The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-11-14

back-set for the rest of the day and
the market closed quiet and arm, hut
about the top level and ut an average
of prices a point or more above that Of
Saturday. The early hesitation was
caused by the general conviction that
the increased deficit in tire banks SIR
plus reserve shown by the Satur lay
statement would necessitate large loan
contraction. There was a large demand
for money during the day. but 4 be
came manifest early that there was an
abundant supply The bears who sold
stocks Saturday in anticipation Of forced
liquidation began promptly today to buy
to cover their short contracts. This
was considerable element III the DAYS
strength. So also was the buying for
Lontluh account which reached ms bish
as $4,000 shares. This buying besides
it's direct effect, had Il sentimental in.
huence as indicating Il 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 conyic.
tion in speculative circles that gold ok.
ports are near Mt hand. The tone O.,
the exchange market during the day wa,
characterized as demoralized. Demand
sterling was sold at one time during the
day at concession below 1876. AT that
rate It Is believed that small loss
would be involved in the importation or
gold. But it was the belief on the stock
exchange that such an importation would
he undertaken for the sentimental Of
feet on the securities market. The ex-
change market steadied somewhat with
the late fall in the money rate. The
limited calling of loans made if mani
fest that the contraction of credits on
last Friday had placed the banks in
better position than was fully reflected
in the weekly bank statement. Large
loans were made on account Of the lDcal
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 a receipt of
over S1,000,000 in gold from Cuba and
several hundred thousand dollars to the
assay office on account OF gold deposited
at interior points. Outside financial in
situations are said to he placing loans
on u large scale in the stock market.
A suggestion OF possible sources of re-
lief for local borrowers aside from ;ile
banks Is found in the last balance sheet
of the Manhattan Railway Company,
where the item Of loans on call for Sep
tembef Both. 1899, had expanded over
S13000,000 compared with the year be-
fore
The fact that the general course OF
prices Of 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
on which they have freely lrawn A
Feature of today's money market was
the enlarged demand in the stock mar
ket for time loans, which were firmly
held at 6 per cent.
The total sales of stocks were CO.
700 shares, including: AtchiSon pre-
ferred, 32,395: Chicago, Burlington and
Quincy. 1905; Chicago, Rock Island
and Pacific, 6,G50 Louisville and Nash
vile, 1880; Manhattan, 1895; Metro
politan 5,05G; Missouri Pacific. 1926:
Norfolk and Western, 1850; PennsyI
yania, 5,474; Chicago, Milwaukee ana
st. Paul, 15.S1O: Southern Pacific, 1GG.-
40: Southern Railway preferred. 1000;
Union Pacific, 1905; Union Pacific pre-
ferred, GOLF: American Steel and Wire.
1915; American Tobacco. 24.7SS;
Brooklyn Rapid Transit, 40.130: Cont
mental Tobacco. 7,4S0; Peoples Gas,
1910: American Sugar, 4G.750; Tennes-
see Coal and Iron. 1920; United States
Leather, 31.SS6; United States Leather
preferred, $3.50.