The Montgomery advertiser., 1903-10-06
Allen X Leak.
WALL STREET REVIEW MARKET DROPS INTO A PRO-
 FESSIoNAL RUT. About Half of the Usual Dealings The Movement of Prices Ex- tremely Sluggish-The Bull
 Clique Badly Disappointed

NEW YORK, Oct. 5.-Today's stock market dropped into a professional rut and there was a shrinkage in the dealings to about half the recent daily average. The movement of prices was exceedingly sluggish and showed little disposition to get far from last weeks level The bullish professionals who had formed the hope that the considerable strength shown last week would serve to reassure buyers and bring them into the market were decidedly disappointed. Notwithstanding the fact that at Is usual for considerable orders to accumu- late in brokers offices over Sunday, there were fewer orders either to buy or sell fin 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 renewal Of the late urgent liquidation such as kept sentiment unsettled and nervous until the bankers sup port turned the markets. But the recovery from last Mondays low level which has run prominent stocks, seemed to measure the re- cuperative power of the market for the pres ent. The news of today was rather favorable than otherwise. but there was very little of 1t bearing security values. Tomorrow Is the day set for action on the dividend on United States Steel common. Offers were made on the curb market today of prospective dvi- dend at a fraction of 1 per cent. Reports from London that several million pounds sterling were afioat for that center from India and Africa. were a reassuring factor on the local money market, as it promises means to supply American demand upon London for gold should the exigencies of the money market de- |. tations for loans time were somewhat shaken. The time money market, however, is largely nominal, the demand being languid and lenders still indisposed to press funds upon borrowers at current rates. Some rumors con- tinue to circulate of large loans yet to mature. whose liquidation may necessitate renewed selling in the stock market But there no sign of this today Wall Street continues to puzzle itself over the enormous loans disclosed by the national banks in the statement of con- dition to the Comptroller Sept. 9th. last. The years expansion in loans of upward of SQOOsOOO 900 with a falling off in deposits for the same period of over $40. 0oo. 900 is the ground for some uneasiness over the general situation. This condition seems to point to a conclusion that in spite of the enormous iqui- dation there Is still much borrowed money tied up. In the of stocks which have been saved from sacrifice by response to calls for margin, the enormous decline in the price of securities must. of course. have involved the placing of very large additional funds. Stocks thus held through a long decline a threat hanging the market any considerable advance in prices. There some slight re- covery at different times, but the demand was nothing more than short covering and the clos ing was heavy and nearly stagnant.
 Most of the speculative bonds weak. but some of the higher grade issues were bought in moderate amounts. Total sales (par vaIuel, S2.224, 900. United States bonds were unchanged on call.