The times. [volume] (Richmond, Va.) 1890-1903, 1899-11-14
STOCK MARKET
TURNED UPWARD
After a Short-Liyed Hesitation at the
Opening
A LARGE DEMAND FOR MONEY
Was Evident During the Day Tut
There was an Abundant Sup
pIy-Thc Close Quiet
and Firm.
A LARGE DEMAND FOR MONEY

NEW YORK. Nov. 13.-The stock mar
Ret showed a short-ived hesltSl.on lite, nlIcI
ne opening this morning, and men turned
upward There was no important pack
sst for the rest of The day, ana me mar
kct 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 ..esitatiOn was caused by the
general conviction that the increased de-
felt Ia the banks surplus reserve shown
by the Saturday statement would neces-
state a large loan contraction. mere
was "a large demand for money during
The day. bat "a became manifest early
that there was am abundant supply. me
bears who sold stocks saturday in autici-
patton Of enforced liquidation began
promptly to-day To- buy 10 cover their
short contracts This was considerable
element i'm the day strength. SO, also was
the buying for London account, which
reached a. high as 5000 shares. THIS
buying besides It's direct effect. had
Sert mental influence as indicating a re-
serve force in that market against posi-
bic Withdrawals Of gold for shipment 10
New York The course of the foreign cN-
change market during the day gave color
To- the conviction in financial circles thai
gold exports are near 40 hand. The tone
of the exchange market during the day
was characterized as dem0raIzed. De
mand sterling was sold at one time during
the day 40 concession below 40. AT
that rate 70 as believed that a small loss
gold. But it was the belief ON the stock
Exchange that such am importation would
be uulerstakcn for the scntimenlM tI-
feet Oh the securities market. The cN-
change market steldiod somewhat with
the Iar0 fan Don The money rate. me nm
itcd controlling OF loans made lL MANI
fest that the contraction OF credits on last
FRIDAY had placed the banks On bcllcr
r0sit.ou th41 was fully reflected I'm the
weekly bank statement. Large loans were
made on account of the local trust com
panics and the rate was Forced down from
The Orcrinc at 10 per cent TO D per cent
There was some relief 90 the mony mar
ket from 70 receipt of over SlOpVuO goiQ
from Cuba. and several hundred thousand
dollars 90 the Assay Office on account or
gold douf sltcd no interior points.
outside financial institutions are said 10
DO placing loans on large scale M the
stock market suggestion or ppSSlhlt
sources ~ rN.ef for local borrowers, a s.,
from the banks is found in the iast nal-
ance sheet OF the Manhattan Railway
COMPANY where tho item Of loans on call
for September -. 1900, had expanded over
S1HoOUUlu. compared with the year be-
fore. The fact that the general course
Of prices ~ stocks during the past six
weeks has been upward. while the New
York banks have been steadily contract
ing their credits. indicates that borrowers
must have had other sources OF supply
out or which they have freely drawn.
feature Of the days money market was
the enlarged demand on The stock market
for time loans which were firmly held at
i,rlcee of bonds did not fully respond
Co The strength in stocks. but there Were
sharn rallies in some ISSUES that showed
S1.1e1O0o United States old As regis
tered advanced n and the 3s IS i'm the bid
price. The IS declined y
Total sales of stocks 6loooo shares, m
Guiding Atchisou preferred. 81 chi
caro Burlington and Quincy. 1900. Rock
Island Cf10: Louisville and NashNlle'