The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-11-14

showed a short-lived hesitation after the
opening this morning, and then turned up
ward 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 gem
eral 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 II became manifest early that there
was an abundant supply.
The bears who sold stocks Saturday in
anticipation Of forced liquidation began
promptly to-day 10 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 high as $1,000 shares This
buying, besides its direct effect, had a
sentimental influence as indicating a re-
serve force in that market against possi-
Bile Withdrawals of gold for shipment TO
New York The course of the foreign
exchange market during the day gave col
or to the conviction in speculation circles
that gold exports are near at hand. The
tone of the exchange market during the
day was characterized as demoralzed De-
mand sterling was sold at one time during
the day at a concession below 1856 At that
be involved in the importation of gold
But IL was the belief on the Stock Elk
change that such an importation would
be undertaken for the sentimental effect
| on the securities market. The exchange
market steadied somewhat, with the late
| fall in the money rate.
The limited calling of loans made Il
| 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 on account of the local trust compa-
| MES, and the rate was forced down from
| the opening at II per cent. to per cent.
| There was some relief to the money mar
| ket from receipt of over 81 100000 gold
| from Cuba and several hundred thousand
| dollars to the assay account Of gold de-
/ posted at interior points. Outside finan-
| cial institutions are said to be placing
| loans ON a large scale In the stock market
| A suggestion of possible sources of relief
| for local borrowers aside from the banks
| Is found in the last balance sheet of the
| Manhattan Railway Company where the
| Item of loans on call for Sept 30. 1899.
had expanded over Sl300oOOO compared
| with the year before.
The fact that the general course or
prices of stocks during the past six weeks
| has been upward, while the New York
| banks have been steadily contracting their
credits, indicates that borrowers must
| nave had other sources of supply of which
| they have freely drawn. feature OF
to-day's money market was the enlarged
demand In the stock market for time
loans, which were firmly held at per
! cent.
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,
| 81, 5S500O.
| United States old IS, registered, advanc-
| ed 4, and the IS X in the bid price. The
| So declined H.
The total sales of stocks were $40 700
shares, including Atchison preferred, 80 :
S90; Burlington. 1905 Rock Island, GAO;
Louisville and Nashville 1870: Manhattan,
1885; Metropolitan, 5000; Missouri Pacific
1S,7B; Norfolk and Western, $500: Penn
| sylvania, 5,5H; st. Paul, 1880: Southern
Pacific, l66,TO; Southern Railway prefer
red, 1000; Union Pacific, 1908; do prefer
red 69l7; American Tobacco, 2l,5Ss; Brook
| Ign Rapid Transit. 40130; Continental To
bacco, 7,4S0; Peoples Gas. 300; Sugar 4s
| 80; Tennessee Coal and Iron 1910; United
states Leather, 1886; do preferred, $3.50.
l u