The Montgomery advertiser., 1903-09-17
WALL STREET. REVIEW
CROP SITUATION STILL PARA.
 MOUNT ISSUE.
Evident That Serious Harm Has Been Wrought in Certain Sect ions to Corn and. Cotton
 Selling at Start.

NEW YORK. Sept. I6.-The same influences that have dominated the stock market for some time past were again in control today. The crop situation continued to be the paramount issue and out of the sensational runors and reports recently circulated 1t is at last clear that serious harm has been wrought to crops in certain sections of the Northwest. From Georgia and Alabama come reports of damage to cotton by high winds and heavy rainfalls. Trading during the early session was note- worthy chiefly for a renewal of yesterdays s selling movement for Western accounts Chi cago taking leading part. As in the early week the steel securities were again consDcu- ous for their heavness. both the common stock anl the 5 per cent. bonds declining to new low levels. Sales of the bonds were very heavy transactions for the first two hours aggregating considerably more than one-haf of the opera tions for that period fin the bond department Declines in the list were general at the. out set. but the tone soon changed to relative steadiness. Atchison seemed to be taken up quietly, and Union Pacific another one of the few stocks that offered resistance to the early selling pressure Commission houses re- ported little bushes and out-of-t town opera tions were doubtless curtailed by the storm which caused serious interruption to all tee- graph service. The specialties were almost tirely neglected. a notable exception being In- ternatlonal Paper preferred which declined al- most 3 per cent. below the last recorded sale Brooklyn Transit registered 2h per cent. loss, but later made almost complete recovery At midday the market was almost at stand still. rally in no sense proportionate to the early decline soon followed on buying at trbuted to important local interests. but sup port was still lacking in thestee issues. he common selling lower than in the morning, while the bonds continued to be pressed for sale. Sugar. which has taken place in the inactive list. sold for Boston interests. it is said The steady tone of the late afternoon was more attributable to short covering than to any real buying demand. The steel bonds more than regained their loss of the early part of the day. The local money situation con- tinues unchanged. It is estimated that the banks will lose at least S2.9oo, 900 in the course of the week. There Is a partial offset to this however in additional Australian gold imports, another shipment of SI.5oo, 900 be- ing the way to the Pacific Coast. Bankers believe that because of the easy rates for call money, the Secretary of the Treasury will not anticipate the S3 500 900 interest due on bonds Oct. l. Foreign exchange showed more steadiness at a slight advance. The only railroad returns of importance was that of the Minneapolis. St. Paul and Sault Ste Marie Road for It's fiscal year. Net earnings show an increase of S236,0 with a surplus increase of S l79. 900.
 The bond market was slightly lower this morning. following the sharp break in United States Steel second 5's. Total sales tpar vaue) SI6lo,000. United States 2's coupon ad- vanced [ per cent. on the last call
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