The Saint Paul globe., 1903-03-26
STOCKS END AT LOWEST
MARKET MAKES STAND AGAINST
REACTION FOR A TIME
Well Organized Bear Leadership Evil
denced-Reported Deal in New York
Central Has Strong Influence, Not
Withstanding Official Denias.

NEW YORK, March 25.-The stock
market made an unsteady stand
against reaction for time today, but
before the closing discoura cement had
apparently overcome the speculative
mind again, and prices broke sharply
to the lowest of the day. There were
indications of well organized bear
leadership on the decline The resist
ance to reaction was sustained pTinci-
palIy by Pennsylvania and New York
Central. No other cause was apparent
for this but the publication of revived
assertions that the control of New
York Central was virtually lodged in
hands friendly to the Pennsylvania.
This assertion was met with official de-
malls of varying emphasis, but. never
theleSs, the prices of these two stocks
rose about point over last night.
This was after the pressure OF the
London selling was over for the day.
Effect Of London Weakness.
The persistent weakness of the Lon
don market is having a strong SYM
pathetic effect here, and the late up
ward reaction in consOls were consid-
cred a reaSSuring factor. But this was
not until the price had broken through
80 earlier in the day. AS many Brit
iSh financial transactions are based on
a theoretical possible minimum Of 80
as the price for cOnsOls, the fall below
that level today was regarded as deep
ly significant. In our own money
market the feature of the day was a
shipment of 100000 in gold to Buenos
Ayres. Usual explanations were
forthcoming as to the special character
OF this transaction, but the fact was
not altered that New York bank re-
serves are reduced by that much
With the renewed demand from the
interior for currency and the drain to
the subtreasury this is the dominant
factor in the situation that confronts
the financial world. which is finding
continually new requirements for cred
its at every turn. A subtreasury credit
balance at the clearing house this
morning for S371,747 foreshadowed an
other heavy withdrawal by the institu-
ticn to be figured in tomorroW's state
ment of operations.
The Pennsy!vania's New Issue.
The decision of the Pennsylvania
directors to issue about $83 100000 of
new stock at once a $50 per share wa.
the occasion for the late drive against
the market. The provision for pay
ment in three installments, running
from June Is over to Oct. 26, did not
seem to alleviate the uneasiness caused
by the prospect of this heavy require-
ment upon the money market. The
rather severe liquidation in Amalga-
mated Copper was another unsettling
influence. This stock was carried
down an extreme IA on the late
dealings on the selling induced by the
violent break in the London copper
market. An incident of the day was
the selling in the curb market OF
United States Steel IS at S6 3-8, which
was on a parity with the low price of
the day for the preferred stock on
the exchange. The demands formu-
lated by the employees of the Manhat-
tan Elevated railway kept alive the
disturbance of sentiment over the labor
outlook.
The bond market was irregular. To-
tai sales, par value, $212O,O0O United
States IS registered. old As registered.
and new As coupon advanced IA. and
the OLD As coupon and the new As reg
lStered advanced 1-2 per cent on the
last call.
IeA