The Montgomery advertiser., 1903-03-27
WALL STREET REVIEW
INERTIA OF THE MARKET NOT
 OVERCOME.
The Mass of Securities Sluggish and semi-stragnat All Day-1n
 One or Two Stocks, Spec
 ulation Was Active.

NEW YORK. March 26-There was not sufficient power in the operations in stocks tody to overcome the inertia of the market and the mass of securithies was sluggish 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 Amalgamated Copper on the part of the large following for the speculative pool in the stock, which lifted the price to 75n. The selling this morning carried 1t to 66h when support developed. based upon the violent rebound in the price for copper in Lon market during the latter part of the day and rose at one time to 64, point last night. The persistent liquidation in Pennsyl vania was the feature of the day. There were active dealings on the curb in the subscrip tton rights to the stock on a declining scale, the first transaction being at A. the highest price of the day. The opportunity to purchase thei@ rights at a decline seemed o be taken advantage of by present holders O. tbe stock % recssss to IsaS anS ciosed pG oniv % shade better. The fall of the stock below 40. which is the price at which the 3Is DOT cent bonds convertible into 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 fin New York Central. due to the denials of the runors of a transfer of Its control to the ed some of the Gould stocks Missouri Pacific and Wabash preferred gaining a point at one time. There attempt to find an ex- cific All the days gains were yielded before the close The tone at the close was easy. None of the days developments served to re- lieve the conviction that the market must face a weak bank statement on Saturday. A loss 10 the sub-treasury yesterday of Sl, 900 brings the drain since Friday to that institu- tion up to S2 5S 900. There were some trans fers to the West and to Boston by express early in the week and the shipment of S5OO,- GOO gold to Buenos Ayres also must be reck- oned with The signing of requisition to the Secretary of War for the S3, 900 900 appro- priated by Congress for the relief Of the dis tress in the Philippines is expected to afford some resource indirectly to the New York money market. The decision of the Secretary of the Treasury to resume refunding opera tions after April l was not known until after ments for the Pennsylvania stock subscription continued to have a discouraging effect on sentiment over the longer outlook in the money market. It will be recalled, however. that in January last the Pennsylvania Railroad Conn-- pany negotiated a six-month loan at 4h per first installment of 50 per cent. of subscrtp- tions to the new stock of the 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 negotiated of extending It for 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 additional factor in the repression of speculative sentiment.
 Bonds were firmer Total sales (par vaIue), SI, 745. 900. United States old 4's registered and the 5s advanced l. per cent on the last call.
 New York Stock List.