The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-03-05
THE II EDITORS VIEWS
What New York Evening Papers Have
u to Say About Yesterdays Trading.
(Speclnl to The Times Dispatch,)

3B Especial to The es-Dlspatch)
NEW YORK, March 4.-The Evening
Sun says: Tho financial community re-
tanned no further delusions to-day Will
respect to the Aldrich finance Dill. inc
! lingering hopes which were entertained
Ahp8to the close of business yesterday that
#cessful legislation on the measure were
thrown out OF consideration in this morn
&ing's intelligence from Washington. With
that subject dismissed from calculations.
conditions and prospects. me banks
made further loss to the snb-Treasury
yesterday of A7S.o9o winch ,,o increases aease
lions with the subTreasury since last
Friday to s4462,ooo. Such a showing not
only assures another weak bank state
the point 1t resulted In much more active
money market conditions to-day. Tho
calling of loans by financial institutions
was general.'Lnd IL. consequence, rates
There was little news of Importance
Overnight and few Developments with the
Important Intelligence was that with re-
gard to the final announcement OF the
preferred stock conversion plan OF tho
United States Steel G9rpor aes, Sns even fe
stocks directly concerned or the genera
market There was initial, transa ctions
IN the new bonds Tars isaea ahru .,
recession
The Evening Post says: It was again,
position which dominated Stock Exchange
movements to-day. Rates were very tight,
9ly held, some attention being attracted
BY slightly higher bids from mercantile
borrowers. The position will not be alto
gether clear until Saturdays bank state
{ fnent shows what has happened to tho
the weeks operations, taken along with
The decided weakness of exchange, proves
very plainly that part of this money mar
ket's burden Is being transferred to Eu-
rope. Indeed 1t might be inferred from
the action Of Europe's markets that some
such demand on foreign capital was in
y. for the Nrst time in many months To-
day the Berlin money rate which has
been steadily falling throughout the win
1ee mgYeh & S hn saaR yf the
London cable that the predicted reduc-
ton In the Bank of England rate to-mor-
foreshado W reduction in New York loaal
account. On the other hand. the sub
Z Treasurys daily bulletin showed furthtl
fr9m ms apke, ne 9y .hs
60 taken since last Friday, There ar ar'
also some matters pending IN the locn
market which make strong showing p'
the banks very desirable.
The Mail and Express SAYS, The s1lcl
market operations today mace rai ,da :, ;.
III
large total OF nearly 100000 shares. The
b pressure against the list. however, wal
lifted and Speculation developed Il stead
Ter tone. Much hesitancy was apparen
al intervals, and the market drifted Into
n dun and marrow condition OF affairs
At first prices ruled firm. then fell off {
The extent of a point in few Of the lead
ing railways and subsequently ralLf,d
with the result that a ma jority OF share!
were carried fraetional!y above las
Tho bearish contingent renewed theil
drives at intervals. but The market SO t.
sneak seemed TO have been sold ont. con
seanently comparatively little Roadway
was made IN the direction Of c
lower level Of quotations. Chicago
sold the Western roads particu
iarly Rock Island, st. Paul and Missouri
Il Pacific but the last named met with SUD
port There was considerable local sell
Ing OF Southern Pacific during the initia
trading.
Il early decline was due mainly TO covering
q IF 5ahorts and the frmer feeling 70
American at London, with purchases o
N 90 GO shares for arbitrage account.
E fss frhe money question was undoubtedly
factor in restricting business, as commits
s,Inn7 houses generally are advising con
Sll4ssryatism during this month, when man,
Time loans mature and the. planting de
,nhnd for currency from the West an
& South promises, as usual 70 deplete III
casn, resources of the banks,
Yhe news OF the day was meager.
* u,ynercial "A dyertiSer says: The syIpL