The Birmingham age-herald., 1903-09-24
STOCK MARKET
 SHOWS ACTIVITY Average tev2I of Prices Ended
 the Day Lower SHAW'S MEASURE HELPS Instead of Stimulating Any Buying, NAI-. TaLar Aduan$-
SHAWS MEASURE HELPS
Instead of Stimulating Any Buying, However, This Was Taken Advant- age of to Sell Stocks-Pro-
 fessionaIs Discouraged.

New York, September 28.-Trading in stocks was more active today, al though still dull, and the average level of prices ended the day considerably lower than last night. There was no re- siliency to the market at any time and the only pause in the downward tendency was an occasional period of stagnation in the dealings. The relief measure for the money market announced by Secretary Shaw was generally regarded in the tinan- clal district as a good assurance against money stringency this fall during the crop moving period. But instead of sti1nu- lating any buying of securities, this was taken advantage of to sell stocks. This fact following the demonstration of the same tendency yesterday when United States Steel had a short lived advance, served to profoundly discourage the pro- fessional operators in stocks The offer by the secretary of the treasury to antic- ipate the redemption of the government 5s, which mature next February, offers so clear an advantage to holders that there can be little doubt of it's general accept ance The offer to pay the interest to ma turity now Is a departure from the usual custom of the department, which is to exact a rebate for the unacerued interest. The offer is therefore in effect a premium for presenting the bonds for redemption. The additional provision that state and municipal bonds may be substituted for such of the government 5s as are on de- post to secure circulation, and the gov ernment deposits with the banks, re- moves the only possible object for hold ing the bonds to maturity. Some stim- ulation of the demand for state and mu- nicipal bonds for the purpose of this sub stitution, is also probability which would have the effect of stiffening the general bond market in any period of moderate confidence. But it proved pow erless on today's market. Only $2OO,O coo was deposited at the sub-treasury today for transfer to New Orleans, compared with yesterdays $1000,000.
 But this brings the total transfers to that point for the week thus far up to $1,650,000, which is considerably in excess of any full weeks transfers to that point in more than two years past. Chicago eX- change also fell to par today, carrying an intimation that the western demand for currency, although belated on account
 
 is still to be reckoned with. Sterling ex- change continued firm and offers of cot ton bills were scarce. The principal weak ness of the day was concentrated in a few stocks. The weakness of Amalga- mated was attributed to pool liquidation, thought to be prompted by the weak ness of the metal in London and of foreign copper securities.
 New York Central continued to suffer from the financial requirements to be faced, although inspired assurance came from the directors meeting today that no attempt would be made to meet these for several months yet. The Southern railway stocks were affected by unfavor- able criticism of the showing of earnings in the annual report. Much selling of Bal timore and Ohio and Pennsylvania was attributed to Philadelphia and Pittsburg account. supposed to be due to the col lapse of the consolidated Lake Superior company, and the growing tendency to- ward recession in the iron and steel mar kets The cooler weather in the corn belt and fears of frosts tonight, hurt the grangers. The market closed heavy at about the lowest The weakness of Uni ted States 2d 5s. which touched a new low record of 72ls was a weight upon the general bond market. Total sales, par value $2, 195, ,000 United States 5s advanced h per cent, the new is 3s, the 3s 1 per cent and the old As 1$i per cent. The 2s declined F per cent on the last call.