The Birmingham age-herald., 1903-09-03
AT FIRST SLUGGISH
 AND THEN ACTIVE AtchiSon is the Leader with
 Rise of 2 l-8 WHEAT AND CORN STRONG Money Market Is Devoid of Interest. Some Recovery In NeW York Ex- change at chlcago-7ond
 Prices Irregular.
WHEAT AND CORN STRONG

New York, September 2.-There was no news to account for any change in the complexion of today's 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 revival of activ- ity which expanded the volume of trans actions considerably over those of yester- day and lifted the average level of prices above last night Atchison was the lead CT with an extreme rise Of 21s, and two or three of the other grangers responded to the extent of point Prices eased off before the close, which was unsteady. The afternoon demonstration seemed to be directed against the short interest in Atchison, especially; in the other grangers incidentally. The operations on the ad- vance were conducted by several we'll known speculative operators. whose re- turn to the street from vacation ab- sences was thus sgnalized. The uncer- tainty over the corn crop has been the motive for putting out considerable short lines in the grangers, and this has been reflected for some time by the strength of the borrowing demand for Atchison in the loan crowd. This seems to have con stftuted the cue for the professional op- orators referred to to bid up prices In the shorts, and considerable demand to cover was the consequence. The rise in those stocks was simultaneous with e-tt i,, md yBoo rlK at 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 reactionary ten- dency
 During the early depression Metropoli- tan Street Railway was conspicuously weak on account of the current impression that the dividend on the stock guaran- teed by the securities company is not be- ing fully realized. There was a report also of s70O,OOO decrease in the net earn ings for August of United States Steel. The relatively small increase in Pennsyl- vania's net earnings for Jre- compared with the gross earnings and the sharp de- crease in net for the lines west of Pitts burg and Erie were unfavorably com mented upon. A renewal suit against the Amalgamated Copper interest in Montana and the points Dreak m COnSoudaleu Gas aroused misgivings amongst the professionals as to the market attitude of the Standard Oil interests. The unset tied labor situation in Colorado was re- f1ected in the Colorado Fuel and American Smeltng stocks. But these influences as well as the incident at Oyster Bay, were dsregarded in the late covering move- ment.
 The money market has become almost as nominal an affair the stock market. Bankers seem convinced that when the crop money brings to move the loan rate will stiffen and borrowers will resort to time loans while brokers and commis- sion 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 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 sometime past. There was some break to the bond market, but the price movement was irregular. Total sales par value, $1,110,00O.
 The rise in quotations for government bonds is attributed to the demand from banks for use as securities against the expected increase in government de- posits.
 United States fs, the 3s and the old and new is advanced # per cent. The 5s de- clined A per cent on the last call.