The daily morning journal and courier., 1899-11-14
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 THE STOCK MA RKL1.
Shows Short Lived Hesitation and Then
 Turns Upward.

New York, Nov 13.-The stock
 market showed short lived hesitation
 after the opening this morning and then turned upwards. There was no
 impor rtant set back for the rest of the
 day, and the market closed quiet and
 firm at about the top level and at an
 average of prices point or more above that of Saturday. The early hesitation 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 a large
 demand for money during the day, but
 it became manifest early that there
 was an abundant supply. The bears who sold stocks Saturday in anticipa- ton of forced liquidation to-day
 promptly began to buy to cover their
 short contracts. This was a consider
 able element in the days strength. So also was the buying for London &C.,
 count, which reached as high as 50,o0O
 shares. The buying for this account
 besides it's direct effect, had a senti- mental influence as indicating a reserve force in that market against possible 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 mark ct during the day was characterized as demoralized Demand sterling was sold at one time during the day at conces- sion below 4.S5. At that rate it is be- lieved that small loss would be in- volved in the importation of gold. But it was the belief on the stock exchange that such an importation would be un- dertaken for the sentimental effect on the securities markets. The exchange market steadied somewhat with the fall in the money rate. The limited calling of loans made 1t manifest that the contraction of credits on last Fri day had placed the banks in a better position than was fully reflected in the weekly bank statement. Large loans were made on account of the local trust companies and thef rate was forced down from the opening at 12 per cent to per cent. There was some relief to the money market from receipt of over s1,000,O00 gold from Cuba and several hundred thousand dollars at the assay office on account of gold deposit al .,.t, lS yJt.r only replenishment enjoyed by the To- cal money market. But outside flnan- 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 September 30, 1899, had expanded over $13,000,00O compared with the year before. The fact that the general course of prices of stocks during the past six weeks has been up- wards while the New York banks have been steadily contracting their credits that borrowers must have had other sources of supply on which they have freely drawn. A feature of to-day's market was the enlarged de- mand 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 S1,5S5000.
 United States old As registered ad- vanced fl and the 3s 1s in the bid price The 5s declined M.