The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-11-11
TN II STOCK MARKET.


/
New York, Nov. 10.-The early part
of the day in the stock market was
given up to the throwing over of stock
holdings which was in evidence yestes-
day The liquidation was on a large
scale and embraced all departments of
the list. The more highly speculative
industrials showed the widest changes,
but the selling of the standard railroad
stocks was fully equal in amount.
There was no stock OF group of stocks
which took a conspicuous place apart
from others, except the Iron and Steel
stocks were somewhat firmer than the
general list. The same might be said
Of Northern Pacific and Union Pacific.
Declines at the low point exceeded a
point for many standard railroad shares
and In a few cases reached upwards of
two points. Leather after a break Of
5 points, rallied somewhat and retired
into the background of the trading,
transactions being small in 1t for the
remainder Of the day. Sugar and Man
haitian were rather weaker than the
balance of the list, but they rallied with
considerable vigor.
iiO idllCl par VI AiAN NhS .WetS 6iNCh
over to a gradual and very general re-
covery of part of the earlier decline on
a much diminished volume Of trading.
Most of the leading railroad stocks raj
lied large fraction and number Of
the specialties between l and points.
Considerable Of the money outlook con-
tinued to dominate sentiment on the
stock exchange. The banks continued
to call loans for large amounts, the rate
for call money opening at Ii and rum
ming up to Is per cent. Large amounts
of stocks held with borrowed money
were thrown upon the market. After
each successive period of liquidation the
market fell into condition of semi
stagnation.
During the afternoon the rate for call
money dropped off as low as per cent.
and the demand for stocks developed
which caused the recuperation in prices
to the closing level The usual prelim-
mary estimates of the weeks cash
movements showed a rather smaller
shipment to the interior than had been
estimated, though the loss to the sub
treasury Of $3,000,000 was UP 40 antici-
patton.
The weeks net loss in cash Is figured
at over $4,000, 900 from all causes. The
easing in the money rate late in the day
served to ameliorate the dread that to-
morrow's bank statement would show
an increase in the deficit The loan con-
traction during the week has been large.
There was q rumor on the floor of the
exchange that the banks resources had
been increased by means of cash. depos-
its by institutions in New York city
with a view to relieve the situation.
This rumor could not be traced to any
authetic source, but affected sentiment
on the stock exchange and inclined
speculative opinion to look for another
in tomorrow bank state,
ment.
The stiff money market resulted in
further drop in sterling exchange rates,
which was assisted also by buying of
stocks here for London account estimat-
ed at as high as $4,000 shares. New
York exchange at Chicago rose again to
par, but at New Orleans the exchange
continued to run against New York.
Prices Of bonds moved in sympathy
with stocks early in the day, but failed
to respond to the late recovery. The
total sales par value, aggregated 3d.
800, 900.