The age-herald., 1899-11-14
SOME HESITATION
 IN STOCK MARKET The Bears Bought to Cover Their Short Contracts. GOLD RECEIVED FROM CUBA Outside Financial Institutions Said to be Placing Loans on Large Scale
 Sharp Rallies in Some
 Issues of Bonds
GOLD RECEIVED FROM CUBA

New York November 13-The stock mar ket showed short lived hestitation after the opening this morning and then turned upwards. There were no important breaks and the market closed quiet and firm at about the top level and at an average price of a point or more above that of Satur- day.
 The early hestitation was caused by the general conviction that the increased deficit in the banks surplus reserve shown by the Saturday statement would necessitate a large loan contraction. There was large demand for money during the day, but it become manifest early that there was an abundant supply. The bears who sold stocks Saturday in anticipation of forced liquidation began promptly today to buy to cover their short contracts. This was considerable element in the days strength. So was also the buying for the account which reached as high as 50,eeo shares. This buying, besides it's direct effect, had sentimental influence as indicating a re- serve force in the market against possible withdrawals of gold for shipment to New York.
 The course of the foreign markets during the day gave color to the conviction in speculative circles that gold imports are near at the end. The tone of the exchange market during the day was characterized as demoralized. Demand sterling was sold at one time during the day at a concession below $4S5. At that rate it IS believed small loss would be involved in the impor- tation of gold. But it was the belief on the stock exchange that such an importation would be undertaken for the sentimental effect on the security market. The ex- change market steadied somewhat with the late fall in the money rate. The limited calling of loans made 1t manifest that the contraction of credits on last Friday had placed the banks in a better position than was fully reflected in the weekly bank statement. Large loans were made on ac- count of the local trust companies and the rate was forced down from the opening from 12 to per cent. There was relief to the money market from a receipt of over S1 000, ,000 gold fom Cuba and several hum dred thousand dollars to the assay on ac- count of gold deposited at interior points, Outside financial institutions are said to be placing loans on a large scale in the stock market.
 Prices of bonds did not fully respond to the strength in stocks but there were sharp rallies in some issues that showed early weakness. Total sales par value $1,5S5, 900. United States old As, registered, advanced lie and the 3's 1sc in the bid price. The 5s declined Hc.
 New York, November 13.-Money on call firm at 4d12 per cent; last loan, per cent, ruling S49 per cent.
 Prime mercantile paper, 565% per cent.
 Sterling exchange weak with actual busi- ness in bankers bills at 4.S5@4.S5 for de- mand and 4SOA@4.S1 for sixty days.
 Posted rates, 4.S11aG4. S21z and 4.S6iz94.S7.
 Commercial bills, 4.S0.
 Silver certificates, 59A@60c.
 Bar silver, 59c.
 Mexican dollars, 47hc. .t4
 Government bonds irregular.
 State bonds inactive.
 Railroad bonds irregular.