The daily morning journal and courier., 1903-03-28
EfttatrIiaI.
 HESIERDAR'S STOCK MARK EI.
Appearance of Pow erf al Well Organ
 tzed Rear Party.

Appearance of a Pow erf al Well Organ-
 izet Bear Party.
 New York, March 27.-There appear ed in the stock market to-day power- full well-organized and resourceful bear party. The market proved unable to withstand the aggressive tactics of this element, and some violent breaks were the result. When speculation has got into that condition where available re- sources have been taken up by specula- tive holders of stock, and the constric- tion of money supplies begins to make their position precarious the bull party is in the position of holding grimly to their possessions and selling out only as they are forced to do so. The sluggish and hesitating tone of the market for some time and the difficulties of the money market have disclosed the un- pleasant position of the bulls. The professional trading element on the ex- change, newly recruited by the return of a number of skillful speculative lead -ers, demonstrated to their satisfaction the state of affairs.
 The opening spurt in prices this morning was nominally based upon the action of the secretary of the treasury in resuming refunding operations. But the professional 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 almost without exception the highest. Almost immediately the sig nificant selling in Pennsylvania made it's appearance again. The beneficiaries by the stock subscription privileges 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 course 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 holdings of stock.
 New York Central at the same time developed very weak tone. The ru- nor was prevalent that the $17,00o, ,00o 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 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 conspic- uous example.
 This formed the principal basis for the bear raid on the market which changed the early gains of to 11s into such net losses for the day. In the in- active list there were even wider de- clines The prospect of a further loss of over $2,O0O0O0 in cash by the banks aggravated the weakness. On the curb there was a break of 21s points in Northern Securities. The nasty taking of profits by the bears caused some quick rallies at the last but the market closed in a very feverish and unsettled state.
 Bonds became heavy in sympathy with stocks. Total sales par value, $2,- 241 ,000.
 United States twos coupon declined 1A and the two registered 1, while the new fours coupon advanced 1s, the new fours registered 14 and the old fours per cent. on the last call.