The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-11-17
GAGE 5 BOND OFFER
Puts Life Into the New York
Stock Market.
LIKE OFFICE FOR LONDON
Is Performed by the RumOr
of Joubert'S Death.

New York, Nov. IS-The market for
| securities showed an instantaneous re-
| Spouse this morning TO the promise OF
relief 20 the money market contained in
Secretary Cages circular Offering 10 re-
deem 600 OF government bonds al
the market price Of Wednesday. The first
hour of the trading Witnessed a very
broad. animated and buoyant market. the
activity and strength being very gsner-
ally distributed throughout the list The
rapidity of the advance invited consi6era-
bic prodt-taking, and there were quick
recesSions from the opening level. But
the demand for stocks continued Unap-
peased and until the higher level was
reached again. the buying continued. Al
the high level there was a diminution in
the demand, but the undertone OF the
market continued remarkably firm and
offerings 10 realize were quickly absorb
ed The whole market hinged on the
days developments concerning the treas
ury departments offer, though the open
Ing strength was added 10 by sympathy
with London, where the markets were
a1ected by The rumor of the death Of the
Boer general. Joubert. The very consid-
cradle amount OF bonds brought 10 the
sub-treasury during the day sustained the
strength OF the market. The total
amount offered was 81 200. but Wall
Street was full of rumors OF very heavy
hsocks of bonds accumulated by bank
ing interests to buy BY the treasury de-
partment. The aggregate amount covered
BY these rumors was considerably in ex-
cess OF the total amount of bonds to be
taken up BY the treasury. No conirma-
ton 0r fhaSe porrfd ha LaI haw
ever. A buoyant tone was impaired 10
other government issues at the call or
the stock exchange, apparently on the
theory that the offer of the secretary OF
the treasury might later be extended to
include additional bonds.
The money market was somewhat easier
in tone, but did not Yield below per cent
The response in the foreign exchange
market, however, was marked. Posted
rates for sterling were marked up q full
cent in the pound and actual rates rose
4 cent all around in spite OF the easier /
money market at London and al CONT
mental centers. The strong tone Of gov
eminent bonds would naturally serve TO
discourage the acceptance BY holders or
the offer 10 the treasury department
So far as the available supply is con-
eeIned, it was known up 10 a recent
time that the New York banks would
have difficulty in obtaining additional
government bonds as security for govern
nent deposits, in the event Of an offer
by the treasury department TO increase it, !
deposits. There has been some accumu-
lation during the last few weeks bu,
no reliable estimate can be obtained Of
how far their previous holdings have been
increased. The previous holdings were
mostly in use as security for circulation
and for government deposits. so that their
sale to the government would not serve
10 increase the money supply in the mar
ket. Il is not believed that private hod-
ings Of bonds and holdings by fiduciary
institutions as investments will be drawn I
upon 10 any extent fri response TO the
offer of redemption. Closing prices OF
stocks were as follows.