The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-03-10
1 THE EDITORS VIEWS.
What the New York Evening Papers
Have TO Say of Yesterdays Trading.

lspseinl to 3he IT Times P1spsteh9
y cial- Advertiser says a period Of wild Id
and exciting fluctuations dls1 4 NJ
raa1E , On s the Stoss eame
a further break In prices; This eApectaee
8tion was partially realized when many N; I, OF
the leading stocks openeea o aoG ~ tu ,lda
r reesd ty epe Pacific and
un she s list Vent ITO on s decning The action
Of these stocks, for obvious reasons, be-
B came eN at once Tie cynosure Of interest;
soon manleSt ta ry,nr euSy c seI
s Soon after mid DAY a number Of profess
sional operators, who, evidently perceiy n1t1
the truth Of tho si,n,loin 1.d PECAN ,e ta nv
Il fit ed + short sI sellers In Southern and Union
Pacific. The precipltate rise In IT. these Ss
stocks caused tne smort am te'e yerv SHARP
rally rally set set in in ali directions. II was de-
T. MED that the warning faction IN South
Pace hnd ganea us pq1ns m et
rescognlze its claim for dividends, but
professional circles were as skeptical 70,
as ass they p had been been increduious Of reassur-
ing information last week. me marK se
eased off very generally At the close,
e cry. " But the consensus, Of, opinion was vas
II that operations for the short account had
received decisive check CAR money,
which had ran as high .o as IL per no Gem;
early in the day. was offered on nominal
4 terms at the end. ok n
"A The Mail and Express says; In keep
I ing With general expectations sat4rday's
bank statement was the over, shadoWlnE
' tSe %ail H & sss ssrHS
advanced 10 I per cent on call and GG6h
II per cent. on time; sterling exchange broke
4 60dCO points and stock prices melted
away rather abruptly for the great ma
"a &c Colorado Fuel. and Iron. New, York, Air
Brake and North American yielded about
\ and 81. Louis. Kansas and Texas pre-
ierred and St. Louis and San francisco
e1s and the general run OF usually ac-
There was renewed liquidation. partly
y because Of weakened margins, and Lon
don selling 5000 shares. but subsequently
hought back nearly al! the stoe ss s sta al
cd TO the rumors OF settlelnens. 80 AN, tne
4 differences IN question have undounteuly
eKsresed yeIy depressing sss i rne past on
Runlor had It that me southern lhclItc
y pool representatives had MADE propose
6 lion 10 the Union Pacific interests 70 TAKE
Inc Southern Pacific pool stock over AZ
4 10 or 10 place the shares on per cent
dividend basis =
The Evening TDSt SiES' ~ 10 NV WE
often ,fat Wall Streets expectations re-
gard!ng n markr, are so completely upset
as they were TO rday. During the two or
three past years, such Il SITUATION. AS VS.
ii IDLY existed at the markets close on
4 Saturday would have foreshadowed, with
Z out The slightest question, general break
in prices. surplus bank reserves woe
u exhausted At n time when nothing or
ihe sort had been expected; money was
( high ard certain to 90 higher the banks
were ca!Ins loans and apparently plan,
3 ming 10 call more. This situation existed
4 in May of 1901 and 1902, IN September of
1901. III October Of 1902, and on each oc-
casion was followed by collapse In
4 prices These declines were on until bar
A Eain hunters attracted from quarters
outside OF Wall Street, came IN with
p purchasing orders large enough 70 re-
4 iieye the market: that is 10 say the bid
for carjital was raised by continuous low
erjng tof the Stock Exchanges prices,
Until capital was obtained
AL 10 O'clock this morning general ex-
y peclation was that the process would be
fspeated which !s precisely what did not
occur, Instead OF decentralization on the
Stock Exchange buying orfh in a. at prices
n tie stocks which were weakest SATURDAY
~ Union Pacifie's VI point rise, on The ttst
slransaction, the Instant gain 81 n, ~
Il Eouthern Pacific. 'ol " In q; Paul and Q o.
~ Ia Manila tIaD, We're typlcs4s SpecuAa-