The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-09-24
STOCK PRICES ARE LOWER
IN FACE OF BEAR VIEWS.
PROFESSIONALS IN WALL
STREET DISCOURAGED.
Efforts to Relieve Money String
ency, Instead of Raising
Prices, Cause Selling.

New York. Sept. zs.-Trading in stocks
was more active to-day. although still
dull. and the average level of prices ended
the day considerably lower thai last
night There was no resiIiency to the
market at any time, and the only pause
in the downward tendency was an occa-
sional period OF s~tagnation in the dealings.
The relief measure for the money market
announced by Secretary Shaw was gen.
orally regarded in the financial district as
a good assurance against money strin-
gene" 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-
kloTtns the demonstration of the same
tendency Yesterday when United States
Steel led a short-lived advance, served to
profoundly discourage the professional
operators IN stocks. The offer by the
Secretary Of the Treasury to anticipate
the redemption OF the Government 5s
which mature next February offers so
clear an advantage to holders that there
can pe little doubt of its general ac-
ceptance. The offer to paw the interest TO
maturity now is a departure from the US
ual custom Of the department, which IS to
exact a rebate for the unaccrued interest.
The offer is. therefore. In effect a remium
for presenting the bonds for redemption.
OBJECTION REMOVED.
The additional provision that State and
municipal bonds may be substituted for
such of the Government SIS as are on de-
Posit to secure circulation and Govern
ment deposits with the banks removes the
only possible object for holding the bonds
TO maturity. Some stimulation of the de-
mand for State and municipal bonds for
purposes of this substitution is also a
probability. which would have the effect
aG suffeninE the general bond market in
Nay period Of moderate confidence. But II
proved powerless on to-day's market.
Only $90.ce0 W a deposited at the Sub
treasury to-day for transfer to New Or
leans. compared with yesterdays 81 OOo, coo.
But this brings the total transfers to thai
point for the week thus far up to 1850, 600.
which is considerably in excess of any full
weeks transfers 20 that point in more
than two years past. Chicago exchange
also. fell TO par to-day. carrying an init
nation that the Western demand for cur
rency. although belated on account of the
late corn and spring wheat crops, is still
to be reckoned with. Sterling exchange
continued firm and offerings of cotton bills
the day was concentrated in a few stocks.
COPPER IS WEAK.
The weakness Of Amalgamated was at
tributed TO pool liquidation. thought to be
prompted by the weakness of the metal
In ondon and Of foreign copper secrities.
New York Central continued TO suffer
from the financial requirements to be
faced, although inspired assurances came
from the directors meeting to-day that no
attempt would be made TO meet these for
several months yet. The Southern Rail-
ANay stocks were affected by unfaVorable
Stticism of the showing Of earnings in
, the annual report. Much selling of Balti-
more and Ohio and Pennsylvania was at
trfbuted to PHILADELPHIA and Pittsburg ac-
count. supposed to be due to the collapse
OF the Consolidated Lake Superior COM
pany, and the growing tendency towards
recession in the iron and steel markets.
The cooler weather in the corn belt and
fears OF trosts tonight hurt the grangers.
The market closed heavy at about the
lowest
The weakness of United States Steel Sec
ond 5s. which touched a new low record
OF 72k. was a weight on the general bond
market Total sales, par value. lbs. 600.
United States os advanced 4 per cent, the
new As. 8 and the IS one per cent and the
old As 1& per cent The Is declined Il
per cent on the last call.