The Montgomery advertiser., 1903-03-28
WALL STREET REVIEW
RESoURCEFUL BEAR PARTY AP. PEARS IN FIELD.
The Market Proved Unable to With stand the Tactics of This Ele- ment and Some Violent
 Breaks Occur.

NEW YORK, March 27.-There appeared in the stock market today a resourceful bear party. The market proved unable to with stand the aggressive tactics of this element and some violent breaks were the result. When speculation had got 1t to that condition where available resources have been taken up by speculative holders of stock and the constric- tion of money supplies begins to make their position precarious the bull party is in the po- and selling out only they are forced to do so Skillful calculation will disclose approxi- mstely price level below the market where the efforts of these holders will have to be abandoned and their possessions thrown over for purposes of realizing. Under normal cir cumstances the narrowing money supply would bring this about by graceful steps, 1t is .part of the ambitious bear to bring 1t about with a rush and avail himself of the benefit of the decline. The sluggish and hesitating tone of the market for time and the difficulties of the money market have disclosed the unpleas- ant position of the bulls. The professional trading element on the exchange newly re- cruited by the return of a number of skilful speculative leaders demonstrated to their sat isfacuon the state of affairs. The opening spurt in prices this morning was nominally based upon the action of the Secretary of the the professional bear party evidently had its part In forcing the opening bulge in prices and they sold freely from the start. The first ton the highest. Almost imediately the sig nifcant selling in Pennsylvania made its ap- pearance again. The beneficiaries by the stock subscription privileges seemed united in their desire to take their profits promptly. There was selling of the rights on the curb The holders of stock. seeing the course of the rights. sold their holdings of stock a large scale on the chance of securing rights to sub scribe to the new stock at a profit In the fu- ture while having funds in hand in the mean time from the sale of the present holdings of stock. New York Central at the time developed very weak tone. The rumor prevalent that the l7ooo 900 stock in the companys treasury, which Is already author ized. will shortly be offered for subscription. The selling of the stock was alleged to be against this future issue of treasury stock. The prevailing sentiment the subject of a additional stock issues was shown by the spe- cial weakness of all stocks which have c pos- sible new issue ahead of them. St. Paul was c conspicuous example. This formed the prin- cipal basis for tS:e bear raid upon the market, which chanced the early gains of l@lh into such net losses for the day St. Paul, 4A; and Southern Pacific about 3 and a long list of losses between 1 and 2. In the inactive list there were even wider declines. The prospect of further loss of s2. COG. 900 by the banks aggravated the weakness. On the curb there was break of 2A points in Northern Securities. The nasty taking of profits by the bears caused some quick rallies at last, but the market closed in very feverish and settled state Export estimates as to the ef- feet of the proposed refunding operation did not market a result. The increased possibility for note issues was taken little account of in the stock market in view of the measure.
 Bonds became heavy in sympathy with stocks. Total sales (par value). S2,24I .ooo. United States 2's coupon, declined t and the 2's registered l. while the new As coupon advanced f. the new As registered K and the old 4's l per cent. on the last call.
 New York Stock List.