part of spectators DEEPEN
dent on loans for carrying their holdings.
1t is evident that the recent enormous eN-
tension of credits Tor financing railroad
combinations has much curtailed the 1u-
ture resources of the money market. The
refiuX OF funds from circulation is dis
tinctIy less with the growing activity of
business requirements incident to the
spring trade. The absence of American
subscriptions of any volume to the new
British loan eXcites comment. 1t is due
in part to the easier conditions of the for
eign money market which resulted i'll a
price for the loan unattractiVe to Aineri-
can investors but there can be no doubt
that the narrowed surplus resources in
the New York money market had to do
with preventing American bids. The Janu-
AIRY figures of exports OF agricultural
products. showing an increase of over ST.
UpO,9 900 over those OF the preceding Janu-
airy, make this condition the more extra
ordinary
London was q large speculative buyer
of stocks here this morning, especially of
-Atcllison and Norfolk and Western, but
the heavy profit-taking overcame the
London buying and swept nearly every
thing in the market below Mondays level.
Western Union and St Louis and San
Francisco second preferred We're con-
spicuousiy strong and retained small
gains The most acute weakness was
shown by Sugar, Missouri Pacific, the
steel stocks. the GrangerS and Pacitics
generally. The market closed under pres
sure and near the lowest
Bonds We're weak. Total sales, value,
$500 600.
Total sales of stocks to-day were 1,121,-
zoe shares.