The Saint Paul globe., 1905-02-25
SELLING UP TO 115,
NEW HIGH RECORD
Canadian Pacific, Its Compan.
ion Stock, Responds with
Three Point Advance

NEW YORK, Feb 24-The stool, No.
het was more settled today and there Iyas
suliption OF strength. This was
i"l SeIy uue 10 decrease in the fears of
q q ulsds'rous outcome stock marketwise to
the struggle for the control of the Sonth-
efn Iron companies. There was less rea-
son to fear corner in these stocks and
'her movements were less excited and
eohVuislVe than those of yesterday. The
group was regarded with more or less
suspicion and distrust however which
was accounted for by the continual con-
met OF the various statements and reports
put in circulation with a sen,blaDca of
authority. They were concerned with tba
progress alleged to be made i'm the accuo
mutation OF controlling holdings in the va
Elous companies and of the terms said to
pe agreed upon for payment for the
STOCKS. The quotation in the market
continued widely different from the al
Ieged terms and the public at large was
as TO the probable final outcome of the
whole affair. 'i'0
Railroads Again Active
Activity reverted very largely to the
IaIiToad hst and the high grade of the
STOCKS most prominent in the trading
helpeu 10 feaSSuTe sentiment disturbed by
yesterdays sensational fluctuations New
YORK Central was leading feature and its
auvance OF over Z points was made on
much larger transactions than are uS,aJ
In that stock. The principal operattons
were attributed to the same sources as the
recent campaign in Ontario & Western.
I'M, ihls lea 10 a revival of former rumor
Snat the recently acquired control by the
New YORK, New Haven & Hartford of
ontario & Western was to be transferred
10 or shared by the New York Central
Inc movement in other Eastern railroad
STOCKS was largely sympathetic Union
racine recovered vigorously from its
rather sharp break of late yesterday to a
record price at 1876. and this was another
sympathetic influence of wide effect in the
market. Illinois Central was the leader
In the Southern group. The buying of the
STOCK had no other explanation than gen
eral considerations of its relative price
level Amalgamated Copper seemed to be
helped by the extra dividend declared yes
L,erday t,y on the stock of an important in
dependent copper company. The Wabash
system reported net earnings for January
which showed a falling off of CONSIDER
aply over 90 per cent from those of Janu-
ary for the preceding year, but its pre-
ferred stock was not debarred from a
share in the days strength.
Heavily Oversubscribed
The Gould group was helped by the very
large overSubScription for the S25 600 600
OF Missouri Pacific bonds which were of
Tered today. The subscriptions received
were reported by the bankers to be over
elght times the amount of the bonds
rms evidence. which is corroborative of
many others OF the abundance of capital
seeking investment marks the real sus-
tanning factor in the present extraordi-
nary market. The Enthusiastically firmer
tone OF the money market today seems to
De attributable to credit requirements of
this kind rather than to any decline in
bank reserves, as the domestic money
movement seems to have shifted again in
favor of New York for the week. the net
gain in cash apparently amounting to over
Sl,OOO,0OO from all sources. The upward
movement spread rapidly toward the last
and the market gained greatly in anima-
ton with the late outburst in New York
Central and Union Pacific, which carried
prices generally with them to a buoyant
closing.
Bonds were irregular. Total sales par
value. $5.315.000. United States bonds
were all unchanged on call