The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-10-10
STOCKS ARE SLOW
GENERAL SHOW OF EARLY
STRENGTH is SUPERSEDED BY
INTENSE DULLNESS
URGENT BUYING IN THE
CASE OF THE coALERS
This Is Due to the Favorable Outlook for
Easy Money and Belief That the Coal
Strike Is on the Eve of Settlement
Deniais Bring Declines In Prices.

NEW YORK, Oct. 9.-Todays stock
market was much the same as that of
yesterday. The volume of dealings was
about the same and the general show of
dull and hesitating market in the after
noon as it did yesterday. The closing
was very. irregular, with. few. of the
leading stocks at top prices and others
at bottom prices and sagging uncertain-
ly between those levels for the majority
of the list.
The favorable outlook for easier money
and the strong current belief that the
coal strike was on the eve of a settle
ment were the motives of the buying.
which showed some urgency in the case
of some of the coa1ers. The obvious fact
that earnest consultations were going on
and every effort being made to bring
powerful influence to bear to effect
settlement of the strike gave color to
the belief and gave rise to countless ru-
mors, none Of which could be authenti-
Gated.
Morgan and Baer.
The favorite story this morning was
that J. p. Morgan had asserted his au-
thority in favor of compromise with the
strikers and that President Baer,, of the
Reading, had thereupon. resigned Re
ports were current that large orders which
had been placed abroad for coal were be-
ing Cancelled by cable on account of the
Official disclaimers of many of the ru-
mors were put out during the day and
prices declined in consequence.
Stocks of gas companies shared most
notably in the strength of the coal stocks,
owing to the relief the coal strike settle
ment would afford to the scarcity Of ma
terial for the manufacture of gas.
However, gains of l to points were
very well distributed through the list at
the period of highest prices. The pay
ment yesterday by the subtreasury of
at San Francisco was supplemented to-
day by the payment of $4,000 additional
on the same account. An incoming steam
ship also brought another 81 900 900 worth
ment secured by the National City bank.
The subtreasury has contributed small
sum to the money market during the
week on regular operations 1t appears
gold to the extent of about 5000, 900 to
offset the shipments to the interior.
Loans Not Extended.
that caused the hopes of easier money.
But. while no liquidation was forced by
calling of loans, the banks still refrained
from extending loans on the stock ex-
change. Late in the day call loans
mounted again to is per cent. Rates for
time loans for thirty days to six months
are still held in the neighborhood of s to
8 per cent for the various periods, thus
showing the conviction that money will
continue scarce well into the coming year.
Sterling exchange steadied again to-
day and intimations came from London
that the Bank of England is preparing
to borrow money from the market in order
to check the downward course of dis
count rates and prevent possible gold ex-
ports. The weekly statement shows that
the English institution had lost s., gu 0S5'
in gold. The Bank of France in the same
time lost $2,600,000 in gold. The New
York exchange at Chicago dropped to-
day to 25@30c discount, compared with
15c discount Yesterday thus indicating
pretty clearly the direction which will be
taken by the first money that can be
spared by the New York banks. The
stimulating influence of the hope of easier
money was also counteracted, in this way
helping to the irregular tone of the late
market.
Bonds became irregular in sympathy
with stocks. Total sales, par value,
S2,720,000. United States bonds were all
unchanged on the last call.