The Wichita daily eagle., 1903-09-24
STOCKS AND BONDS.

New York, Sept 23.-Trading in stocks
was more active today although still duii
and the average level of prices ended
the day considerably lower than last
night. There was no resiliency to the
market at the time and the only pause in
the downward tendency was an occasion
al period of stagnation in the dealings
The relief measure for the money market
announced by Secretary Shaw was gem
orally regarded in the financial circles as
a good insurance against money string
ency this fall during the crop moving
period But instead of stimulating any
buying of securities this was taken ad-
vantage of to sell stocks. This fact fol-
lowing the demonstration of the same
tendency yesterday when u s. steel led
a short lived advance. served to pre-
foundly discourage the professional
operators in stocks. The offer by the
secretary of the treasury to anticipate
the redemption of the governments IS
which mature next February offers so
clear an advantage to holders that there
can be little doubt of it's general ac-
ceptance. The offer TO pay the interest
to maturity now is a departure from the
usual custom of the department which
is to exact rebate for the unaccrue1
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 deposit to secure circulation
and government deposits with the banks
removes the only possible object for hold
ing the bonds TO maturity. Some stipu-
lation of the demand for state and NUM-
cipal bonds for purposes of this substtu-
tion is also a probability which would
have the effect of stiffening the general
bond market In any period of moderate
confidence. But it proved powerless in
todays market Only 100000 was de
posted at the ub-treasury today for
transfer to New Orleans. compared with
yesterdays $1,000 600. But this brings the
total transfers TO that point for the
week thus far up TO 81, $50. 600. which is
considerably in excess OF any full weeks
transfers to that point in more than two
years past. Chicago exchange also fell
10 par today. carrying an intimati3n that
the western demand for currency, al
though belatei in account of tie late
corn and spring wheat crop. still to be
Teckoned with. Sterling exchange con
tinued firm and offerings of cotton bills
were scarce. The principal weakness Of
the day was concentrated in few stocks
The weakness OF amalgamated was at
tributed TO pool liquidation. thought to be
prompted by the weakness Of the metal
in London and OF foreign copper securi-
ties. New York Central continued TO sgf-
fer from the financial requirements 20 be
faced. although inspired assurances came
from the directors meeting today that no
attempt would be mace to meet these
these for several months yet The
Southern railway stocks wero affected
by unfavorable criticism Of the showing
OF earnings il the annual report Much
selling Of Baltimore and Ohio. ard Penn
sylvania was attributed 10 Philadelphia
due 20 the collapse OF the consolidated
Lake Superior company and the grow
ing tendency towards recession in the
iron and steel markets.
The collier weath in the corr belt and
fears Of frosts tonigh, hurt the grangers.
The market closed heavy at about the
lowest
The weakness Of L s. steel second g
which touched a new low record Of = Is
was a weight upon the general bond mar
ket Total sales par value. s2Ia5. .)a9
L. s Is advanced II pe. cent the new
Is. s-s. the g one percent and the old
- I S-4 per cent The = declined IL per
cent on the last call
Closing stock quotations were as fol-
lows.