The Montgomery advertiser., 1903-09-03
WALL STREET REVIEW
AN INExPLrcABLE rNcREAsE IN
 ACTIVITY.
Inertness Gives Way to Better Conditions, Though No News Accounts for the Advances.
 Atchison in the Lead.

NEW YORK Sept. 2-There was no news to account for the change in complexion of today 6 stock market and the early part of the session was given over to a dullness more profound and a sluggishness more inert than at any time during the present neglected condition of the market. Later there was some revival of activity which expanded the volume of trans actions considerably over those of yesterday and lifted the average level of prices above last plight Atchison was the leader with an extreme rise of 2h and three or four of the other grangers responded to the extent of a point. Prices eased of before the close. which was unsteady. The afternoon demonstration seemed to be directed against the short inter- est In Atchison. especially in the other grang CTS incidentally. The operations on the ad- vance were conducted by several well known street from vacation absences was thus sig naiized. The uncertainty over the corn crop has been the motive for putting out consider able short lines in the grangers and this has been reflected for some time by the strength of the borrowing demand for Atchson in the long cue for the professional operators referred to to bid up prices in the shorts and consid- erable demand to cover was the consequence. The rise in these stocks was simultaneous with strength in the corn and wheat market. which seemed to leave no room for the inference that the buying was based on a more favor able immediate outlook for the crops. The cotton market also failed to continue yester- days reactionary tendency. During the early depression Metropolitan Street Railway was conspicuously weak on account of the current impression that the dividend on the stock guar anteed by the securities company is not being fully realized. There was report also of a S700 900 decrease in the net earnings for August of United States Steel The relatively small increase in Pennsylvania's net earnings for July compared with the gross earnings and the sharp decrease in net for the lines west of Pittsburg and Erie unfavorably com mented upon. renewed suit against the Amalgamated Copper interest in Montana and the 3-point break in Consolidated Gas aroused misgivings amongst the professionals as to the market attitude of the Standard oil in terests. The unsettled labor situation in Colo rado was reflected in the Colorado Fuel and American Smelting stocks. But these infu- ences as well the incident at Oyster Bay ment The money market has become almost a nominal affair as the stock market. Bankers seem convinced that when the crop money be- gins to move the loan rate will stiffen and borrowers will resort to time loans, while brokers and commission houses are content with the call loan market at the present per cent. level. There was some recovery in New York exchange at Chicago. but foreign ex- change here was somewhat easier. Bills against future shipments of cotton begin ming to make their appearance in the exchange market for the first time. The fate of the corn crop and the outcome of the call money market are the basic factors in the stock market situ- ation for some time past
 There was some breadth to the bond market. but the price movement was irregular. Total sales (par value), SI. 10000. The rise in quotations for Government bonds is attributed ties against the expected increase in. Govern ment deposits. United States 2's the 3s and the old and new As advanced # per cent The 5's declined < per cent. on the last call.
 New York Stock List.