The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-04
STOCKSSHOW STRENGTH
APATHETIC CONDITION CON.
TESTED BY PROFESSIONALS.
Very Little News for Which to Base
Upward observation-disclosures in
Wabash Leads the Way Out of the
Lethargy of the Speculation.

NEW YORK, Feb. 3.-The profess
Sional element among the traders con-
tested the apathetic condition of the
stock market today and developed
some show of strength and activity be-
fore the close. There was a very
meager outside following, and very lit
tie news on which to base the move
ment. The reactionary tendency dur
ing the morning became dominant and
the professionals apparently resigned
themselves to the neglected condition
of the market.
The movement in Wabash securities
led the way out of the lethargy of the
speculation. The stocks made a slight
advance at the opening, on the
9trength of the news from Pittsburg
that the franchise for the company'S
entrance to the city had been favora-
bly, acted upon by the city council, but
the stocks fell back again and the de-
benture B bonds particularly suffered
from realizing. The later movement
was organized and had no fresh news
to go on. One of the depressing fac
tors early in the day was the weak
ness of New York Central, which also
was without news to account for it.
Characteristic of the Campaign.
This movement was the result of a
characteristic of the campaign. Yes
terday'S selling of Pennsylvania on
the score of the conversion privilege
for the bonds carried the price Of
Pennsylvania stock below that of New
York Central, whereas it has ruled
constantly above that stock for a long
time past. For this reason, traders
sold New York Central and bought
Pennsylvania today. The news of the
illness of the king of England was an
influence in the early dullness, as was
also the renewed hitch in the proceed
iY1Crc e
Ian difficulties.
The December statement of the
Pennsylvania lines, both east and west
of PittSburg, was so clear a demon
Stration Of the prevailing tendency of
railroad expenses to encrOach upon
net earnings that the effect was rather
depressing Sterling exchange was
quite ominOusly strong and it was
said that the freight blockades and the
cutting down of the grain movement
had resulted in a scarcity of grain
bills in the exchange market. At the
same time the prevailing ease of mon
ey is an inducement to borrowers from
foreigners to pay off maturing obli-
cations abroad. The exchange market
eased slightly at the close. The grow
ing plenty of loanable funds was prob
ably the basis for the attempt to ad-
vance prices of stocks. The rate for
call loans fell below per cent during
the day. This state of ease is due in
| large part to the determined ouietude
of the speculation.
| Building Up Cash Resources.
1t is manifest also that the powers
in the money world have in view to
| build up their cash resources and to
guard against any such extended cred
| its as that which disquieted the coun-
try last fall. The proposition of the
clearing house committee to r6duiTA q
5 per cent reserve fund by the trust
companies, with progressive increase
over future periods is in line with this
policy. A number of the metal stocks
were cCnspicuously strong in today's
market. The advancing tendency of
the copper market, the measures to
consolidate the lead interests, the gov
ernmental measures which are dis
cussed for the improvement of the sill
Yer situation and the extraordinary ac-
tivity in the iron trade combined to
! form the basis for this movement
which included Anaconda, American
Smelling, National Lead, and, later in
independent iron and steel companies
SlOss- Sheffield Steel made an unex-
planned dip of ga, with a substantial
recovery. The market closed rather
| irregular.
Wabash debenture BIS oyershadowed
the bond market, which was otherwise
irregular. Total sales, ,paR value
| $5,375,000. United States bonds were
all unchanged on the last CALL
CLOSING List.