, 1890-11-13
CAUSE OF STRINGENCY
Money Taken Out of It's Le.
gitimate Channels.
SCENES '0N CHANGE TUESDAY
Money Again Tight, but the An
nounoement Of Failures Caused
No Panic.

New YoRK, Nov. ll.-There Is al
most universal agreement among lend
ing New York bankers that the money
markets recent range and tightness
came through artificial influences
Funds have been locked up, taken
out of ordinary business channels, and
kept out of reach. Provisions for clear.
ing-house statistics will, of course, put
10 route all these manipulated schemes.
The member of the clearing house com.
mittee largely instrumental in bring
ing about this official action said this
evening: "This ends the money market
trouble loan rates will be normal now,
the pinch is over"
WALL STREET, Nov, I'LL A. NJ
Stocks opened 1 to 2 per cent. higher.
Following the lead of London, they be-
came weak on large sales, declining
steadily for "A short time, and then rally
ing, making material gains all along the
line.
There was larger attendance of
brokers on the floor of the exchange
this morning than for years. Every
klONh OU thc Ilst htNh u tIoWu VI
trying to trade in 1t. When the market
opened the scene was one of confusion
and excitement. Gables reporting ad-
vances of 2 to 3 per cent. in London were
received before the opening, and caused
the brokers to take the bull side. A dis
position to buy was shown by all.
The largest crowd dabbled In st. Paul,
which first offered at 4s, and then
sold at Az, and 2ss per cent.
above yesterdays close Heavy and
unexpected selling In London, however,
drove prices down to I5H. The general
list followed and for few moments the
weakness of yesterday was evinced, but
heavy buying soon began to come in,
and an active upward movement was re-
sumed.
Sugar opened up 215 on the appoint
ment of A. G.. Havemeyer, $. V. White
and General Slocum as receivers for the
trust, and moved up to 81. 1t then
receded to 55, but soon once more selling
at 81. North America was the weak
point in the market, Opening at PIN,
in six minutes II declined to 2ih, then
slowly advancing to "a. Willard stocks
seemed to bear the brunt of the attack.
Northern Pacific preferred showed a
loss of 3, and Western Union 2. The
low prices brought in more buying
however, and the force that opened the
market began again to show its intlu-
ence and sharp rally took place. The
strongest on the list was Union Pacific
which failed to 60 below the opening
figure and with the rally advanced to As
against A at the opening. The rest of
the list generally rcgained their early
losses and In almost every thing but the
Wizards fractional advances were scored.
The announcement of the failure OF
Broker Beck in North America was
made at IL 80 The market rallied on
receipt of private cables announcing that
$1,000 900 in gold was on the way to
London from the continent, and that
money was easier in that center.
A London special says; THE stock
market opened feverishly, nearly every
body buying to close accounts, Money
is much easier owing to rumor that
much gold has gone into the Bsuk OF
England. At 1890 L. NJ. the tone ofthe
market was better, compared with last
nights closing prices. Consols tor both
money and account show an advance OF
A Canadian Pacific, ~; Erie, Is; llli-
nois Central, 4; New York Central /.
on Wall street ut noon money was
tight with no offers and 20 per cent. bid
The stock market after IL o'clock
showed moderate volume of business
in comparison with the enormous sales
OF the first hour, and while firm tone
prevailed. the highest prices were not
Bgrlington were conspicuous for weak
ness. Louisville & Nashville and
North American displayed the most
strength. Union Pacific went from As
to 4sk and aiterward held steady at
about a.. There were some sales under
the rule for account of Whitney & Co.
In London at the close prices of con =
suls for both money and account com
pared with the prices at 1890 r. NJ.
were unchanged. Canadian Pacific ad
yanced per cent. ST. Paul common,
y; New York Central, 2Is, and Pennsyl-
vauia, l.
At u. NJ. there was panic among
holders of Willard stocks, and prices for
North American and Northern Pacific
have collapsed. One broker sold 1900
shares of North American and 5000
shares were sold oy other brokers, caus-
ing decline OF L per cent since the
opening, most of 1t since noon. The
crowds in Willard stocks are enormous.
SCARCITY OF MONEY.