The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-27
STAGNATI0N AFFECTS THE
NEW YORK STOCK MARKET.
ONLY TWO ISSUES SHOW
SIGNS OF ACTIVITY.
Amalgamated Copper and Pennsyl-
vania EngrOss Large Share
of Attention.

New York. March 26.-There was not suf-
ficient power in the operations in stocks to-
day to overcome the inertia of the market.
and the mass of securities was sluggish and
seuiistasnant all day There was quite an
active speculation. however, in one or two
stocks. This morning there was a continue
ance Of the liquidation in Amalgamated
Copper on the part of the large following
for the speculative pool in the stock, which
lifted the price to ~ SEA, The selling this
developed based upon the violent rebound
in the price for copper in London. The
stock sustaining factor in the market
during the latter part of the day, and rose
at one time to "a. point over last night.
The persistent liquidation in Pennsylvania
tive dealings on the curb in the subscription
rights 10 the new stock on declining scale,
the first transaction being at AS. the high
est price of the day. The opportunity TO
purchase these rights at q decline seemed
TO be taken advantage of by present eiold-
ers of stock to sell against the rights.
BONDS DEPRESSED.
The price of the stock receded to 1885,
and closed only shade better. The fall of
the stock below 140, which is the price. at
which the 3la-per-cent bonds are convertible
in the stock. resulted in recession in IN, the
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 ru-
mors of a transfer of its control to the
Pennsylvania interest. Support was ac..
COruSQ some OIL STOCKS, MISSOURI
Pacific and Wabash preferred gaining a
point at one time.
There was no attempt to find an explana-
ton for rise of rs in Southern Pacific.
All the days gains were yielded before the
close. The tone at the close was easy.
None of the days Developments served to
relieve the conviction that the market must
face a weak bank statement on Saturday.
A loss to the subtre:sury of 81 $40, O0o brings
the drain since Friday to that institution
up to S2l5s,coo. There were some transfers
to the West and to Boston by express early
in the week, and the shipment of $4,000
gold to Buenos Ayres also must be reckoned
Secretary OF War for 100000, appropriated
by Congress for the relief of the distress
in the Philippines. is expected to afford
money market. The decision of the Secre-
tary of the Treasury to resume refunding
operations after April l was not known
until after the closing of the market.
HEAVY REQUIREMENTS.
The heavy requirement for the Pennsyl-
vania stock subscription continued 10 have
a discouraging effect on sentiment over the
longer, outlook In the money market. 1t
will be recalled, however. that in January
last the Pennsylvania Railroad 1mpany
negotiated six months loan at AZ per cent
sss ~ a 81 of as fss e
the new stock Of tie company. payable in
June will provide more than sufficient re-
sources for the liquidation of this entire
loan: The company reserved the privilege
at the time the loan was negotiated of ex-
tending it for another six months on the
same terms. The net earnings for Febru-
airy, published to-day, of the Atchison and
the Wabash systems showed that large
gross earnings based on higher freight rates
had been insufficient to overcome the higher
operating expenses This is an additional
factor in the repression of speculative senti-
ment.
Bonds irregular. Total sales. par value
81. 765. 600. United States old As. registered.
and the IS advanced 4 per cent on the last
call.
Bond Sales at New York.
REPUBLIC SPECIAL