The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-03

NEW YORK, Sept. 2-There was no
news to account for the change in the
complexion of todays stock market, and
the early part of the session was given
over to a dullnesS more profound and
sluggishness more inert than at any time
during the present neglected condition of
the market. Later there was some re-
vival of activity, which expanded the vol
ume OF transactions considerably over
those of yesterday and lifted the average
level of prices above last night.
AtchiSon was the leader, with an ex-
IRENE rise of 21s, and three or four of the
other Changers responded to the extent
OF a point. Prices eased off before: the
close, which was unsteady. The after
noon demonstration seemed to be directed
against the short interest in Atchison, es-
peclaily. and in the other Changers incl
dentaliy. The operations on the advance
We're conducted by several we'll known
speculative operators whose return to the
street from vacation absences was thus
signalized. The uncertainty over the corn
crop has been the motive for putting out
considerable short lines in the Changers,
and this has been reflected for some time
by the strength of the borrowing demand
for Atchison in the loan crowd.
Demand to Cover.
This seems to have constituted the cue
Tor the professional operators referred to
to bid up prices in the shorts, and a con-
siderable demand to cover was the conSe-
quence. The rise in these stocks was Si-
multaneous with strength in the corn and
wheat market, which seemed to leave no
room for the inference that the buying
was based on more favorable immediate
outlook for the crops. The cotton market
also failed to continue yesterdays reac-.
tionary tendency. During the early de-.
preston Metropolitan Street Railway was
conSpicuously weak on account of the.
current impression that the dividend of
the stock guaranteed by the securities
company is not being fully early. There
was a report also Of a $500 900 decrease in
the net earnings for August of United
States Steel. The relatively small in
crease in Pennsylvania 8 net earnings for
July. compared with the other earnings
and the sharp decrease in net for the lines
west of PittSburg and Erie, We're unfavor
ably commented upon.
A renewed suit against the Amalga-
mated Copper interests in Montana and
the ree-point break in Consolidated Gas
aroused misgivings amongst the profess
SIGNALS as to the market attitude of the
Standard Oil interests. The unsettled la
Dor situation in Colorado was reflected
in the Colorado Fuel and American Smelt-
ing stocks. = But these influences. as. well
as the incident at Oyster Bay, were disre-
garded in the late covering movement :
Money Market Nominal.
The money market has, Ibeceme almost
as nominal an affair aS0the9stock mar
ket. Bankers seem convinced that when
the crop money begins to move the call
loan rate Will stiffen and borrowers viii
resort to time loans, while brokers and
commission houses are content with the
call loan market at the present 2 per cent
level. There was some recovery in New
York exchange at Chicago today, but for
eign exchange here was somewhat easier
Bills against future shipments of cotton
are beginning to make their appearance In
the exchange market for the first time.
The fate of the corn crop and the out
come of the call money market are the
basic factors in the stock market situa-
ton, as for some time past.
There was some breadth to the bond
market. but the price movement was r.
regular. Total sales, par value, $,lOO,-
000 The rise in quotations for govern
ment bonds is attributed to the demand
from banks for use as securities against
the expected increase in government de-
posts. United States IS, the IS and the
old and new As advanced " per cent. The
5s declined a per cent on the last call
Closing List