The daily morning journal and courier., 1903-03-27
gi1ta,1eiaL.
YESTEKDAY,s STOCK MARKET.

Securities Sluggish and semt-ssag"H"t
 New York, March 26.--There was no
 sufficient power in the operations in
 stocks to-day to overcome the inertia
 of the market, and the mass of securi-
 ties was sluggish and semi-stagnant all
 day. There was quite an active specu-
 lation, however in one or two stocks.
 This morning there was continuance of
 the liquidation in Anaalgamater Copper
 on the part of the large following in
 the speculative pool in the stock which
 lifted the price to 751a. The selling this
 morning carried it to 661a, when sup
 port developed, based upon the violent
 rebound in the price for copper in Lon-
 con. The stock was sustaining factor
 in the market during the latter part of
 the day and rose at one time to 69,
 point over last night. The persistent li- Guidation in Pennsylvania was the feat
 ure of the day. There were active deal ings on the curb in the subscription rights to the new stock on a declining
 scale, the first transaction being at 4ss,
 the highest price of the day. The price
 of the stock receded to 1893 and closed
 only shade better. The fall of the stock below TAO, which is the price at which the 31s per cent. bonds are con- vertible into the stock resulted in a re- | cession in the price of the bonds to be- l low par. These two movements ab- sorbed by far. the largest share of at | tention in the stock market. There was some degree of strength in New York l Central due to the denial of the rumors of a transfer of its control to the Pennsylvania interest. Support was ac- | corded some of the Gould stocks, Mis- | souri Pacific and Wabash pf. gaining a point at one time. There was no at-
 tempt to find an explanation for the
 rise of IFS in Southern Pacific. All the
 days gains were yielded before the l close. The tone at the close was easy. 1 None of the days developments served 1 to relieve the conviction that the mark | ct must face a weak bank return on Saturday. A loss to the sub- treasury
 yesterday of $1,S20,000 brings the drain l since Friday to that institution up to l 2,15S,000. There were some transfers to
 the west and to Boston by express early
 in the week and the shipment of S4OO-
 GOO gold to Buenos Ayres must also be
 reckoned with. The decision of the sec
 retary of the treasury to resume fund.- 1 ing operations, after April 1 was not
 known until after the closing of the
 market. The heavy requirements for | the Pennsylvania stock subscription | continued to have discouraging effect ! on sentiment over the longer outlook | in the money market. It will be re- l called, however, that in January last 1 the Pennsylvania Railroad company negotiated a six months loan at 41s per cent. for $35O0O,OOO. The proceeds
 of the first installment of 50 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 l company reserved the privilege at the ! time the loan was negotiated of extend ing it :or another six months on the same terms. The net earnings for Feb
 ruary published to-day of the Atchison and the Wabash systems showed that { largeer gross earnings hased on higher l freight rates had been insufficient to
 overcome the higher operating expenes I This is an additional element in the re-
 pression Of speculation.
 1 Bonds were irregular. Total sales 4 par value, $1,745,000. United States old