The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-14
Prices Took Turn Upward On Wall
Street Yesterday.
ABUNDANT MONEY SUPPLY
BANKS ARE PLACED IN A BET
TER POSITION.
Large Gold Receipts Greatly Relieve
the Money MASSACHUSETTS
Financial Institutions Placing
Loans On Large Scale in New
York-Chicago Grain Market.

New York, Nov 1s-The stock market
showed a short lived hesitation after the
opening this morning and then turned up
wa Waro; Ihere was no important oack-set
closed quiet and firm at about the top
level, and at an average of prices a point
Or more above that of Saturday. Early
hesitation. was caused by the general
conviction that the increased deficit in the
banks surplus reserve shown by the
Saturday statement would pecessitate a
large loan contraction. There was a
large demand for money during the day
but il became manifest early that there
was an abundant supply. The bears who
sold stocks Saturday IN anticiDa ION OF
forced liquidation began prompt oday
TO buy 20 cover their short co racts.
This was a considerable element = tho
days strength. So also was the bu. ing on
London account, which reached % 900
shares. This buying besides its direct
effect, had sentimental influence as in
dfcating a reserve force in that market
against possible Withdrawals of gold for
shipment to New York.
The course of the foreign exchange mar
viction in speculative circles that gold i'm
ports 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 4.S5.
AT that rate 1t is believed small loss
would be involved in the importation OF
gold But it was the belief on the STOCK
exchange that such an importation would
be undertaken for the sentimental effect
pn the securities market.
The exchange market steadied some
What with the late fab in the money rate.
The limited calling of loans made it man
ifest that the contraction of credits on
last Friday had placed the banks in a bet
,er position than was fully reflected 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 u per cent to , per
cent There was some relief to the money
market from receipt of over N,O0OOO0
gold from Cuba and several hundred thou
sand dollars on account of gold deposited
at interior points.
be placing loans on q large scale in the
stock market. A suggestion of possible
sources of relief for local borrowers aside
from the banks is found in the last bal
ance sheet of the Manhattan Railway
company, where the item of loans OH call
for Sept. 30, 1898 had expanded over
S13,o00.050 compared with the year before
The fact that the general course of prices
of stocks during the past six weeks has
been upward while the New York banks
have been steadily contracting their
credits indicates that borrowers must
have had other sources of supply on
which they have freely drawn. a feature
of todays money market was the en-
larged 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 .5S5, 900. United State old Is registered
advanced Il and the IS Is in the bid price.
The 5s declined Is