Omaha daily bee., 1903-03-27
NEW YORK STOCKS AND BONDS.
Mass of Securities Remain Inert and
SluEgiR All DoY.

NEW YORK, March 26.-There was not
sufficient power in the operations In stocks
today to overcome the inertia of the mar
ket and the mass of securities was sluggish
and semi-stagnant all day. There was quite
an active speculation, however. in one or
continuance of the liquidation in Amaiga-
mated Copper on the part of the large
stock which lifted the price to 1871. The
selling this morning carried IL to 66h, when
support developed, based upon the violent
rebound In the price for copper in London.
The stock was a sustaining factor in the
market during the latter part of the day
and rose at one time to "a. a point over last
The persistent liquidation in Pennsylvania
was the feature of the day. There were
scription rights to the new stock on a
declining scale, the first transaction being
at AZ u the highest te Sstc price t Of the r, day: The e
by present holders of stock to sell against
to 1895 and closed only a shade better. The
fall of the stock below 140, which is the
price at which the Sh per cent bonds are
convertible into the stock, resulted In a
recession In the price of the bonds to be-
low par. These two movements absorbed by
far the largest share of attention in the
stock market.
There was some degree OF strength in
New York Central. due to the denials of the
Pennsylvania interest. Support was ac-
corded some of the Gould stocks, Missouri
racine ana WABASH preferred gaming a
point. There was no attempt TO find an
explanation for the rise of is in Southern
Pacific. All the days gains were recalled
before the close. The tone at the close
None Of the days developments served
to relieve the conviction that the market
must face a weak bank statement on Sat
day Of 81, 10000 brings the drain since Fri
day to that institution UP to 2,15S,000 There
were some transfers to the west and to
Boston by express early In the week and
the shipment of 100000 gold to Buenos
Ayres also must BE- reckoned with. The
signing of a requisition to the secretary of
war for the S.000,OOO appropriated by con-
gress for the relief of the distress In the
Philippines is expected to anord some re-
source indirectly to- the New York money
market. The decision of the treasury to
res6me refunding operations after April l
was not known until after the closing of
the market. The heavy requirement for
/ the Pennsylvania stock subscription seemed
to have a discouraging effect on sentiment
over the longer outlook In the money mar
ket. 1t will be recalled, however. that
in January last the Pennsylvania negoti-
ated a six months loan at AZ per cent for
sS5, 900. 600. The proceeds Of the first in
stallment of so per cent of subscriptions
to the new stock of the company, payable
in June, will provide more than sufficient
resources for the liquidation of this entire
loan. The company reserved the privilege
at the time the loan was negotiated of eX-
tending 1t for another six months on the
The net earnings for February published
today of the Atchison and the Wabash
systems showed tNat larger gross earnings
based on higher freight rates had been
insufficient to overcome the higher operat-
ing expenses. This is an additional factor
in the repression OF the speculative senti-
ment.
value, $1.745 900. United States old As regis.
tered and the IS advanced 4 per cent on
The following are the quotations on the
- 49, SOL a-,A.n2A