The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-11-14
THE WORLDS MARKETS
Daily Record of Commercial aud
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks
Metal Quotations Wool Prices and
Movements = Grain and Pro-
duce-Review of Trade.

New York, Nov. 13.-The stock market
showed a short-liyed hesitation after the
opening this morning and then turned
upward. There was no important back
set for the rest of the day and the mar
ket closed quiet and firm at about the
top level and at an average of prices
point or more above that of Saturday.
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
large loan contraction.
There was large demand for money
during the day, but 1t became manifest
early that there was an abundant sup
ply. The bears who sold stocks Satur-
day in anticipation OF forced liquidation
began promptly to-day to buy to cover
their short contracts. This was consid-
cradle element in the days strength.
So also was the buying for London ac-
count, which reached as much as $4,000
shares. This buying, besides its direct
effect. had sentimental influence, also
indicating q reserve force In that mar
ket 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 market during the day was
characterized as demoralized. Demand
sterling was sold at one time during the
day at concession below s4.S5. At that
rate it is believed a small loss would
be involved in the Importation Of gold.
But it was the belief on the stock ex-
change that such an importation would
be undertaken for the sentimental effect
on the securities market
The exchange market steadied some
what with the late fall in the money
rate. The limited calling Of loans made
1t manifest that the contraction OF cred
its on last Friday had placed the banks
in better position than was fully reflect
ed in the weekly bank statement. Large
loans were made on account of the local
trust companies and the rate was forced
down from the opening at - per cent.
to 5 per cent. There was some relief TO
the money market from the receipt OF
more than $1,000, 600 gold from Cuba and
several hundred thousand dollars to the
assay office on account of gold deposited
at interior points.
Outside financial institutions are said
to be placing loans on a large scale in
the stock market. A suggestion of pos
sible sources Of relief for local borrow
ers 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. 80. 1899. had ex-
banded more than s13,oo00Go, compared
with the year before. The fact that the
general course of prices of stocks dur
ing the past six weeks has been up
ward, while the New York banks have
been steadily contracting their credits, in
dicates that borrowers must have had
other sources Of supply on which they
have freely drawn. A feature Of to-
days money market was the enlarged
demand in the stock market for time
loans, which were firmly held at s 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,
s1.5s5, 900.
U. S. old AS registered advanced u
per cent, in the bid price. The SIS de-
clined Is per cent.