The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-11-15
THE MONEY MARKET.

New York, Nov. 14.-Prices of stocks
traversed quite wide range during the
day throughout the list, but net
changes are almost all fractional and
the majority on the side of losses.
Money market prospects continued to
be the dominant influence in the trad
ing. Events of yesterday have turned
nearly all the traders on the floor to
the bull side and the market opened
with an upward movement of prices
which extended to a large fraction on
the average before a reactionary ten
dency developed.
Continued buying by London helped
on the advance, and there was special
strength in number of individuals to
stocks notably in General Electric,
which rose an extreme four points on
rumors of an extra dividend and Con-
soltdated Gas, which was up at one
time five points on a periodical rumor
of a settlement of the local gas war.
There was a continuance of the heavy
absorption of Southern Pacific, which
gave healthy tone to the railroad list.
The decisive influence in turning
prices downwards, was the realization
that yesterdays easing of the money
rate was que to sporadic supply of
funds and not to any radical change
in the condition of the money market.
A large portion Of the funds loaned
yesterday were attributed to a cash de-
| post by one of the railroads for the
purpose Of taking up an old underlying
| issue OF bonds This supply of money
had the effect of ofPsetting the calling
of loans for the banks made necessary
| by the depletion of reserves and pre-
vented the stringeney of the money
market, which had been feared The
effect was manifest today, as we'll as
| yesterday, the rate for call loans not
| going above per cent and ruling gen
| eral below that. But the sterling ex-
| change rate showed a quick response
| to this easing of the local money rate
and moved an additional fraction up
wards away from the gold import point
| This caused a cessation of the talk of
| immediate gold imports on which was
! based the upward movement of yester-
| day in stocks. Thus the hope of relief
| by an inward movement of gold had
| to be abandoned for the time. Mean
time, the absorption of funds by the
sub treasury and the probable contin-
! uance IF demands from the interior
| have still to be reckoned with. Discour-
agement oVercame the bears and they
| proceeded to sell out their holdings
wiping out the earlier gains and carry
| ing the prices below last nights level
| Considerable speculative activity is di-
verified to the cotton market, where the
| development of foreign demand in
| dicates the REIMBURSEMENT by foreign
buyers of their attitude of waiting for
/ lower prices.
AS bearing in the general money sit
uation it is important to note that ad-
| vices from the south report money in
abundant supply there, so that planters
have been able to obtain accommoda-
| lions for holding their cotton for higher
| prices.
The largely increased supply of cotton
bills in the exchange market in the
last few days with the movement in
cotton will naturally result in the early
release OF funds in the south and has
ten the return flow of money from that
region. Prices of bonds moved some
what irregularly in sympathy with
stocks. Total sales, par value, 5000, 900.
United States new As and IS advanced
1-S in the bid prices.