The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-24

NEW YORK, Sept. 23.-Trading in
stocks was more active today. although
st1ll dull. and the average level of prices
ended the day considerably lower than
last night. There was no reSiliency 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 finan-
clai district as good assurance against
money stringency this fall during the crop
moving period. But instead of stimulat-
ing 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 led short-lived advance,
served to profoundly discourage the pro-
feSSlonal operators in stocks.
The offer by the secretary of the treas
ury to anticipate the redemption of the
governments IS, which mature next Feb
ruary, offers SO clear an advantage to
holders that there can be little doubt of
It's general acceptance. The offer to pay
the interest to maturity now is a de-
parture from the usual custom of the de-
partment, which is to exact a rebate for
the unaccrued interest The offer is
therefore in effect premium for present
ing the bonds for redemption. The addi
tional provision that state and municipal
bonds may be substituted for such of the
government 5S are on deposit to secure
circulation 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 probability. which
would have the effect of stiffening the
general bond market In any period of
moderate confidence. But 1t proved pow
erIess on today's market Only $500, OOO
was deposited at the subtreasury today
for transfer to New Orleans, compared
with yesterdays $1,000,00o. But this
brings the total transfers to that point
for the week thus far up to $1,650, 600.
which Is considerably in excess of any full
weeks transfers to that point in more
than two years past.
Western Demand for Currency.
Chicago exchange also fell to par today
carrying an intimation that the Western
demand for currency, although belated on
account of the late corn and spring wheat
crops. is still to be reckoned with.
ferings of cotton bills were scarce. The
principal weakness of the day was con-
centrated in few stocks. The weakness
of Amalgamated was attributed to pool
the weakness 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 meetings 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
Baltimore & 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-
wards receSSionS in the iron and steel
market The cool 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 S. which touched a new low
record of 721s, was a weight upon the
general bonds market: Total sales, par
value. $2,195, 600. United States 5s adj
vanced Il per cent. the new As Is, the
IS per cent and the old 4s IL per cent
The IS declined " per cent on the last
call.
CLOSING List.