The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-05-14
EDITORS VIEWS
What New York Afternoon Papers Say
of the Market
Especial to The Times. Dispatch. J

Post says. Almost at the opening to-day
the stock market again broke sharply,
Atchison. * in ST. Paul. l each In Mexican
Central and Illinois Central, III In Louis
vile and Nashville. l7s In Metropolitan. Y
~ in Steel preferred. This decline bore
all the marks of a speculative drive"
and, as was TO be expected. was followed
by more or less prompt recovery. Not all
of the days loss was regained, however,
and the market closed with irregular net
changes for the day.
The ea1y Gaid a. on prices to
which Wall streets mind was thrown by
the occurrences Of yesterday. With SO
many and cui'iously varied Influences de-
and cotton, in labor. in crop weather and
In internal exchange--the feeling has
naturally spread that 1t Is not easy to
find firm ground beneath the feet. This
is the, true cause of the uncertainty In
financial circles; 1t can hardly be de-
scribed as real alarm. No more gold was
exported to-day for Europe, but Exchange
held firm.
The EYendiag Sun says: It was vt very
the renewed weakness In the stock mar
ket this morning. While there were no
fresh developments of any consequence
In the disturbed labor situation. that gen.
eral matter seemed to occupy the fore
most place In discussion, and. as much
as anything else, the Views regarding the
conditions In question were effective in
holding the speculation In check Yester-
days rureors regarding unsettled condi-
lions in the steel trade and, specifically.
that big cut had been made In the
price Of steel billets. We're not verified.
impression prevailed that there was some
basis Of truth behind the reports The
United States Steel shares, at az events.
continued heavy. and the pressure evident
In that instance might be cited as another
OF the effective influences leading to SELL
Ing in other directions,
The trading was rs professional as 1t
has been during tho past fortnight, and
the floor traders We're aggressive selle
! OF the general market, although they
seemed TO be rather more successful to-
day In inducing some outside liquidation
on the part of worn out spectators on
margin.
list were Pennsylvania Union Pacific, st.
Paul. Missouri Pacific. Atchison and
Erie.
The Commercial ADVERTISE says: De-
NAL Of the rumors which had been used to
sell stocks on yesterday afternoon scarce
ly had any effect on to-day's market, u
appears that there was no authority at
p prices had been cut; the Ioittsburg dis
patches which ANNOUNCED THIS Yesterday sterdty
heavy selling continued IN, the Steel
shares and nearly all the other railroad
stocks We're under pressure at one time
or another.
The only incident which was really
over 10000 reported for the week from
the banks to the Treasury, Operations
for a decline We're based simply on the
success which has attended similar efforts
in the past, when neither the public. nor
the larger financial Interests have been
taking a hand In the market, But the
shor, selling had little effect outside OF a
few stocks Steel Issues were weak In the
fore noon, and Rock Island in the after
noon hut with these exceptions the mar
ket showed very fair degree OF resist
ance Prices recovered generally In the