Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-11-13
FINANCE AND TRADE
Short Covering and Cheap Money
Sustained Stocks Today.
LATTER ELEMENT UNEXPECTED
Question Regarding the Movement
Of Gold in Future
GENERAL MARKET REPORTS


Special Dispatch to The Evening star
NEW YORK. November 13.-Tho early
trading in today's stock market was some
what mixed in character London buyinu
and short covering neutralizing the infu-
ence of liquidating orders. The foreign de-
mand was especially encoura cling. in view
or the local apprehension as TO the imme-
date course Of the call loan market
Money was opened up at II per cent. and
"lthn the same hour declined to q Der
cent. Bankers continue to view the situa-
ton with confidence. and predict an early
natural corrective for the existing money
stringency.
A sharp decline in sterling exchange rates
was one of the most encouraging OF the
days developments. The weakness in ex-
change is traceable to two causes. ramcly.
the movement of cotton and the European
buying of American securities As to gold
importations there Is now some doubt as
, to where to buy gold. even after the rate
would Justify bidding for IT,
European money markets have not heen
materially better than our own I'm the mat
ter Of supply, and England is now engaged
in an enterprise which will necessitate
sending gold to Africa instead Of recefv-
ing it from there. Should we demand gold
Of London we would likely get securities
instead
Germany or France might help out In this
alf1cuity, but the movement would have to
be arranged on some special basis Rumors
or an engagement of 81 600 600 gold in Paris
were in circulation during the day but
lacked confirmation. one Of the largest Of
the gold importing houses denied emphat-
ically the prospect Of any gold importa-
tions. and predicted that the relief of the
money market would come either through
liquidation or liberal remittances from the
west.
In addition TO the gold importation ru-
mors there were Washington advices an
nouncing preparations at the Treasury De
partment for meeting any serious money
strtngency Of more than local Influence
The loan market was plentlfully supplied
with funds from some source The after
noon saw money back to the legal rate and
In good supply. The unexpected had han
nened, as it almost Invariably does in Wall
street
Today was to have been a day of general
speculative liquidation, due to a calling OF
loans on undesirable collateral Instead
money was freely offered and the City
Bank openly purchased 81 100000 in gov
eminent bonds. Again is this depository
or millionaires welding an influence seldom
achieved by any single banking institution.
The open display Of strength on the part
of such an institution is taken to Indicate
that at least few securities are to be
taken care of in the time OF need.
Southern Pacific was the feature OF the
days business an enormous demand adj
vancing the price about 3 per cent. The
purchases of one house were larger than
an average days business in those shares
The rest of the market was more deliberate
in its movements, but substantial net gains
were recorded in many instances. At the
sentiment owing to the sudden turn In the
money market.