The Birmingham age-herald., 1903-02-03
MORE ACTIVITY
 IN STOCK MARKET Volume of Dealings Rose to
 5O0,OO0 Shares RAIL ROADS TO THE FRONT Revival of Strength In the Erie Stocks Had a Considerable Sentimental Effect on the General Situa-
 tion---5cnds Advanced.
RAILROADS TO THE FRONT

New York, February 2.--The stock mar ket showed some improvement today over the apathetic conditions of last week and the volume of dealings rose more than half million shares. Complaints from commission houses were unabated, how ever of lack of business and the mar ket was called professional. A very large part of the activity. both in stocks and bonds, centered in the Pennsylvania se- curities As the par value of the Penn syIvania shares is only $50, the total shares dealt in should be divided in half ts make the showing equivalent to that of other leading stocks The same Is true of Reading shares which contributed an important part to the days dealings. Pennsylvania promptly relapsed on the opening sales of 12,000 shares at 15O com pared with 151% on Saturday and lowered about that price all day. with large deal ings. The convertible bonds rose 1% at the opening. This seemed to represent an adjustment to the convertible value be- tween the two in accordance with the notice given by the directors of the ap- ticipatlon of the conversion privilege by
 
 market seemed to have no connection with the Pennsylvania movement. The revival of strength if the Erie stocks had considerable sentimental influence on the general situation. There was no news developed regarding the expected deal for the transfer of the road, but there was some suspicion that the large financial transactions reflected in the clearinghouse balances on Friday night have to do with Erie. The strength of Delaware and Hudson was directly asso- ciated with that of Erie IT. e. was cur rent belief that all of the coalers are making enormous earnings at this time. which helped Reading and Ontario and Western issues particularly
 Quite a number of leading speculative stocks rose 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 the attempt to put up prices. Today's movements was hardly more than tentative, but it was more vigorous and confident than any or the numerous professional tests for some time past. Among the days special movements Amalgamated copper was conspicuous for a rise over two points freValeht opinion points to improved trade conditions and there was talk to- day Of large takings of copper by for eigners There was nothing to explain the rise in Peoples Gas except the de- claratfon of a regular dividend. The Ven ezueian situation was considered reas- suring, there was a good demand for foreign exchange and 1t was reported that money has grown so cheap here that the bankers prefer to remit to pay off maturing foreign indebtedness The days gains were not fully mainta tained and the losing was rather irregular
 Pennsylvania convertible BIAS 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 moment. Total sales, par value, $5,70500O.
 United States new As, registered, ad- vanced A and the 5s, registered, declined
 . .ne last call.