The Birmingham age-herald., 1903-10-06
STOCK MARKET IN
 PROFESSIONAL RUT
Dealings Shrink to, About Half
 of Daily Average
BULLS ARE DISAPPOINTED
s of the Day Was Rather Favor IIe, But There Was Very Little Bearing on Security Values.
 Gall Money Was Primer.

New York, October 5.-Today's stock market dropped into a professional rut and there was a shrinkage in the deal ings to about half the recent daily aver age. The movement of prices was exceed ingly sluggish and showed little disposi- tion to get far from last weeks level The bullish professionals who had formed a hope that the considerable strength shown last week would serve to reassure buyers and bring them into the market were decidedly disappointed. Notwith- standing the fact that 1t 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 mornings market than for many weeks past. When the failure of buying was perceived the traders sold the market with the result of slowly sagging prices all through the early part of the day. There was no re- newal of the late urgent liquidation, such as kept sentiment unsettled and nervous until the bankers support turned the mar kets. But the recovery from last Mon- days low level, which has run from three to five points for many of the most prom inent stocks, seemed to measure the re- cuperative power of the market for the present. The news of the day was rather favorable than otherwise, but there was very little of it bearing on security val ues. Tomorrow Is the day set for action on the dividend on United States Steel common. Offers were made on the curb market today for prospective dividend at a fraction of one per cent Reports from London that several million pounds of sterling were afioat for that center from India and Africa, were a reassuring factor on the local money market as 1t promises means to supply American demand upon London for gold, should the exigencies of the money market demand 1t.
 Call money here was firmer, but quo tations for loans on time were somewhat shaken. The time money market, how ever, is largely nominal, the demand being languid and lenders still indisposed to press funds upon borrowers at current rates Some rumors continue to circulate of large loans yet to mature, whose li- quidation may necessitate renewed selling in the stock market. But there was no sign of this today. Wall street continues to puzzle itself over the enormous loans disclosed by the national banks in the statement of condition to the comptroller on September 9th last. The years expan- sion in loans of upward of $200, ,00O, GOO with falling off in deposits for the same pe- riod of over $40,000000, is the ground for some uneasiness over the general situa- tion This condition seems to point to a 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 decline. are a threat hanging over the market on any considerable advance in prices. There was some slight recovery at different times, but the demand was nothing more than short covering, and the closing was heavy and nearly stag nant
 Most of the speculative bonds were weak, but some of the higher grade issues were bought in moderate amounts To- tai sales par value, s2,224000. United States bonds were unchanged on call.