The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-28
BEAR PARTY
ORGANIZED
Market Unable to Withstand
Their Concerted Effort.
HEAVY SELLING ON CURB
Proposed Refunding Did Not
Promise Much Relief.
HEAVY SELLING ON CURB

New York, March 27,-There appeared n
the stock market today a powerful. well
organized and resourceful bear party.
The market proved unable 10 Withstand
the aggressive tactics OF this element
and come violent acts were the result.
When speculation got into that condition
taken UP by speculative holders of stock
and the construction of money supplies be-
gins to make their position precsrious.
the bull party is in the position of holding
grinly 10 their posstN sions and selling out
only as they are forced 10 90 SO. Skillful
calculation will disclose approximately
price level below the market where the
efforts of these holders Will have 10 De
abandoned and their possessions thrown
over for purposes of realizing. Under nor
NAL circumstances the narrowing money
supply would bring this about by gradual
steps. II is the part OF the ambitious bear
TO bring il about with rush and avail
himself OF the benefit By selling before
break and buying al the decline. The
sluggish and hesitating tone OF the mar
ket for some time and the difficulties Of
the money market have disclosed the IN
pleasant position of the bulls. ThC Z ~ofes-
sional trading element on the e---Iange
newly recruited by the return of q num-
Der of skillfUl speculative leaders. dem
CnStrated to their satisfaction the state
of affairs. The opening squirt in prices
this morning was nominally based upon
the action OF the secretary of the treas
ury in resumng operations but the pro-
fessional bear party evidently had its
part in forcing the opening bulge in
prices and they sold freely from the
start. The first prices Of the day were al
most without exception the highest. Al
most Immediately the significant selling
in Pennsylvania made its appearance
again. The benefciaries by the stock
subscription privileges seemed united in
their desire TO take. their profits promptly.
Tl.ere was heavy selling OF rights on the
curb. The holders OF stock, seeing the
course of the rights. sold their holdings
OF stock on a large scale on the chance
of securing rights 10 subsCtbe 10 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 $4,000 600 Of
stock in the company's treasury which is
already authorized will be shortly offered
for subscription. The selling OF the stock
was alleged to be against this future is
sue of treasury stock. The prevailing
sentiment on the subject Of additional
stock issue was shown by the special
weakness of all stocks which have a pos
was a conspicuous example. This formed
the principal basis for the bear raid upon
the market which changed the early gains
of ! 20 III into such ne: losses for the day
as ST. Paul AZ, New York Central ex.
div, Pennsylvania and Southern PPa-
cific about and long list OF losses be-
tween ! and 2 In the inactive list there
Were even wider declines. The prospect
of a further loss of over 8. O.5 9c9 In cash
/, by the banks aggravated the weakness.
on the curb there was a break Of 2ia
points in northern securities. The hasty
taking of profits by the bears caused some
quick rallies at the last but the market
, closed in a very feverish and unsettled
state. Expert estimates as TO the effect
of the proposed refunding operation did
not promise a large release Of cash 10 the
money market as "A result. The increased
possibility for note issues was taken little
account Of in the stock market view OF
the measure.
Bonds became heavy in sympathy with
stock. Total sales par value S224i. 90.
United States IS coupon declined X and
the 2's registered l. while the new As cou-
pom advanced Y. the new As registered q
and the old As per cent on the last call.
Closing stock quotations were as fol-
f 10.