The Saint Paul globe., 1903-09-22

NEW YORK. Sept 21-There was a
period Of depression in the stock market
today, but the market recovered later in
the day and wiped out most of the de-
cl1nes. The covering of shorts by the
bears was the principal element in the
rally, but the bears We're prompted to
this course by the lessened anxiety mani
tested by the real owners of stocks.
The principal factor in the relief of
sentiment was the news from the crop re-
gIon and its effect on the grain market
The weather map was reported an ideal
one for all classes of crops. In addition
TO this present condition, the weekly sta
tistcs or railroad traffic showed a large
increase in the movement of corn, es-
peclally IN the shipments of the grain
from primary points. which showed an in
crease of 1888. 900 bu over the week be-
fore and OF 2,S2S,OO0 bu over the move
ment of the corresponding week of last
year. 1t was argued that If the farmers
We're willing to part so freely with their
holdings of corn it served to discredit last
weeks reports of excessive frost damage
to the cereal. The corn market acted in
response to this view, and the wheat mar
ket also was weak.
Prices Are stiffened.
The later stiffening in the price of
wheat was attributed to the DEVELOPMENT
OF an export demand. SO that its rally did
not hurt stocks The course of United
States Steel was watched with great in
tereSt and its decline to shade below
the lowest record which was reached 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
porat1on 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 afford
ed United States Steel.
The fact that a number of the iron and
and steel induStrialS commanded a pre-
MUM in the loan department this morn
ing served as a warning to the bears that
they might be overSelling the market and
prompted them to cover. While the dis
position to sell stocks was thus curbed In
the course of the day, no important de-
mand was awakened and the market
showed Increasing dullness in the course
OF the rally. The financial district con-
tinued in a state Of uncertainty and ap-
prehenSion over the possible extension of
the reaction and contraction to the, COM
merciaI world at large. Allegations have
been made that the demand for mercan-
tile credits is showing great urgency, and
that high rates are paid for these credits,
Bankers Ask High Rates of Some.
Inquiry among bankers in, the Wall
street district failed to bear out this as
sertion, prime grades of paper negotiated
through customary channels being 6 to
61a per cent. For names less well known
and for applications from other than their
regular customers bankers are inclined tc
ask high rates or are indispoSed to lend
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 tc
supply the regular legitimate commercial
demands for mercantile credits. The re-
turns received from day to day by the
comptroller of the condition of the ma
tional banks at interior cities show a
general Improvement in percentage OF
reserve over that for the corresponding
period of last year and encourage 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, pa1
value, 81 2S2, 900. United States 3s ad-
vanced u per cent, the old As registered
u per cent. old is coupon IA per cent
and the 5s y per cent on the last call.
Cloetno