The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-11-14
THE MARKET ELSEWHERE.

New York, Nov. 13.-The stock mar
ket showed a short lived hesitation af-
ter the opening this morning, and then
turned upwards. There was no impor-
tant setback for the rest of the day,
and the market was quiet and firm, at
about top prices at an average price
of point or more above that of Sat
urday. The early hesitation was caused
by the general conviction that the in
creased deficit in the banks surplus re-
| serve shown by the Saturday statement
would necessitate large loan contrac-
ton.
There was large demand for money
during the day. but it became mani
fest early that there was an abundant
supply. The bears who sold stocks Sat
urday in anticipation of forced hquida =
ton today, promptly began to buy to
! cover their short contracts.
This was a aonsiderable element in
the days strength. So also was the
buying for London account, which
reached as high as 10000 shares The
buying for this account besides its di-
rect effect, had sentimental 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 con-
viction 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 a concession below
! 81. IS. At that rate it is believed that a
small loss would be involved in the inn
portation of gold.
But it was the belief on the stock ex-
change that such an importation would
be undertaken for the sentimental eff
feet on the securities market.
The exchange market steadied some
what with the late fall in the money
rate. The limited calling of loans made
it manifest that the contraction of cred
its on last Friday had placed the banks
in better position than was fully re-
fiected 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 IL per cent TO per cent. There was
some relief to the money market from
a receipt of over 100000 in gold from
Cuba and several hundred thousand
dollars at the assay office on account
of gold deposited at interior points
This was the only replenishment en-
joyed by the local money market. But
outside financial institutions are said to
be placing loans on large scale in the
stock market. A suggestion of posi-
BILE sources of relief for local borrow
ers, aside from the banks, Is found in
the last balance sheet Of tlgA Manhattan
Railway Company, where Yhe item OF
loans on call for September*&0 1899, had
expended over $13,00O,0O0, compared
with the year before.
The fact that the general course OF
prices of stocks during the past six
weeks has been upwards. while the
New York banks have been steadily
contracting their credits. indicates thai
borrowers must have had other sources
of supply on which they have freely
drawn. A feature of today's money
market was the enlarged demand 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, 81 1885, 900.
United States old As, registered, adj
vanced IA and the threes 1-S in the bio
price. The IS declined is.