The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-27
STOCKS ARE SLUGGISH
INERTIA STILL RULES, MARKET
BEING ALMOST STAGNANT.
Notwithstanding This the Speculation
in One or Two Stocks, Is Active
Amalgamated Copper Goes Down
Nine Points-Persistent Liquidation
in Pennsylva MIA.

NEW YORK, March 26.-There was
not sufficient power in the operations
IN stocks today to overcome the In
ert1a of the market and the mass of
the securities was sluggish and semi
stagnant all day. There was quite an
active speculation, however, in one or
two stocks.
This morning there was a continu-
ance of the liquidation in Amalgamated
Copper on the part of the large follow
ing for the speculative pool in the stock
which lifted the price to 7512. The
selling this morning carried it to &c u,
which support developed based upon
the violent rebound in the price for
copper in London. The stock was a
sustaining factor in the market dur
ing the latter part of the day and rose
at one time to SO, point over last
night. The persistent liquidation in
Pennsylvania 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 transaction being at 43s, the
highest price of the day. The oppor-
tunity to purchase these rights at
decline seemed to be taken advantage
of by present holders of stock to sell
against the rights.
Bonds Below Par.
The price of the stock receded to
1898 and closed only a shade better.
The fall of the stock below 140, which
is the price at which the " per cent
bonds are convertible into the stock,
resulted in a recession in the price
of the bonds to below par These two
movements absorbed by far the largest
share of attention in the stock mar
ket. There was some degree of
strength in New York Central due to
the denials of the rumoTs of transfer
of its control to the Pennsylvania in
tereSt. Support was afforded some of
the Gould stocks Missouri Pacific and
Wabash preferred gaining a point at
one time. There was no attempt to
find an explanation for the rise of
rs in Southern Pacific. All the days
gains We're 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.
subtreasury yesterday of $1,320,000
brings the drain since Friday to that
institution up to $2,158,000. 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 $1,000
600 appropriated by congress for the
relief of the distress in the Philip
pines is expected to afford some re-
source indirectly to the New York
money market
Breeder of Discouragement.
The decision of the secretary of the
treasury to resume refunding opera
tons after April l was not known UNI
til after the closing of the nlsfRet.
The heavy requirement for the Penn,
sylvania stock subscription continued
to have a discouraging effect on senti-
market 1t will be recalled, however,
that in January last the Pennsylvania
negotiated six months loan at az
per cent for $35,OO0,O00. The proceeds
of the first installment of so per cent
the company, payable in June, will
provide more than sufficient res ources
for the liquidation of this entire loan.
at the time the loan was negotiated
of extending it for another six months
on the same terms. The net earnings
for February published today of the
Atchison and the Wabash systems
showed that larger gross earnings
based on higher freight rates had been
insufficient to overcome the higher
operating expenses. This is an addi-
tional factor in the repression of spec
ulative sentiment.
Bonds are irregular Total sales, par
value, 81, 900. United States old As
registered and the SIS advanced Il per
cent on the last call. ~ - ..