The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-06
STOCKS ARE IN A RUT
DEALINGS SHRINK TO HALF THE
RECENT DAILY AVERAGE
Prices Show Little Disposition to Get Far
From Last Weeks LeVei-Failure to
Buy Sends Prices Sasging Through
Most of the Session

NEW YORK, Oct. 5.-Todays stock
market dropped into professional rut
and there was a shrinkage in the dealings
to about half the recent daily average.
The movement of prices was exceeding
ly sluggish and showed little disposition
to get far from last weeks level The
buliiSh professionals who had formed a
hope that the considerable strength
shown last week would serve to reassure
buyers and bring them into the market
We're decidedly disappointed. Notwith
standing the fact that it is usual for con-
siderable orders to accumulate in brokers'
offices over Sunday, there were fewer or
ders either to buy or sell in this morn
lngs market than for many weeks past.
When the failure of buying was perceIv-
ed traders sold the market with the re-
suit OF slowly sagging prices all through
the early part of the day. There was no
return of the late liquidation such as kept
sentiment unsettled and nervous until the
bankers support turned the markets But
the recovery from last Mondays low
level, which has run from to points for
many OF the most prominent stocks,
measured the recuperative power of the
market for the present.
News Not of the Right Kind.
The news of today was rather favorable
than otherwise, but there was very little
OF 1t bearing on security values. Tomor-
row IS the day set for action on the divi-
dend on United States Steel common. Of
fers were made in the curb market today
OF the prospective dividend at a fraction
of l per cent.
Reports from London that several mil
lion pounds sterling were afioat for that
center from India and Africa were a re-
assuring factor on the local money mar
ket, as it promises means to supply
American demand upon London for gold
should the eXigencieS of the money mar
ket demand it. Call money here was
firmer. but demand for loans on time were
somewhat shaken. The time money mar
ket, however, is largely nominal, the de-
mand being languid and lenders still in
disposed to press funds upon borrowers at
current rates. Some rumorS continue to
circulate Of large loans yet to mature
whose liquidation may necessitate renew
ed selling in the stock market But there
was no sign Of this today Wall street
continues to puzzle itself over the enor-'
nous loans disburSed by the national
banks in the statement to the controller
Sept. 8 last.
Cause of Uneasiness
The expansion in loans of upward of
5000 900, with a selling off in deposits
for the same period of over $4,000, 900, is
the ground for some uneasiness over the
general situation. This condition seems
to point TO conclusion that in spite of
the enormous liquidation there is still
much borrowed money tied up. -
In the case of stocks which have been
saved from sacrifice by response to calls
for margin, the enormous decline in price
OF securities must of course, have involv-
ed the placing of very large additional
funds. Stocks thus held through long de-
cline are a threat hanging over the mar
ket on any considerable advance in prices.
There was some slight recovery at diff
ferent times. but the demand was moth
ing more than short covering and the clos
ing was heavy and nearly stagnant
Most of the speculative bonds were
weak, but some of the higher grade is
sues were bought in moderate amounts
Total sales. par value. 81, 224 900. United
States bonds were unchanged on call.
Closing List.