The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-03

NEW YORK, Feb. 1.-THE stock
market showed some improvement to-
day over the apathetic conditions of
last week, and the volume of dealings
rose by more than half million
shares. Complaints from commits
sion houses, however, were una bated
of lack of business and the market
was called professional. A very large
part of the activity both in stocks and
bonds conferred in the Pennsylvania Sc
curities. AS the par value Of the
Pennsylvania shares is only $50, the
total shares dealt in should be divided
in half to make the showing equiva-
lent to that of other leading stocks.
The same is true of the Reading
shares, which contributed an impor-
tant part of the days dealings. Penn
sylvania promptly relapsed on the
opening sales of 10000 shares to $50,
compared with ISL ga on Saturday,
and lowered about that price all day.
with dealings. The convertible bonds
rose SIS at the opening.
Elements Disconnected.
This seemed to represent an adjust
ment to the convertible value between
the two in accordance with the notice
given by the directors of the anticipa-
ton of the conversion privilege by a
year. Increased activity in the gen.
eral market seemed to have no con-
nection with the Pennsylvania move
ment. The revival of strength in the
Erie stocks had a considerable senti-
mental influence on the general spec
uIatlon. There was no news develop
ed regarding the expected deal for the
transfer of the road, but there was
some suspicion that the large financial
transactions reflected in the clearing
house balances on Friday might have
to do with Erie. The strength of Del
aware & Hudson was directly asso-
c1ated with that of Erie.
There was a current belief that all
of the coalers are making enormous
earnings at this time. which helped
Reading and Ontario & Western par
ticularly. St. Louis & San Francisco
continued it's advance to it's high fig
ure, but no advice was given out re-
garding the expected disposition of this
property. Quite a number of leading
speculative stocks rose a point or more
at one time. The abundant funds
offered on Friday and the easy tone
of call money this morning formed the
basis of an attempt to put up prices.
Today's movement was hardly more
than tentative, but it was more vigor-
Gus and confident than any of the num-
erous professional tests for some time
past.
AmaIgan1ated Does Well.
HAAAOAlo Tic Special movements
Amalgamated Copper was conspicuous
for rise of over two points. Preva-
lent opinion points to improved trade
conditions and there was talk of large
takings of copper by foreigners. There
was nothing to explain the rise in
Peoples Gas except the declaration Of
regular dividend. The Venezuelan
situation was considered reassuring.
There was good demand for foreign
exchange and it was reported that
money has grown so cheap here that
bankers prefer to remit to pay off
maturing foreign Indebtedness. The
days gains were not fully maintained
and the closing was rather irregular
Pennsylvania convertible LIS made
up the bulk of business in the bond
market and lost a large part Of their
opening gain. Wabash debenture Bs
became very strong at the last. Total
sales, par value, $5.705,000. United
States new as registered advanced IA
and the SIS registered declined Ia on
the last call.