The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-03-06
FtnNmctal.
THE STOCK MARKET.
Heavy Buying Caused by Ponnsylvanta
Roads Annual Report.

Roads Annual Report.
New York, March 5,-The annual re-
port of the Pennsylvania Railroad COM
pany published this morning, proved to
be the handspring of the market. That
document showed such mass, of con-
yincing evidence Of the high prosperity
Of the railroad business that 1t attract
ed large and substantial buying, not
only in that stock, but in many other
high grade railroad stocks. The Penn
1 sylvania system is always accepted as
representative system, owing to the
great diversity of its traffic and the ex-
tent Of territory embraced In It's ranii-
fications 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 improve
ment and betterment with promise of
increased efficiency as an instrument Of
! transportation, had a great Influence on
| the values Of railroad stocks. The first
| influence was felt in the trunk line
group especially those lines in which
| Pennsylvania has secured an influential
interest. 1t 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
western territory moved upwards. The
principal stocks affected, including the
leaders in the granger and Pacific
groups, show gains of 1 to 31a points,
Pennsylvania itself was up 2k, Della
ware and Hudson 80, Baltimore and
Ohio preferred 81, Great Northern pre-
ferred 3ls, Burlington and Norfolk
and Western preferred 2as.
The market as whole, however, did
not respond notably to the movement in
special stocks. There were instances Of
strength scattered all through the list,
besides those already mentioned, espe-
cially among the high-priced industri-
ais, but the movement was quite free
from excitement and the day was sin
gularly free from stories Of new COM
binations 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 a
dividend day. The stock got above last
night for brief time after the declar-
alton of the regular quarterly dividend.
but fell 21a in the late dealings, closing
with a net loss of 1es.
Yesterdays movement in Amalga-
mated Copper continued in force to-day,
carrying that stock up Az, closing prac-
tically at the top. The gas stocks show
ed continued strength, Laclede Gas
leading the days movement with an adj
ofQ ~, ofE
eral Electric rose POINTS Pacific Mail
lost as much, but recovered 2 points.
The bituminous coal carriers showed
signs of strength. The steel stocks were
decidedly neglected the common stocks
as 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 representative of the new stocks
serves to hamper the transactions in
them, which up to this time have been
simply in the form of contracts to de-
liver the new stocks when issued. There
are not even certificates in existence to
represent rights to the new stocks. This
added to the narrow market afforded on
the curb for SO heavy a capital issue
causes hesitation in the dealings and a
disposition to await the listing of the
stocks on the exchange. The payment
of SO per cent. of the purchase price for
the Southern Pacific yesterday, amount
ing to $4,000, 600, brought the clearing
house balance to-day up to the record
figures. The incident served to call at
tention to the high grade of many of