The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-10-23

as an admonition that the speculation
was overrunning the newly acquired
resources of the money market and
very heavy selling to realize profits i'm
medately set in. In some of the
stocks most affected by the late selling
the earlier gains were entirely wiped
out and the average level was carried
down considerably below the best of
the day. The effort of the bulls to re-
trleve their ground caused a very un-
settled tone but the closing was on the
whole easy, with the buoyant snap APP
parently taken out of the market. Not
withstanding this late setback there
were very striking upward movements
of prices, especially in the steel group,
and the largest days business in stocks
since the earlier part of the year was
| transacted at a level of prices well
above those of Saturday Spectators
reveled in the revivifying streams of
gold which are pouring into the New
York market from many quarters of
the world. Yesterdays incoming
steamers from Europe brought the total
receipts of the gold engaged there for
import to over $3,000000 and Saturdays
receipts of $4S00.000 at San Francisco
can be made Immediately available to
the New York market by telegraphic
transfer. The balance of the total en-
gagements in Europe which amounted
to upwards of SO, 600, 600, is fast follow
ing on the heels of the shipments al
ready received Neither on Saturday
nor to-day was there single dollar de-
posted at the sub-treasury for trans
fer to the south or west, which is con-
elusive demonstration of the marked
decline of the interior needs for curren-
cy, Sterling exchange fell weakly back
to near the gold import point and the
continued downward tendency of inter
est rates in London and Berlin seemed
to offer acquiescence In the threatened
further gold demands from New York.
1t Is important to note that the weak
ness of sterling exchange is largely due
to the heavy buying of stocks for Lon
don account, which amounted according
to reliable estimates to $4,000 shares.
Exchange made from this source. un-
like that due to the cotton movement,
does not involve a corresponding drain
from New York such as Is required |
to move the cotton crop. London's |
large buying was reported to be due, in |
a degree, to speculative covering of |
calls for American stocks, which Lon
don has sold quite freely for some time !
past and which the current rise in !
prices forces the market to provide it.
self with. The consequence of these
various favoring factors was what the |
brokers called the best open market
for stocks since last spring. This was
taken advantage of from the outset to
realize on very large scale, and the
professional operators became some
what uneasy as they detected evidence
of inside selling. The squirt in the call
money rate was all that was needed to
precipitate the general selling move
ment. This development served as a
reminder that it may not be expedence
to loan all the newly available money
resources at once for speculative pur-
poses. The time money market was
dull to-day, borrowers expecting lower
rates and lenders holding out for the
higher rates. But bankers looked for
considerable additional requirements
for loans to be met in the near future.
There was greatly increased activity
in bonds and prices advanced very gen
orally High grade bonds were not
in the dealings Total sales
par value 50, 7O5O0O
United States 3s registered advanced
"a per cent. on the last call
NEW YORK STOCK HARKET,
Highest, Lowest Quotation
On the New York Stock Exchange, reported
by Prince & Whitley, Brokers, Is Center
street, New Haven.
Omen TJioh INV Uoat