The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-03-06
RAILROAD STOCKS STRONG
FAVORABLE ANIMAL REPORT OF
PENNsYLVANIAASN SYSTEM THE
DoMINATINGaEACToR
ALL ROADS WERE MARKED UP
Sugar, AmaIgamasefl Copper and
GAS Stocks Also Interested the
Brokers for the Specu-
lative iPteRst.


NEW YORK March 5.-The- annual re-
port of the Pennsylvania Railroad COM
pany, published this ap1shing, proved to
be the handspring of,-th9 market. That
document showed mass of convincing
evidence of the high prosperity of the
railroad business that 1t attracted buy
ing, not only in that stock, but in many
other high grade railroad stocks. The
Pennsylvania system Is salso accepted as
a representative system, owing to the
great diversity of it's traffic and the ex-
tent of territory embraced in it's ramif-
cations. Therefore, the showing Icade of
the growth of traffic, both in the freight
and passenger e, department.. the enor-
nous increase. of earnings and the great
work accomplished in Improvement and
betterment, with promise of increased eff
ficiency as an instrument of. transporta-
ton, had great influence on the values
of railroad stocks The firSt influence
was felt in the trunk line group eSpG-
ctally those lines in which PENNSYLVANIA
has secured an influential interest. 1t
spread to all the principal railroad oper-
alton in the trunk line territory in
Guiding the coalerS, and later in the day
stocks of railroad stocks of the West
ern territory moved upwards. The prin-
cipal stocks affected included the lead
ers in the, Pacific and granger groups,
show gains of l to 91a points. Pennsylva-
MIA itself was up 242; Delaware & Hud-
son, 31@; Baltimore Ohio preferred,
3A; Great Northern preferred, 31s; Bur-
lington and Norfolk 81 Western preferred,
23s. 1t was very noticeable that the
market as a whole did not respond to the
movement on the special stocks. There
were instances of strength scattered all
through the list, besides those already
mentioned, especially among the high
priced industrials, but the movement was
quite free from excitement, and the day
was singularly free from stories of new
combinations or speculative sensations
In the railroad list the buying was based
distinctiVely on the large earnings. There
lot
as invariably the case on dividend day.
The stock got above last night for a
brief time after the DECLARATION OF The
regular quarterly dividend, but fell z12
! in the late dealings, closing with a net
| loss of 15s. Yesterdays movement i'll
Amalgamated Copper Continued in force
| today, carrying that stock up an extreme
| As, closing practicany,sat the top. The
gas stocks showed continued strength,
! Laclede Gas leading thetdays movement
| with an advance of 81a and a net gain
| of 51s. General Electric rose 4 points.
| Pacific Mail lost as mnofT but recovered
| points. The bitumfnouS coal carriers
! showned signs of strength. The steel
| stocks were ACKNOWLEDGEMENTS, the COM
mon stocks as a rule being rather heavy,
| while there was some strength among
| the preferred stocks. United States Steel
| was rather dull and about steady in the
! outside market. The lack of any nego-
table representation OF the new stocks
| served to hamper transactions in them,
which up to this time have been simply
| in the form of contracts to deliver the
| new stocks when issued. There are not
! even certificates in existence to repre-
sent rights to the new stocks Tits add
| ed to the narrow market afforded on the
| curb for so heavy a capital issue causes
! hesitation in the dealings and a DISPOSE
| ton to await the listing. of the stocks or
the change. The payment of SO per cent
| OF the purchase price for. the Southern
! Pacific yesterday, amounting to over
! $4,000, 900, brought the clearing house
TO- fl1<> a,rr1,Fn H.
! many of the credit obligations at present
held by New York banks, and the large
| changes likely to occur in the items Of
| bank statements, by reason of OCCASION
al liquidation of heavy loans to great
| corporations where there is simply AN
| exchange of securities involved without
| any corresponding increase of ,capitai
| issues. The item in the balance sheer
! OF the Pennsylvania Railroad company
| OF SzOGeO,Oe0, under the4head. of colIater-
al investments, is an example of such
loans, representing borrowings by thai
| company incident to last year s purchases
VI securities to control other Companies
:, Inc Dond market showed SOME, iIlcres,s'
lug dctivlty and strength, but continued
aather irregular. Standard Roue 6s broEo
8 points. Sales, par value * 5S5 ot9
United States efunding, Is and new Do
coupon declined Is, and 4s, counon Il
Inc IS, registered, advanced n per cent
on the last call 20 PeA o0H'
STOCK QUOTATIONS..
Furnished by Charles H. f. Smith a
Co., members of the New York Stock
Exchange, Pioneer Press building. whc
have direct wires to Chicago and New
| York. Closing prices hid. -