The Birmingham age-herald., 1903-09-23
STOCK MARKET
 DULL AND NARROW This Was Somewhat Due to the
 Jewish New Year U. s. STEEL GOES UPWARD Buying Movement of the Morning Was Largely Concentrated, a Single
 House Being Credited With
 Purchase of 5o,ooo Shares.
U. s. STEEL GOES UPWARD

New York, September 2.-There was no. change today in the narrow and pro- fessional character of the stock market. The dullness and lassitude were some what accentuated on the occurrence of the Jewish new year which caused the absence of a part of the membership of the exchange. The price movement was an inversion of that yesterday the ad- vance coming early and reactlng later with final prices showing insignificant changes from last night. For the first time in a number of days United States steel did not touch a new low record and this was taken by the traders to indicate that the liquidation in that security was over. They marked up the price accord ingly and the advance in the general market was little more than sympathetic response to the movement. Late in the day urgent selling pressure developed in the United States steel second mortgage bonds. They were forced down to 78, which is 7s lower than their previous lowest price and they closed only half better. This prompted the traders to throw over the stocks they had taken earlier In the day and wiped out the days advance with the result that small net losses are interspersed with small net gains. The buying movement of the morning was largely concentrated, a single house being credited with the pur- chase of no less than fifty thousand shares around the room There was lit- tie in the news of the day to account for the movement of prices The collapse of the efforts to save the Consolidated Lake Superior company from bankruptcy seem- nd fA Fl
 even have been a factor in the recovery of United States steel
 The removal of the prospect of the im- mediate demands upon capital to keep this company af1oat seemed to afford a grim sort of relief in the spirit of dread of corporation credit requirements. which Wall street has come to. The same spirit was responsible for the sharp drop in New York Central on the revived reports that the company was negotiating large loan to provide for it's immediate require ments in connection with terminal im- provements in this city. The news from the crops continued favorable the wealth CT bureaus weekly report receiving a hearish interpretation, both as to corn and cotton. The grangers were well sup- ported in consequence throughout round million of dollars was deposited at the sub-treasury for telegraphic transfer to New Orleans. showing the approach to the maximum for the season of cotton crop funds. Offerings of cotton bills In the exchangr market continue scarce and the advance fin discount rates in Lon- don was reflected in the f1rmness of the exchange market here London fearing an early advance in the Bank of England discount rate to Eve per cent.
 With the freer movement of the cotton crop evidently imminent, it is hoped that the supply of cotton bills in the exchange market will soon make its influence man. ifest. The days transfers to New Orleans were sufficient to about wipe out the gain py the banks from the sub-treasury since last Friday. The market closed easy The late break in United States steel second 5s caused sympathetic weakening in the formerly irregular bond market To- tai sales par value, $1, ,9S5000
 United States bonds were all unchanged on last call.