The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-02-14
THE EDITORS VIEWS
What New York Evening Papers Have
to Say About Yesterdays Trading.
(SnecIal 10 Tho Times-Dlsnatch !

(SDeClal 10 Inc llfneS-DlSpatCh,)
says: So far as IT. can reasonably be
Judged to-qay's weakness in stocks was
attributed first to the further rise in for
eign exchange and second, to possible
decrease in surplus bank reserves to-
morrow.
These, are among the Developments
which impress most profoundly profess
slonal SPECTATORS minds.
The fact that selling OF stocks to-day
began In London before the opening here
no occasion to sell stocks on Its own ac-
count. II was pleased that the bank rate
did not rise, and, in fact, Its own securt-
ties improved, consols especially advanc-
Ing
But professional New York, in the not
very well-1tting garb Of English capital.
cared nothing for Londons view of things,
The days changes. In short were MOTH
ing but protlt-taking sales on the recent
general advance, and We're managed
rather bunglingly. Prices recovered part
of the loss before the close.
Earnings for the opening week Of Feb
ruary again made extremely good COM
PARSONS.
Judging by to-day's preliminary esti-
cash by the weeks outside exchanges
The showing Is important as showing
tendencies, In this regard 1t Is to be
been sending two to five millions net per
week since the year began. has contrl-
buted this week less than a million ~
u "
government, which has in general. lately,
been a help to the bank reserves, has
again drawn on the market. This weeks
net Withdrawals by the Treasury. how
gain from western banks,
With cash reserves little changed from
week ago, interest in to-morrow's Off
cial showing will again, and more thar
usually, converge on the loan account
Thus far In 1903 the movement of loans
has followed fairly closely the reasons
.;E,ttr
The Commercal-Advertiser says Thc
theory most commonly entertained In re
gard to to-day,,s market was lhat SOM
one or other Of the large speculative In
terests had suddenly determined to
tighten their load.
According TO this notion the sellers hat
chosen Yesterdays holiday to cautiousl!
dispose Of some of their stocks in Lon
dor without pressing them hard enough
4 90 cause any considerable decline
-, Prices came fraciionally lower, there
lore. over the cable this morning. bu
The local opening displayed no genera
weakness.
Ii was not until toward the end of thu
first hour that signs OF heavy liquidation
began 10 appear on the surface, The sell
ing orders, which evidently issued ,prn
cipally from a single source We're II,l
Pacific. Southern Pacific. Baltimore anc
Ohio and United States Steel Elsewhere
the trading on the decline was COMPARE
lively light, The whole downward move
ment, moreover, was aggravated by
''bear" demonstration on the part OF pro
fessional traders. Some judges though
that the unexpected announcement OF IN,
Erie bond issue was mainly responsible,
Tor the decline, II was certainly lru,
that these shares were relatively weake
than other parts Of ! he list But in tn,
opinion OF close observers of the tradin,
the theory OF Especial selling WAS tn
most plausible one.
M The Evening Sun says. IT was not n
hi easy to advance definite and sensbl
sEeasonS for the rather pronounced weak