The Indianapolis journal., 1903-08-20
THE BEARS MAKE A RUSH
ONSLAUGHT By THIS ELEMENT
MAKE STOCKS CLOSE WEAK.
Been Organized tn Contest the
Move for an Advance.

NEW YORK, Aug. 19.-Tne reactionary
forces developed in yesterda. > late stock
market became preponderant in to-days
market and caused a sharp backset in
prices. 1t was evident that the underlying
cause Of the reaction was that the rebound
had been too fast and had gone too far.
SO far as could be perceived. the outside
causes which were advanced to account
for the decline were the effect rather than
the cause of it. The dominant influences
on prices were in the market itself. Yester
days heavy taking left the market
in a weaker technical position. The con-
certed selling all through the list caused
the belief that large bear party had been
organized among the professional traders
to contest, the advance. In some quarters
it was suspected that the choice of we'll
recognized bear operators toNconduct the
selling a ruse TO cover profit-taking
sales of those long Of stocks. as the ap-
pearance of bear selling is the most likely
to invite support of stocks by their mar
ket managers. The kind Of support and
protection for prices which have been in
evidence since the trend definitely turned
upward was not seen to-day and the fall
in prices was uncontested. The specuIa-
tive public at large was left 10 conjecture
whether the powerful capitalists whose
leadership they have supposed they were
following had sold out their stocks and re-
tired from the market whether they had
become dissatisfied with the rapidity of the
advance and the character of their follow
ing and had determined to countenance a
reaction for the purpose of shaking off a
weak and undesira bic following of weak
traders. The reaction did, in fact. uncover
large numbers of stop loss orders and
wiped out narrow margins of smaller spec
ulators who have been attracted by the
rapid rebound.
London was a seller of stocks on a large
scale, evidently I'm the nature of profit
| taking. That there were large additions
| to the short interest as consequence of
the days selling is a fair conjecture.
AS for the news development, an i'm
| portant place must be given TO the ques-
| n raised whether the rejection of the
inama canal treaty by the Colombian
senate is to be regarded as final. YeSter-
| days news of the rejection was made much
| of by the bulls as relieving the exchange
| market of the need for supplying means
! for remittance on the canal payment and
| leaving the Treasury Department free to
| use measures of relief for the money mar
ket. Buyers on this factor were naturally
disappointed by to-day's revised view OF
the canal treaty outlook Much attention
was devoted TO circumstantial report
that the legislative leaders who are looked
| to- for financial legislation have been un-
l
| form measure at the coming extra ses-
| sion regular session of Congress is i'm
| probable.
| The selling was much coecentrated, a
| single commission house disposing of many
| thousand shares during the day. The per-
/ sonality of the firm and it's past employment
| by one of the great financial groups caused
| considerable significance to be attached tC
| this selling. The further reduction in
| prices of Southern pig iron had it's greatest
| effect on Tennessee Coal. but the iron and
| steel stocks all shared in the days weak
| ness The concentrated selling referred tC
| largely converged on Anialgamated Copper
| and Rock Island was leader in the re-
| action. The low temperatures in the corr
| belt and the necessity of early warm
| weather to insure the crop from frost were
| considerably dwelt upon. There was
considerable covering movement at the be-
| ginning of the last hour. but the bears
| made fresh onslaught and forced a weak
| closing at the lowest of the day. Declines
| i'm the active list ran from one to foul
| points.
Some early strength i'm the bond market
gave way TO heaviness in sympathy witt
4 stocks. Total sales, at par value, were
| 81 $4,000. United States bonds were un
| changed.
Following are the days share sales ant
the recorded price changes: