Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-14
ST0CKSTURN UPW ARD
CLOSE QUIET AND FIRM AT ABOUT
Tor LEVEL.
A LARGE DEMAND FOR MONEY.
IL BECOMES Manifest EARLY, How
ever, That There ~ m Abundant
Provisions IrrcgulnrIy Lower.

NEW YORK. November 13.-The stock
market showed n short-lived hesitation.
after 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 de-
hcit in the banks surplus reserve. shown
by the Saturday statement. would neces-
state 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 anticipation Of enforced liquidation
began promptly to-day 20 buy 10 cover
their short contracts. This was a consid-
cradle element I'm the days strength. 80.
also was the buying for London account
which reached as high as s0VW shares;
This buying besides its direct effect, had
a sentimental influence. as indicating a
reserve force In that market against pos
slble Withdrawals Of gold for shipmoh'
TO New York.
GOLD EXPORTS NEAR.
The course Of the foreign exchange
market during the day gave color 10 IN,
/ conviction in financial circles That golo
| exports are near at hand. The tone OF
the exchange market during the day was
characterized az demOralized. demand
sterling was sold at one time during IN,
day at q concession below $40. At tha'
rate il IS believed that "a small loss Wouo
be involved i'm the importation Of g0ld
But IL was the belief on the STOCK f.N-
! change that such an importation would
be undertaken for sentimental erect ON
the securities market. Ine eNchanse M
3 IA. #
! i'm the money rate. The limited confac-
| ton Of loans made 10 manifest that th,
| contraction Of credits on last FRIDAY mao
placed the banks IN a better posluOh lhaL
J was fully reflected in the weekly pailh
| statement Large loans were made on ac'
! count of the lOcat trust companies aHO
| the rate was forced down from the open
ing. at l. per cent, 10 per cent. 1hgI,
was some relief 10 the money markel
| from a receipt Of over 100000 i'm gold
from cuba. and several hundred thousand
| dollars sent to the assay office on ac'
! count of gold deposited at interior points
LOANS FROM OUTSIDE.
Outside financial institutions are said e
| be placing loans on large scale I'D IN,
| stock market. a suggestion OF possible
! sources of relief for local borrowers
aside from the banks. IS found IN me
| last balance sheet of the Manhattan hall-
way Company, where the item OF ioans
on call for September ID, 1873. haG -
! DdnQtQ over SA"fNv'fVy' N'i''f''-' 49, 1900
The fact that the general course OF
| prices Of stocks during the past SIX week
! has been upward while the New loih
! banks have been steadily contracting tneli
| credits indicates that borrowers mus
| have had other sources Of supply ont OF
| 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 e per cent.
SOME BONDS RALLY.
Tht prices Of bonds did not fully re-
! snOnd to the strength in stocks. but thera
We're sharp rallies in some issues that
showed early weakness. Total safes, PAT
/ value 81 5S5 600 United states Ola $,
| registered. advanced =, and the IS Is III
/ the bid price. The 5's declined u.s.
Total sales Of stocks. $4,000 shares, m
Guiding Atchison. preferred. $50; en-
cago. Burlington and quincy, l3Voi
| Rock Island. $6.4l0: Louisville and Nash
Vile. 1870; Manhattan. 47.fS5; Metropoli-
| tan. 5.50J. Missouri Pacific. 1875; Nor
| folk and Western. 1850: Pennsy.vania,
E474. ST. Paul 15.d0. Southern Pacinc,
I6e 70: Southern Railway. preferred, 1000
| Union Pacific, LOS: Union Pacific. prefer
red G9l7: A. and w. S.925; American To-
bacco PASS: Brooklyn Rapid Transit
| lO180: Continental Tobacco. 7.4S0; Peoples
| Gas 500: Sugar, $3.50; Tennessee Coal
and Iron. 1920: United States Leather
| 81 $50: United States Leather, preferred
| $3.50.
MONEY AND EXCHANGE.
Money on call firm at 4dl2 per cent
last loan at per cent; ruling rate, Sue
| per cent; prime mercantile paper, 549a
sterling exchange weak with actual
business I'm bankers bills at $lSU$lHh
for demand. and at &SOA0AH for sixty
DAYS: posted rates SiAi2QSiS2la, and
| s. @lzGSLS7: commercial bills, $50.
silver Certificates .UltU0V BAR silver
50 Mexican dollars. ne.
Government bonds irregular. state
bonds inactive. Railroad bonds quiet
So e.Iov~ ouosattou.