The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-22
STOCKS In BETTER TONE
EARLY DEPRESSION WIPED OUT
BEFORE THE LAST HOUR.
Some support of United states Steel
Noted During the Day-Financial
Outlook Is Very Good.

NEW YORK, Sept 21.-There was
period of depression in stocks to-day, but
the market recovered later and wiped out
most of the declines. The covering of shorts
by the bears was the principal element In
the rally, but the bears were prompted 10
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 region and its
effect on the grain market. The weather
map was reported ideal for all classes of
crops. In addition TO this present 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 1,S93.0o0 bu over the week
before and of 2,S2S,oo0 over the movement
Of the corresponding week of last year. 1t
was argued that if the farmers We're will
ing 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 liz response
to this view and the wheat market also was
weak. The later stiffening in the prices 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 interest and its de-
cline TO a 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 interests in the steel corporation
had expressed the opinion that there was
no occasion for supporting measures IN
this interest is dominant were affected,
notably the coaers. 1t was evident, how
ever, that support was offered United
States Steel The fact that number OF
the iron and steel industrials commanded
a premium in the loan department this
morning served as a warning TO the bears
that they might be overselling The market
and prompted them to cover. White the
disposition to sell stocks was thus curbed
in the course Of the day, no important de-
mand was awakened and the market
showed increasing dizziness in the course
of the rally.
The financial list continued in a state of
uncertainty and apprehension over the
| possible 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 among bankers
| in the Wall-street district failed to bear out
| the assertions. Prime grades of paper ne
gotlated through customary channels bring
| q TO 612 per cent For names less well
| known and for applications from other than
| regular customers bankers are inclined TO
ask higher 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 to sup
| ply the regular legitimate commercial de-
| mands for mercantile credits. The returns
| received from day to day by the controller
| of the currency from national banks of the
| interior cities show a general increase in
percentage of reserve over that of the cor
| responding period of last year, and en-
| courage 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, at pal
value, We're $l,2S2,0O0. United States threes
| advanced !. per cent, the old tours
III per cent and the fives 1% ner cent or
| tha last call.
Following are the days share sales and
| the recorded price changes: