The San Francisco call., 1903-09-22
EASTERN MARKETS.
NeaU York Stock Market.

NEW YORK. Sept 21--There was period
of depression in the stock market to-day, but
tie market recovered later in the day and
wiped out most 0f the declines. The cover
iuC Of shorts by the bears was the principal
element IN the rally, but the bears We're
prompted 10 this course by the lessened anxiety
manifested by the real owners Of stocks The
principal factor in the relief OF sentiment was
the news from the crop region ana It's eIect
upon the grain market. The weather map
was reported an ideal one for all classes OF
crops. In addition 20 this present condition
ne weekly statistics of railroad traffic showed
e large increase In the movement OF corn, es-
-.eciaiI. ia rhe s7fpr,ents of grain from pri-
mary points. which showed increase Of
q3. 600 bushels over the week before II was
argued that II the farmers were willing 10
mart so freely with their holdings Of corn II
served % discredu last weeks reports OF ex-
cessive frost damage 10 the cereal. The course
interest. and ITS oecllne 70 snaoe Deio" Hle
lowest record which reached last week
encouraged the traders 10 sell the rest OF the
The assertion was circulated that the lead
ing banking interests I'm the steel corporation
had EXPRESSED the opinion that there was no
occasion for supporting measures In the stock
market. other stocks in which this interest
was dominant were affected. II was evident
however that support was afforded United
states steel The fact that a number Of the
iron and steel industrials commanded a pre-
mum IN the loan department this morning
served as warning % the bears that their
side had been 2verselling the market ana
Ton 10 sell stocks was thus curbed in the
curse Of the day no important demand was
= aknuHn. and the uldlA showed increasing
fuIlness IL the course Of the rally. The fnan-
ciaI district continued in state Of uncer-
taiutv and apprehension over the possible eX-
tension. OF the reaction and construction 10 the
commercial world al large Allegations have
foen made that the demand for mercantile
credits Is showing great urgency and that
high rates are paid for these credits Inquiry
ar7orz bankers in the Wall-street district
failed 20 bear out this assertion Prime grades
"a paper negotiated through customary chan
rela bring % Ga per cent. For names less
well known and FOR applications from other
than their regular customers bankers are In
clined TO ask higher rates or are indisposed to
lend 81 all. This Is in accordance with the
I-DouIe6re that the whole banking fabric Of
he country has been devoting itself for some
months PAST u preparations TO supply the reg
Mar legitimate commercial demands for
mercantile credits. The returns received from
dev 40 day By the Comptroller OF the cOndi-
ff0r OF the national banks at interior cities
chow a general Improvement in percentage OF
reserve over that for the corresponding period
~ last year and encourage the growing hope
fhat The regular course Of business viii not
be disturbed by lack Of funds this autumn
Tho market closed dull and firm.
Bonds were irregular. Total sales, par value
50 235. coo.
old Is registered y per cent and the IS q per
cent On the last call.