The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-10-06
THE MARKET
IS SLUGGISH.
Shrlnkage Of Nearly Half In
the Dealings.
THE PRICES SAG SLOWLY
There Was No Renewal of Urgent
Liquidation and Such as There Is,
Is Favorable-Bonds Gen.
orally Weak.
tBy Associated Press.)


NEW YORK, Oct. 5.-To-day's stock
market dropped into a professional
rut, and there was shrinkage IN the
dealings to about half the daily average age.
sluggish and showed little disposition to
get far from last weeks level When tho
failure Of buying ,was perceived the trad,
ers sold tho market. with the result OF
slowly saggIng prices all through the ear.
~ part Of the day. There was no renewal
OF tho late urgent liquidation. such aB
kept sentiment unsettled and nervous un-
I'll tho bankers support turned the mar
ket. But the recovery from last Alondays
low Lowell. which has run from three TO
flvo points for many OF the MOST proln!-
perativo poUcr of the market Tor the
present.
The news OF to-day was. rather favor
able than otherwise, but there was very
little Of it bearing on security values. TO.
dividend vi% C Of United States steel common.
offers were made IN the GarD market frao no.
ton of per cent. Reports from London
that seven million pounds sterling were
atont for that centre from India ana
local money market. as it promises means
to supply. American demand upon London
Tor gold should the exigenc!es OF the
here was hrmer, but quotations for loans
on time were somewhat shaded. The
time money market, however, is largely
nominal, the demand DelHS IhIISNio, hHo
lenders still indisposed to press funds
upon borrowers at current rates.
Wall street continues TO puzzle user
over the enormous loans disclosed ny the
national banks in the statement Q! condl-
ton to the Comptroller on September 3Oth;
The year S expansion in loans OF upward
of s20o.co0, 900. with q falling OF IN deposits
for the same period OF over s4O.oo,uo, is
the ground for some uneasnesss over the
general sItuation. This condition seems
to point to conclusion that IN spite 81
the enormous liquidation there IS stlli
much borrowed money. In the case OF
stocks. which have been saved from sacTl-
fec by response TO calls for margin, the
enormous decline In price. OF securities
must, OF course, have involved the placing
OF very large additional funds. ,,.
Stock thus held through long decline
arc threat hanging over the rnarket on
any considerable advance In prices; Ihere
wns some slight recovery at dlHerent
times, but the demand was nothing more
than short covering, and the closing was
heavy and nearly stagnant
Most Of the speculative bonds were
weak, but some OF the higher grace i saia1
were bought in moderate amounts. Iotal
sales par value, s2,224.o0O. United States
bonds were unchanged on call.
Total sales of stocks for the day were
1856 shares.
MONEY AND EXcILANGE-cLOsE
Money on sail steady; lowest, 1 per cent:
highest, 3iA per cent; ruling rate; ~ pr
cent; last loan, per Gent: closing .; n,a,
money. easter: sixty days, 5 per cent;
ninety days. 5G5h per cent, SIX months,
per cent PRIME mercantile eaohana pape Weak S
then steady, with actual business in bank;
ers Bills at sis5eea4.ss.7o for demand and
az A.s21o14s2.l5 for sixty days: posted
rates is2!Agasa and stSshgaasSS: e InxIcan
dtS eai's ls eoSe ar bonds. steady;
railroad bonds, irregular.