The daily morning journal and courier., 1906-09-05
TOGz MARKET FEATURES
(Continued from Seventh Page.l

Continued from Seventh Page) firm declined to throw any additional light on the operation, saying that as- purely banking. firm, and no longer railroad officials, they had nothing to say.
 The following statement was given out for the railway company in the aft ernoon:
 Tn reference to the sale of PennsyI- vania holdings in the Baltimore and Ohio and Norfolk and Western rail- roads, the following statement is au- thorized as to the number of shares in volved: The Pennsylvania has sold about 100000 shares of Baltimore and Ohio stock and about 16O,000 shares of Norfolk and Western, thus reducing the aggregate holdings of the Pennsylvania system to about 20 per cent. in each of said companies"
 Under the present management of both the Baltimore and Ohio and the Norfolk and Western, the Pennsylvania 1 is in control, and it is through the own ershlp of the Baltimore and Ohio that the Pennsylvania, acting with the Lake Shore, controls the Reading. In we'll 1 informed quarters it was not believed yesterday that the Pennsylvania in- tended to relinquish its hold on the Ball. timore and Ohio, the Norfolk and Vest ern or the Reading The opinion was [ o1yprae,cad That tbo r,oro oap1aDt of 41,o Pennsylvania system had learned by experience that ownership of 20 per cent. of the stock of a company was
 enough to carry control Moreover,
 with the proceeds of the stock sold the { Pennsylvania gets needed money with
 out resorting to borrowing. The bear ish view of the transaction was that no
 chance now existed for raising the
 Pennsylvania dividend rate, and that
 the sale of these stocks indicated profit ] taking on the rising market. Pennsyl-
 vania went to IA and then dropped nearly points. It was not sustained
 by the talk of a 5 per cent. extra divi-
 dend from the profits realized by the sale of Baltimore and Ohio and Norfolk and Western,
 Baltimore and Ohio touched a new high record on the theory that the stock which had been hanging over the market was liquidated, and that now il l would seek it's natural investment level s Norfolk and Western did better.
 With rights and the dividend added
 to yesterdays price of St, Paul, tn, stock sold equivalent to 205. It is evi t dent now, if 1t has not been before r that the buying up to these high price i, has been by the Union Pacific interests
 and that control of the road lies witt
 them It was predicted that St. Pau r would reach 200 and sell equivalent t IT 225 before the movement ends.
 The market held it's strength fairl l. well until active bidding for call none e advanced the rate to 15 per cent. j. The June quarterly statement of tn y New York Central showed a less in nt r earnings of $lS3QOO, This was due t. an Increase of $93QOOO in operating e2 ,e penses. The operating ratio was 7S DC
 cent, against 70 last year. This is hig r. for trunk line, The company's ba al ance sheet shows a surplus of over $l5 h 100000.
 Yesterdays 30 per cent. rate for ca Is money was the highest since April 'e last, and with the exception of that ds l. was the highest since the first weC ic of the year, when 60 per cent. VI
 reached
 Shelters was first marked up al
 then it fell over points. The retu is of the Guggenheims from Alaska, coi a cident with the break in the stock w le taken to mean that there will be e. dividend increase, and that the COT to pany's surplus will be used fin extendi tn it's enterprises in the north. O. There was a willingness of forei Of banks to put out money in some qua
 tity for and per cent. Large loa
 were made at that figure, and when t
 street tested this source of supply the
 was less nervousness.
 Id The big jump in prices in London, {
 rise in Baltimore and Ohio and Rea oo ing, statements that $10OOO,OOO g le would be announced this week, all fa ne ed to give the general market tone. s acted stale
 on It is estimated that the Pennsylvai ~ has realized a profit of $15,00oOOO by ifo sale. This the immediate return o5 has also raised enough cash to co n5 plete it's New York tunnels with, calling on the stockholders for fund,