The Indianapolis journal., 1903-09-24
STOCKS TREND LOWER
TRADING Is ACTIVE, But BEARISH
SENTIMENT STILL PREVAILS.
Secretary Shaw'S Announcement Of a
Financial Relief Measure Fails to
Give an Upward Impetus.

NEW YORK, Sept. 23-Trading in stocks
was more active to-day. although still dull
and the average level of prices of the day
ended considerably lower than last night.
There was no resiliency TO the market at
any time, and the only pause in the down.
ward trend was an occasional period of
stagnation in the dealings.
The relief measure for the money market
announced by Secretary Shaw was gener-
ally regarded in the financial district a
good assurance against money stringency
this fall during the crop moving period.
But instead Of stimulating buying of Sc
curities this was taken advantage of to sell
stocks. This fact following the demon
stration of the same tendency yesterday
when United States Steel had a short
lived advance, served to discourage the
professional operators i'm stocks profoundly.
The offer by the secretary of the treasury
TO anticipate the redemption of the gov
ernment fives, which mature next Feb
ruary, oners so clear an advantage to hold
ers that there can be little doubt of its
general acceptance. 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 unac-
crued interest The offer is therefore in
effect premium for presenting the bonds
for redemption. The additional provision
tldt Otdte dnu DOnQS may pt
substituted for such of these government
fives as are on deposit to secure circua-
ton and government deposits with the
banks removes the only possible object for
holding the bonds to maturity. Some stim-
ulation of the demand for State and mu-
nicipal bonds for purposes of this substi-
tuition Is also probability which would
nave the erect or stnenlng the general
market in any period of moderate conf
dence. But it proved powerless on to-day's
market
owl, eooo ooa x,,o. dooos;taa "a tba suh
treasury to-day for transfer to New Or
leans. compared with yesterdays SlOD,OOO.
But this brings the total transfers TO that
point for the week thus far up to $l65O,OO0.
which is considerably i'm excess of any full
weeks transfers to that point In more than
two years past. Chicago exchange also
that the Western demand for currency,
although belated on account Of the late
corn and spring wheat crop. is still to be
reckoned with. Sterling exchange continued
firm and offerings Of cotton bills were
scarce.
The principal weakness of the day was
concentrated in 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 or
foreign copper securities New YORK oo;aI OSnI
demand to be faced. although quieting re-
assurance came from the directors meet
ing to-day that no attempt would be mace
| to meet this for several months yet Ine
| Southern Railway stocks were affected by
unfavorable criticism of the showing OF
| earnings in the annual report Much sell
| ing of Baltimore g. Ohio and Pennsylvania
was attributed to Philadelphia and Pitts
| burg account supposed to be due to the
| collapse of the Consolidated Lake Superior
| company and the growing tendency toward
recession in the iron and steel markets:
| The cooler weather In the corn belt and
| fears of frosts tonight hurt the grangers.
| The market closed heavy at about lowest.
The weakness of United States Steel sec
| ond fives which touched a new low record
| of 721kc was a weight upon the general
| bond market. Total sales, par value, S2.-
| $4,000 United States fves advanced a per
| cent, the new fours q per cent. the threes
| per cent and the old fours 1% per cent.
| The twos declined 21s per cent. on the last
| call.
Following are the days share sales and
| the recorded price changes