The Birmingham age-herald., 1903-09-05
MARKET DULL BUT
 SHOWS STRENGTH Heavy Bear Accounts Covered
 on the Advance ATCHISON IS THE FEATURE It Leads In Volume of Dealings and Width of Movement-The Currency Forecast Indicates a Slight lm-
 provement--Bonds Quiet.
ATcHIS0N IS THE FEATURE

New York, September 4-Today's stock market was again excessively dull but distinctly strong The three days which will intervene before trading will be re- sumed prompted the closing up of spec ulative accounts and the fact that tomor- row is also a holiday in London emphasz- ed this disposition. It was evident that the majority of outstanding accounts was on the short side. There was no other obvious reason for the strength of the market, as the bulls were as unwilling to put fresh commitments on the eve of the long holiday, as were the bears. Atchison was the feature of the market both as to volume of dealings and width of move ment its extreme advance of 29s easily distancng all other stocks.
 There were some very heavy bear &C., counts covered on the advance which helped the upward movement and gave ground for the supposition that they were the object of the movement. But the extent of the movement gave rise to some surmises of an accumulation on a large scale. possibly for the purpose of control. Rock Island interests were point 
 seemed to be an effort to convey the im- pression that Pennsylvania and Hartman interests were opposing or competing with this accumulation. The Atchison move ment had some sympathetic effect on the general list, but the largest response was confined to the southern and southwest ern corn and cotton carriers. The move ment may have been in part a reflection ,f iok had continued influence also in induc- ing liquidation in cotton.
 The corn market did not reflect any excess of confidence in that crop, and the reports of frost from the northwest gave rise to. some fears that the cold would extend into the copn belt. But the news of the condition of that crop in the lower portions of the belt conduced to a growth of confidence in the safety of that portion of the crop and so may have had an influence in the strength of south western stocks.
 The tone of the recently reported ut- terances of the secretary of the treasury on the general business and fiji. lncial out look has an encouraging effect Epon sen timent, and his advocacy of emergency circulation fosters the hopes of the finan- cial district for such a measure. The em- phass by the secretary in his published 
 government money in the agricultural districts had somewhat the effect of an admonition against speculative uses of these funds.
 The forecasts of the currency movement of the week indicate slight improve ment in favor of the interior, which, with the weeks losses to the sub-treas- ury, show a probable decrease in reserve held by the banks of $3500,O00 There have been shipments to the south in connection with the cotton crop moving, but the movement on balance would have been in favor of New York, had it not been for the large special movement to Boston, which seems to have amounted to over $2,- 100000, and is attributed to a New York interest in copper.
 The market for railroad bonds is still dull, but some slight investment by ab- sorbtion is reported. Government bonds have risen in price in response to expect ed need for additional holdings by the banks to serve as security for the in- creased government deposits promised.
 United States old and new As, coupon, advanced A per cent, the new As, regis tered, 1 per cent, and the 2s and 3s, and 1h per cent, as compared with the closing call of last week. i.