The age-herald., 1901-03-06
SOME STRENGTH IN THE STOCK MARKET Report of Pennsylvania Railroad
 Was MainSpring HIGH PROSPERITY SHOWN 1t Was Very Noticeable That the Mar ket as Whole Did Not Respond
 To the Movement in spe-
 ciaI Stocks.

New York, March 5.-The annual report of the Pennsylvania Railroad Company, published this morning, proved to be the handspring of the market. That docu- ment showed such a mass of convincing evidence of the high prosperity of the railroad business that it attracted large and substantial buying, not only in the block, but In many other high grade rail- road stocks The Pennsylvania system is always accepted as a representative sys- tenn owing to the great diversity of It's traffic and the extent Of territory em- braced in Its ramihcations. Therefore, the showing made oI the growth of traf- hc, both in the freight and passenger de- partments, 11e enormous increase of Its earnings and the great work accomplish ed in Improvements and betterment, with promise of increased efficiency as an in strument of transportation, had a great influence on the values of railroad stocks.
 The first Influence was felt iii the trunk line group especially those lines in which Pennsylvania has secured an influential interest. l. spread to all the principal railroads operating in the trunk line ter ritory including the coalers, and later in the day stocks of railroads in the West ern territory moved upwards. The prin- cipal stocks affected, including the lead CTS in the grangers and Pacific groups, show gains of l to 31a points. Pennsyl- vania itself was up 21z. Delaware and Hudson 3h, Baltimore and Ohio preferred 3h Great Northern preferred SIS, Buring- ton and Norfolk and Western preferred 2%. It was very noticeable that the market, as a whole, did not respond to the movement in 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 was an important speculation in Sugar, as Is invariably the case on div idend day. The stock got above last night for a brief time after the declaration of the regular quarterly dividend, but fell 2h In the late dealings, closing with net loss of 19s. Yeterday's movement In Amalgamated Copper continued in force tOQay, carrying that SlOck up dll eAlleLiS Y, closing practically at the top.
 The steel stocks were decidedly ne glected 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 payment of 50 per cent of the purchase price of the Southern Pacific yesterday, amounting to over $20,000000 brought the clearing house balance today up to the high grade of many of the credit obliga- tions at preset held by New York banks and the large changes likely to occur In the items of bank statements by reason of occasional liquidation of heavy loans to great corporations, where there IS simply an exchange of securities involv- ed without any corresponding increase or capital issues The item In the balance sheet of the Pennsylvania Railroad Com pany of $20, 900 under the head of col lateral investment obligations' IS an eX- ample of such loans, representing Dor rowings by that company incident to last years purchases of securities to control other companies.
 The bond market showed some increased activity and strength, but sontinued rath- CT irregular. Standard Rope 6s broke points. Total sales, par value. $5'525'ooo limited States preferred 2s and new As coupon declined b and do coupon A. The 3s registered advanced IS per cent on the last call.
 New York Stock Market.
 Rv Private Wire to Murphy & Co.