The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-27
AN INERT STOCK MARKET
MASS OF SECURITIES SLUGGISH AND
sEMI-STAGNANT.
Copper n Sustaining Factor I'm the
Markef-PennsyIvan Railway
Stock Also a Feature.

NEW YORK. March 26.-There was not
sufficient power in the operations In stocks
to-day TO overcome the inertia of the mar
ket and the mass of securities was slug
gish and semi-stagnant all day. There was
quite an active speculation. however, in one
or two stocks. This morning there was
continuance of the liquidation in Amalga-
mated Copper on the part of the following
for the speculative pool in the stock, which
recently lifted the price to 75ia. The selling
this morning carried 1t to 66l4, when sup
port developed based upon the violent re-
bound 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 50, point over
last night.
The persistent liquidation in PennsyIva-
MIA was the feature of the day. There were
active dealings on the curb in the subscrip-
ton rights to the new stock on declining
scale, the first transaction being at 1854.
the highest price of the day. The oppor-
tunity to purchase these rights at decline
seemed to be taken advantage of by pres
ent holders of stock to sell against the
right. The price of the stock receded to
1885 and closed only a shade better. The
fall of the stock below 140, which is the
price at which the 31z per cent. bonds are
convertible into the stock, resulted in
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 or
strength in New York Central due to the
denials of the rumors of a transfer OF It's
control to the Pennsylvania interest. Sup
port was accorded some of the Gould
- .sG haG oh
ferred gaining a point at one time. There
was no attempt to find an explanation for
the rise of 1% in Southern Pacific. All
the Days S AZ ire eas
None of the days Developments served
to relieve the conviction that the market
must face a weak bank statement on sat
urday. A loss to the subtreasury yesterday
of 81, 900, 600 brings the drain since Friday TO
that institution up to $2,15S,0O0. There were
some transfers to the West and TO Boston
by express early in the week, and the ship
ment of 100000 gold to Buenos Ayres also
must be reckoned with. The signing OF a
requisition to the secretary OF war Tor the
100000 appropriated by Congress Tor the
relief of the distress in the Philippines is
expected to afford some resource indirectly
to the New York money market. Inc de-
cision of the secretary OF the treasury TO
resume refunding operations after April L
was not known until after the closing OF the
market.
The heavy requirement for the Pennsyl-
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 Company
negotiated a six months loan at Az per
cent for $S5,0OOO00. The proceeds for the
first installment of so per cent. OF SUBJ
scriptions to the new stock of the company,
payable in June, will provide more than
sufficient resources for the liquidation or
this entire loan. The company reserved the
privilege at the time the loan was nego-
tiated of extending 1t for another six
months on the same terms
The net earnings for February, published
to-day, of the Atchison and the Wabash
systems showed that larger gross earnings,
based on higher freight rates. had been in
sufficient TO overcome the higher operating
expenses. This is an additional factor IN
the repression of speculative sentiment.
Bonds irregular. Total sales at par value
were sf745, 600 United States old fours,
registered, and the fives advanced "A per
cent. on the last call.
Following are the days share sales and
the recorded price changes: