The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-28

NEW YORK, March 27.-There APP
peared in the stock market today
powerful, we'll organized and resource
fuI bear party. The market proved
unable to withstand the aggressive tao
tics of this element, and some violent
breaks were the result. When the
speculation has got into that condition
where available resources have been
taken up by speculative holders Of
stock and the restriction of money sup
plies begins TO make their position pre-
carlous, the bull party is in the posi-.
ton Of holding grimly 10 its posses
slonS and selling out only as it is
forced to do so. Skillful calculation
Will disclose approximately a price
level below the market where the eff
forts of these holders Will have to be
abandoned and their possessions
thrown over for purposes of realizing
Under normal circumstances the mar
rowing money supply would bring this
about by gradual steps. 1t is the part
or the ambitious bear to bring il about
with rush and avail himself of the
benefit Of selling before the break and
Of buying at the decline
The sluggish and hesitating tone OF
the market for some time and the diff.
hculues of the money market have dis
closed the unpleasant position of the
bulls. The professional trading ele-
by the return of a number of skillfm
speculative leaders. demonstrated to
their satisfaction the state Of affairs.
Basis of Opening Squirt.
The opening squirt in prices this
morning was nominalIy based on tn,
action of the secretary of the treas
ury IN resuming refunding operations.
but the professional bear party evil
IDENTITY had its part in forcing the open,
ing bulge in prices, and they sold free
ly 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 bene-
hciaries by the stock subscription priv.
IeSes seemed united in their desire to
take their profits promptly. There was
heaVy selling of the rights on the
curb The holders of stock. seeing the
force of the rights, sold their holdings
OF stock on large scale on the chance
OF securing 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
holding OF stock.
New York Central, at the same time.
developed a very weak tone. The rII-
NOR was prevalent that the $17, 900, 900
OF stock in the company's treasury
winch IS already authorized will be
shortly offered for subscription. The
selllhS OF the stock was alleged to be
against this future issue of treasury
stock. The prevailing sentiment on
the subject of additional stock issues
was shown by the speciaI weakness of
all stocks which have a possible new
issue ahead of them.
St. Paul the TARGET.
St Paul was a conspicuous example.
rms formed the principal basis for
the bear raid upon the market. which
changed the early gains of / to l 1-2
into such net losses for the day. such
as ST Paul 4 IA. New York Central
eX-dtvidend, Pennsylvania and South
ern Pacific about 3, and a long list of
losses between l and 2. In the mae
i've llSt there were even wider declines.
ne prospect Of a further loss of over
S-'ooV'oOO IN cash by the banks aggra-
Fated the weakness. On the curb there
was break of 2 1-2 points in North
ern Securities. The hasty taking OF
prohts by the bears caused some quick
railles at the last. but the market
closed in very feVerish and unsettled
state Expert estimates as to the eff
rect OF the proposed refunding opera-
uon did not promise a large release
OF cash TO the money market as a re-
suit. The increased possibility for note
issues was taken little count of in the
stock market view of the measure.
Bonds became heavy in sympathy
WIN Stocks. Total sales. par value,
S2,24l 900. United States IS counon
declined / IA, and the IS registered
while the new As coupon advanced .
the new As registered IA and the old
As per cent on the last call.
CIOefnn lee