The Birmingham age-herald., 1903-03-27
STOCK MOVEMENT SLUGGISH ALL DAY Not Sufficient Power to Over
 come the Inertia BONDS WERE IRREGULAR All the Days Gains Were Yielded Be- fore the Close, the Tone Being
 steady--Weak Bank state
 ment Is Expected.
BONDS WERE IRREGULAR

New York. March 26-There was not sufficient power in the operations in stocks today to overcome the inerua or the market, and the mass of securities was sluggish and semi-stagnant all day There was quite an active speculation however, in one or two stocks. rms morning there was continuance Of the liouidation in Amalgamated copper on the part of the large following for the spec ulative pool in the stock, which lifted the price to 751k. The selling this morn- ing carried 1t to esl9 when support de- veloped, based upon the violent rebound in the price for copper in London. The stock was a sustaining factor in the mar ket during the latter part of the day, and rose at one time to GA, a point over last night. Tho persistent liquidation in Penn sylvania was the feature of the day. There were active dealings on the curb in the subscription rights to the new stock on a declining scale, the first transac- tion being at 4ss, the highest price of the day. The opportunity to purchase these rights at a decline seemed to be taken advantage of by present holders of stock to sell against the rights. The price of the stock receded to 1893 and closed only d shade better The fall of the stock below 190. which Is the price at which the 3M per cent bonds are convertible in the stock resulted in a recession in the price in the bonds to below 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 rumors of a transfer of it's control to the Pennsylvania interests.
 Support was accorded some of the Gould stocks. Missouri Pacific and Wa bash preferred gaining a point at one time. There was no attempt to find an explanation for the rise of is in South ern Pacific. All the days gains were yielded before the close. The tone at the close was easy. None of the days de- yelopments served to relieve the convic- tion that the market must face a weak bank statement on Saturday. A loss to the subtreasury yesterday of $1,320 900 brings the drain since Friday to that in- stitution up to $2, ,150,00O. There were some transfers to the west and to the south west during the day. The decision of the secretary of the treasury to resume re- funding operations after April l was not known until after the closing of the mar yet. The heavy requirement. for the Pennsylvania stock subscription continued to have a dscouraging effect on senti- ment over the longer outlook in the money market. It will be recalled, however, that in January last the Pennsylvania railroad company negotiated a six months loan at 41s per cent for $S5 100000. The proceeds of the first installment of 50 per cent of the subscriptions to the new stock of the company, payable In June, will provide more than sufficient re- sources for the liquidation of loan. The company reserved the privilege at the time the loan was negotiated of extend ing it for another six months on the same terms. The net earnings for Feb ruary, published today, of the Atchison and the Wabash systems showed that large gross cal -ngs based on higher freight rates had been insufficient to overcome the higher operating expenses. This is an additional factor in the re- pression of speculative sentiment.
 Bonds were irregular. Total sales, par value, $1,745,00O United States old As reg istered and the 5s advanced A per cent on the last call.