Omaha daily bee., 1903-03-28
NEW YORK STOCKS AND BONDS.
Powerfully Organized Bear Party
Causes ViO'ent Breaks in Prices.


NEW DIRK March 27.-There appeared
in the stock market today a powerful or
ganized and resourceful bear party. The
market proved unable to Withstand the
aggressive tactics of this element and some
violent breaks were the result. When spec
%ulatlon 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
party is in the position of holding grimly
to their possessions and selling out only as
they are forced to do so. Skllful ~calcula-
tion Will disclose approximately a price
level below the market where the efforts of
these holders will have to be abandoned
and their possessions thrown over for pur-
poses of realizing. Under normal circum-
stances the narrowing money supply would
bring this about by gradual steps. 1t is the
part of the ambitious bear to bring It
about with a rush and avail himself of
the benefit of selling before the break and
of buying at the decline. The sluggish and
time and the difficulties of the money mar
ket have disclosed the unpleasant position
of the bulls. The professional trading ele-
ment on the exchange newly recruited by
the return of a number of skillful specu-
latve leaders, demonstrated to their salts
squirt in prices this morning was nomi-
nally based upon the action of the secre-
tary OF the treasury In resuming refunding
operations, but the professional bear party
evidently had its part In forcing the open
ing bulge In prices and they sold freely
from the start The first prices of the
-. ~ S0tNpAAoi lNt
highest. Almost Immediately the signih-
cant selling In Pennsylvania made its APP
stock subscription privileges seemed united
In their desire to take their profits
promptly. There was heavy selling of
seeing the course of rights. sold their hold
ings of stock on a large scale on the chance
to subscribe for the new stock at a profit
in the meantime from the present holdings
Of stock. New York Central at the same
rumor was prevalent that the $4,000, 900 Of
stock in the company's treasury, which is
already authorized, will be shortly offered
for subscription. The selling of 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 special weakness of all
stocks which have a possible new issue
ahead of them, st. Paul was a conspicu-
basis for the bear raid upon the market,
which changed the early gains OF l to ~
Into such net losses for the day as 81.
Pennsylvania and Southern Pacific about
8 and a long list of losses between ! and 2.
In the inactive list there were even wider
declines. The prospect of a further loss Of
over 100000 in cash by the banks aggra,
waited the weakness. On the curb there
c%urities. The nasty taking OF proats by the the
bears caused rallies at the last, but the
market e closed in a very feyerish and un-
effect of the proposed refunding operation
did not promise a large felease OF cash to
the money market as a result. The in
creased possibility for note issues was taken
little count OF in the stock market view OF
the Measure.
Bonds became heavy in sympathy with
stocks. Total sales, par value, 81. 24O,O 900.
United States 2s. coupon, declined IA and
coupon. advanced l, the new As. registered,
~, and the old As IA per cent on the last
call.
The following are the quotations on the
New York Stock exchanges: