The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-28
WELL-0RGANlZED BEAR RAID
IS MADE ON WALL STREET.
MARKET UNABLE TO WITH
STAND THE ATTACK.
Prices Break Violently and the
Close Is Highly Irregular
and Nervous.

New York. March 21.-There appeared In
the stock market to-day a powerful. we'll
organized and resourceful bear party. The
market proved unable to withstand the ag-
gressive tactics Of this element and some
violent breaks were the result When
speculation has got into that condition
where available resources have been taken
up by speculative holders of stock and the
construction, of money supplies begins to
make their position precarious. the bull
party is in the position of holding grimly 10
its possessions and selling out only As
will disclose approximately u price level be-
low the market where the efforts of these
holders will have to be abandoned and their
possessions thrown over for purposes of
realizing. Under normal circumstances the
/ narrowing money supply would bring this
about by gradual steps. 1t is the part of
rush and avail himself of the benefit of the
selling before the break and of buying at
the decline. The sluggish and hesitating
tone of fhe market for some time and the
difficulties Of the money market have dis
closed the unpleasant position of the bulls.
The professional trading element on the eX-
number of skillful speculative leaders. dem
onstrated to their satisfaction the state OF
affairs. $40
BULGE SHoRT-LIvED.
The opening squirt in prices this morning
was nominaiiy based upon the action of
the Secretary Of the Treasury in resum!ng
refunding operations, but the professional
bear party evidently had its part In forcing
freely from the start The first prices OF
the day were almost withou. exception the
highest. Almost Immediately the significant
ance again. The beneficiaries by the stock
subscription privileges seemed united in
their desire to take their profits promptly.
curb The holders OF stock. seeing the
course of the rights. sold their holdings Of
stock on large scale on the chance of Sc
curing rights to subscribe to the new stock
at profit in the future while having funds
in hand in the meantime from the sale of
the present holdings of stock. New York
weak tone. The rumor was prevalent that
the 81 100000 Of stock in the company
treasury, which is already authorized. will
prevailing sentiment on the subject of ad-
dit:onal stock issues was shown by the
special weakness of all stocks which have
a possible new issue ahead of them. st.
Paul was conspicuous example.
BASIS OF RAID.
This formed the principal basis for the
bear raid upon the market. which changed
the early. gains of to " into such net
York Central ex. dividend. Pennsylvania
and Southern Pacific about g. and a long
list of losses between l and 2. In the mac
tive list there were even wider declines.
The prospect of a further loss of over 81
100000 in cash by the banks aggravated the
weakness. On the curl. there was break
of 2is spoints In Northern Securities. The
hasty taking Of profits by the bears caused
some quick rallies at the last but the mar
ket closed in very feverish and unset
feet of the proposed refunding operation
did not promise a large release of cash to
the money market as a result The IN
en- little count of in the stock-market view
of the measure.
Bonds became heavy in sympathy with
csn rla mi
ted States 2s, coupon. declined IL and the
Is registered L. while the new As. coupon.
advanced Il. the new Is. registered. y, and
the old As 1 per cent on the last call