The Montgomery advertiser., 1903-09-24
WALL STREET. REVIEW
LEVEL OF PRICES
 LOWER AT CLOSE. <
The Only Pause in the Downward Tendency Was an Occasional Period of stagnation
 in the Dealings.

NEW YORK. Sept. 23.-Tvsding in stocks was more active today. although still dull. and the average level of prices ended the day considerably lower than last night. There and the only pause to the downward tendency was occasional period of stagnation in the dealings. The relief measure for the money market announced by Secretary Shaw was gem erally regarded in the financial district as good assurance against money stringency this fall during the crop moving period. But in- stead of stimulating any buying of securi- ties this was taken advantage of to sell stocks. This fact following the deuonetration of the same tendency yesterday when United States Steel had short-lived advance, served to profoundly discourage the professional ope- rators in stocks. The offer by the Secretary of the Treasury to anticipate the redemption of the Government 5s which mature next February. offers clear an advantage to holders that there can be little doubt of its general acceptance. The offer to pay interest to maturity now Is a departure from the usual custom of the Department. which Is to exact & rebate for the unaccrued interest. The of- fer Is, therefore in effect premium for pre- senting the bonds for redemption. The add. tional provision that State and municipal bonds may be substituted for such of the Gov. ernment ss as arc on deposit to secure circu- iation and Government deposits with the banks. removes the only possible object for holding the bonds to maturity. Some stimulation of the demand for State and municipal bonds for purposes of this substitution is> also a prob ability which would have the effect of stiff fening the general bond market in any period of moderate condence. BuQ 1t proved power less on today market. Only 1000 was de. posited at the sub-treasury today for trans- fer to New Orleans. compared with yester- days $1.000.00o. But this brings the total transfers to that point for the week thus far up to N. $50, 900, which is considerably in cess of any full weeks transfers to that point in more than two years past. Chicago exchange also fell to par today. carrying an intimation that the Western demand for cur rency. although beIated on account of the late corn and spring wheat crops. is still to be reckoned with. Sterling exchange con- tinued firm and offers of cotton bills were scarce. The principal weakness of the day was concentrated in a few stocks. The weak ness of Amalgamated was attributed to pool liquidation. thought to be prompted by the weakness of the metal in London and of for eign copper securities. New York Central con- tinued to suffer from the financial require ments to be faced. although inspired assurances 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 unfavorable criticism port. Much selling of Baltimore and Ohio and Pennsylvania was attributed to Philadelphia and Pittsburg account, supposed to be due to the collapse of the Consolidated Lake Su. perior Company and the growing tendency toward 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 United States Steel second 5s which touched a new low record of 72h. a weight upon the general bond market. Total sales. par value. s2l95.o00. United States 5s 1 per cent. and the old 4s 1% per cent. The 2s declined # per cent on the last call
 New Xork stock List.