The Birmingham age-herald., 1903-03-28
VIOLENT BREAKS
 IN STOCK PRICES Nothing Could Withstand the Powerful Bear Attacks BONDS WERE VERY HEAVY Hasty Profit Taking By the Bears Caused a Rally at the Last sut
 the Close Was Feverish
 and Unsettled.
 
BONDS WERE VERY HEAVY

n-.,r work March 27.-There appeared in the stock market today po"eii1l and resoureeful bear party. The naiiNe' proved unable to withstand the assi ss9i' tactics of this element and soihe Nioien1 ,,roa,,. were the result. When specuia- tion has got into that condition where avaiIahle resources have been taken up hv the speculative holders of stocKs' anu the canstrietion of money supplies begins "a roa1.a their position precarious, tho buu marty is in the position of holding arimly to their possessions and selling out only as they are forced to do so. Skliful calculation will disclose approximately price level below the market where the efforts of holders will have to be aban- doned. and their possessions thrown over for purposes of realizing Under normal circumstances the narrowing money sup ply would bring this about by gradual steps. 1t is the part of the ambitious bear to bring it about with rush, ana avail himself of the benefit of selling be- fore the break, and of buying at the de- cline The sluggish and hesitating tone of the market for some time and the difficulties of the money market have disclosed the unpleasant position of the
 
 bulls.
 The professional trading element on the exchange newly recruited by the re- turn Of a number of skillful speculative leaders, demonstrated to their satisfac- ton the state of affairs. The opening spurt ie prices this morning was nomi- nally based upon the action of the seere- tary Of the treasury in resuming refund ing operations but the professional bear party evidently had it's part in forcing the opening bulge in prices and they sold freely from the start. The first prices of the day were almost without exception the highest. Almost immediately, the significant selling in Pennsylvania made it's appearance again. The beneficiaries by the stock subscription privileges seem ed united in their desire to take their profits promptly
 There was selling of the eights on the curb. The holders of stock seeing the course of the eghts, sold their holdings of stock on a large scale on the chance of securing eghts to subscribe to the new stock at a profit in the future, while having funds in hand in the meantime from the sale of the present holdings of stock. New York Central at the same time developed a very weak tone. The rumor was prevalent that the $l7,00OOOO stock in the company's treasury, which is already authorized, Will be SnOrtly or fered for subscription. The selling of the stock was alleged to be against this future issue of treasury stock The pre- vailing sentiment on the subject of ad- ditional stock Issues was shown by the special weakness of all stocks which have possible new issue ahead of them. St, Paul was conspicuous example. This formed the principal basis for the bear raid upon the market, which changed the early gains of 1 to 11s into such net losses for the day as St. Paul A. New York Central ex-dlvldend, Penn sylvania and Southern Pacific about 3. and long list of losses between 1 and ?. In the inactive list there were even wid- CT declines The prospect of a further loss of over 5000 900 by the banks ag- gravated the weakness. On the curb there was a break of 21s points in Northern se- curities. The nasty taking of profits by z the bears caused some quick rallies at last. but the market closed in a very fev- erish and unsettled state. Exports as to the effect of the proposed refunding op- eration did not promise large release of cash to the money market as re- suit
 Bonds became heavy in sympathy with stocks. Total sales par value. $2.24l ,G0O. United States 2s. coupon declined II and the 2s registered l, while the new As com mon advanced #, the new 4s, registered, lz, and the old As l per cent on the last call.