The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-10-11
STOCK PRICES FALL
RETREAT OF OPERATORS WHO
BOUGHT ON RUMoRs OF STRIKE
s SETTLEMENT
CLOSING OF THE MARKET
Is QUITE HEAVY
Small Rally In the Latter Part Of the
Session Representing Covering by the
Room Traders-SeveraI Causes Lead to
Practical StagnatIon.

NEW YORK, Oct 1o.-Today's early de-
cline in prices of stocks represented the
retreat OF the operators who had bought
yesterday under the inspiration Of the
ment of the coal strike. The decline car
ried some bear selling as an incident, and
the small rally at the close represented
the covering by this room trading element
The closing itself was heavy.
After the opening selling the market
became wholly professional in its proper
tions and the total dealings for the day
fell well below 100000 shares. The fact
ment was an incidental factor in the
growing dullnesS Of the market, and the
disposition to close up contracts, so that
the market fell into practical stagnation
late in the day. The inference is war
ranted from this state of affairs that spec
ulat1ve opinion has settled into feeling
of resignation to a waiting market, pend
ing the relief OF the money stringency, or
some tangible development indicating the
prospect of a settlement Of the coal strike
Conferences Not influential.
The resumption today Of conferences
and the passing of messengers back and
forth from j. P. Morgan's office to that of
the political leaders who are attempting
a settlement and a personal conference
between those leaders and number Of
coal road presidents were without ap-
parent affect in reawakening yesterday S
hope that a settlement was at hand.
Prices continue to recoup throughout the
period Of the conferences, and upon their
adjustment with the announcement that
the situation remained unchanged, there
was the upward movement of prices, due
to the bear covering movement above re-
ferred to.
The rate for call money ran off to 6
per cent late in the day, but this was aft
er principal requirements had been met
before which the rate had run up again
to 10 per cent. Preliminary estimates
give hope of a favorable bank statement
owing to the receipt during the week Of
the banks seemed to have gained in cash
after allowing for the movement to the
interior something over $2,000,000. A
showing of a substantial loan contraction
Is also expected, owing to the considerable
stock market liquidation of the week.
Payment to Ship Combine.
;, But this item may be complicated by
the various large syndicate operations
for the week, including a payment today
on account of a 80 per cent call for sub
scriptions to the ship combine syndicate
1withstanding the prospect of a strong
bank return, the banks showed no signs
of changing their policy of abstention
from extending their loan accommodations
in the stock market. AS matter of
fact, this weeks arrivals of gold have
engagements heretofore made, and there
is nothing to warrant the expectation of
further engagements in the immediate
future. The banks evidently still consider
it the part of wisdom to conserve their
resources to meet the interior demand
Total sales. par value, $1,900,000. United
States bonds were all unchanged on the
last CALL