Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-03-06

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sentative system, owing to the great
diversity Of its trafic and tho ex-
tent of territory embraced in Its rami-
ications. Therefore the showing
made of the growth of traffic both in
the freight and passenger department,
the enormous increase of earnings and
the great work accomplished in inn
provement and b~etterment, with PROM
Use of increased efficiency as an instru-
ment of transportation, had a great
influence on the value OF railroad
stocks. The first influence was felt In
the trunk line group, especially those
lines in which Pennsylvania has Sc
cured an influential interest. 1t spread
to all the principal railroads operating
in the trunk line territory, including
the c~oalers, and later in the day stocks
of railroads in the western territory
moved upwards. The principal stocks
affected, including the leaders in the
granger and Pacific groups, show gains
Of 1 to 3a points. Pennsylvania it.
self was up 212; Delaware & Hudson
3h; Baltimore C Ohio preferred 81;
Great Northern preferred 3h; Burling-
ton 8 and Norfolk & western preferred
2ss. 1t was very noticeable that the
market as a whole did not respond
notably to the movement in special
stocks. There were instances of
strength scattered all through the list,
besides those already mentioned, es-
pecially among the h~igh-priced indus
trials, 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 distinctiyely on the large earn
ings. There was an important specula-
ton in Sugar, as is invariably the case
on a dividend day. The stock got
above last night for a brief time after
the declaration of the regular quarter
ly dividend but fell 2a in the late deal
ings, closing with a net loss of 19s.
Yesterdays movement in Amalgamat-
ed Copper continued in force to-day,
carrying that stock UP an extreme 4b,
closing practically at the top. The
gas stocks showed continued strength,
aclede Gas leading the days move
ment with an advance of 81a and a net
gain of 5h. General Electric rose 4
points.
Pacific Mail lost as much, but re-
covered 2 points. The bituminous coal
carriers showed signs of strength. The
steel stocks were decidedly neglected,
the common 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 negotiable represent
alive of the new stocks served to ham,
per the 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. This
added to the narrow market afforded
on the curb for so heavy a capital is
sue causes hesitation in the dealings
and a disposition to await the listing
of the stocks on the exchange. The
payment of fifty per cent of the pur-
chase price for the Suthern Pacific yes
terday amounting to over $4,000, 900,
brought the clearing house balance to-
day UP to the high grade of 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 occa-
sional liquidation of heavy loans to
great corporations where there is sim
ply an exchange of securities removed
without any corresponding increase of
SoPlIQl lSooOos AtSli la LIZ ia
ance sheet of the Pennsylvania Rail-
road Company of $40, $50, 900 under the
head of collateral investment obliga-
tons is an example Of such loans,
representing borrowings by that com
pany incident to last years purchases
of securities to control other eompan-
les.
The bond market showed some in
creasing activity and strength, but con-
tinued rather irregular. Standard Rope
IS broke eight points. Total sales par
value s5,525, 900.
United States refunding IS and new
As coupon declined "a and do. coupon
"A. The s. registered advanced Is per
cent on the last call.
Quotations closed bid:
Atchison ........ 565s Mobile & Ohio. 1884
do nref ... SgL Mo G. II 81