The Birmingham age-herald., 1903-09-22
Most Declines Wiped Out Later
 in the Day
CROP NEWS WAS A FACTOR
Weekly Statistics of Railroad Traffic Showed a Large Increase In the Movement of corn-Amount-
 ed to 1,se3,ooo Bushels.

New York, September A.-There was period of depression in the stock market today but the market recovered later Ill the day and wiped out most of the daeline' The covering of shorts by the bears was the principal element in the rally, but the bears were prompted 70 this course by the lessened anxiety manifested by the real owners of stocks. The promi- nent factor in the relief O. sentiment was the news from the crop region and it's ef- feet on the grain marked. The weather map was reported an idsai one for all classes of crops. Tn addition to this pres ent condition, the weekly statistics Of railroad traffic showed ] large increase in the movement of corn, especially in the shipments of the grain from primary points which showed an increase of ise3,- coo bushels over the week before, and of 2.S28 600 over the movement of the corre- spending week of last year. It was ar- gued that if the farmers were wiling to part so freely with their holdings Of eorn' it served to discredit the weeks reports of excessive frost damage to the cereal. The corn market acted in response to this view and the wheat market also was weak The later stiffening in the price of wheat was attributed to the develop ment of an export demand, so that it's rally did not hurt stocks. The course Of United States steel was watched with great interest and its decline to a shade below the lowest record, which was reach ed last week. encouraged the traders to sell the rest of the list.
 The assertion was circulated that the leading banking interest in the steel cor poration had expressed the opinion that there was no occasion for supporting measures In the stock market. Other stocks in which this interest is dominant were affected. notably the coalers. It was evident however, that support was af- forded United States steel. The fact that a number Of the iron and steel industries commanded a premium in the loan de- partment this morning, served as warn- ing to the bears that they might be over selling the market, and prompted them to- cover While the disposition to sell stocks was thus curbed in the course of the day, no important demand was awak- ened, and the market showed increasing dullness in the course Of the rally. The financial list continued in state of un- certainty and apprehension over the possi- ble extension of the reaction, and con traction to the commercial world at large Allegations have been made that the de- mand for mercantile credits is showing great urgency, and that high rates are paid for these credits. Inquiry amongst bankers in the Wall street district faSled to bear out the assertion. Prime grades of paper negotiated through custonalry channels, bring to 61s per cent. Tlor names less we'll known and for applica- tions from other than regular customers bankers are inclined to ask higher rates or are indisposed to loan at all. This is In accordance with the knowledge that the whole banking fabric of the country has been devoting itself for some months past to preparations to supply the regular legi- innate commercial demands for mercan- tile credits. The returns received from day to day by the controller Of the currency of the national banks at interior cities show a general improvement in percentage of reserve over that for the corresponding period of last year, and encouraged the growing hope that the regular course of business will not be disturbed by lack of funds this autumn.
 The market closed dull and firm. Bonds were irregular. Total sales' par Value' s1,2S2, GOO.
 Tinted States 3s advanced F per cent; the old 4s. registered, A per cent; old 4s' coupon, 1A, and the 5s % per cent on the last call