The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-11-14

NEW YORK, Nov 13-The stock mar
ket showed the short-lived hesitation aft
er the opening this morning, and then
turned upward. There was no important
backset for the rest of the day, and the
market closed quiet and firm at about
the top level and at an average of prices
a point or more above that of Saturday.
The early hesitation was caused by the
general conviction that the increased def
icit in the banks surplus reserve shown
by the Saturday statement would neces-
state large loan contraction. There was
a large demand for money during the
day, but 1t became manifest early that
there was an abundant supply. The
bears who sold stocks Saturday in an
ticipation of forced liquidation began
promptly today to buy to cover their
short contracts. This was a considerable
element in the days strength. So also
was the buying for London account,
which reached as high as $4,000 shares.
This buying, besides its direct effect had
sentimental effect as Indicating a re-
serve force in that market against pos
sible withdrawals of gold for shipment to
New York
The course of the foreign exchange
market during the day gave color to the
conviction in speculative circles that gold
imports are near at hand. The tone of
the exchange market during the day was
characterized as demoralized. Demand
sterling sold at one time during the day
at a concession below $4.85. At that rate
it Is believed that small loss would be
involved in the Importation Of gold But
it was the belief on the stock exchange
that such an importation would not be
undertaken for the sentimental effect
on the securities market
The exchange market steadied some
what with the late fall In the money
rate. The limited calling of loans made
1t manifest that the contraction of cred
It's on last Friday had placed the banks
in better position than was fully re-
hected in the weekly bank statement.
Large loans were made on account of
the local trust companies, and the rate
was forced down from the opening at II
per cent to per cent. There was some
relief to the money market from re-
cetpt Of over $1,000,000 gold from Cuba
and several hundred thousand dollars
from the assay Office on account Of gold
deposited at interior points
Outside financial institutions are said
to be placing loans on a large scale in
the stock market. The suggestion of
possible sources of relief from local Dor
rowers, aside from the banks, is found in
the last balance sheet of the Manhattan
Railway company, where the items of
loans on call for Sept. 80, 1885, had ex-
panded over $13, 900 600, compared with the
year before. The fact that the general
course of prices during the past six
weeks has been upward, while the New
York banks have been steadily contract
ing their credit, indicates that borrowers
East have had other sources of supply
on which they have freely drawn.
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.
$l,5S5,O00. United States old As, registered.
advanced Is in the bid prices. The 5s de-
clined IL.
STOCK QUOTATIONS.
Furnished by Charles II. F. Smith q
Co, members of the New York stock cx-
change. Pioneer Press building, who have
direct wires to Chicago and New York
Closing prices are bid: