The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-10-11
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest Of Exchange News-Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Rsview OF Trade.

New York, Oct. 10.-The stock market
to-day demonstrated in striking manner
its reliance in the domestic money situa-
ton and its indifference to foreign lands,
The London market advanced prices un-
der the lead of Kaff1r mining stocks. in
which there is a merry speculation, based
on the assumption of early control by the
British government of the Rand mining
district. The local market responded
only partly to the imported quotations
from abroad and more than lost the open
ing gains before the end Of the first hour
Then came the announcement from
Washington of the decision of the treas
ury department to anticipate the Novem-
Der interest on government bonds with
out discount, and that of the entire fiscal
year at discount Of two-tenths of | per
cent, about the regular rate on govern
ment bonds,
The response was prompt and emphatic.
prices rising with more appearance of
strength than for long time past The
gains ranged from / to more than per
cent. in many active stocks. The buying
was undoubtedly in large part due to
the covering Of short contracts by the
bear interests, which has been considera-
bly, extended during the last few days on
the con tinuing appearance of money strin-
gency. r. W.
The speculative fndustrials were most
affected, including those in the metal in
dustry. The most notable movement in
the railroad list was that of Burlington
which rose an extreme 2h points. When
the demand from the short interest was
satisfied prices began to sag again, and
with the exception of sharp bidding up
of stocks.
The action of the treasury department
L. M
for the relief of the money market and
more than 81, 100000 of this without dis
count. The amount provided for immedi-
ate release, however. is only about $780,
600, the payment Of the balance Of the
November interest being fixed for weekly
periods up to Oct. Is. The extent to
which this privilege will be availed of is
a problem. but last years experiment OH
the same lines did not bring striking re-
sules. The anticipated interest last year
was that due on Oct. ! and Nov. l. SO
that this years offerings are greater by
more than $2,000000 SO far as interest Is
concerned. but last year the government
anticipated a redemption of $14000.000 of
Pacific railroad bonds in September and
increased its deposits with the depository
banks by s28,000,000 in September and Oc-
tober The treasury was paying out mon
ey freely then, while this year the gov
eminent surplus is constantly taking
money out of the market. On the whole
the subject offered by the government to
the money market appears rather meager
& by contrast with last year. when the rate
for call loans was at no time over per
cent. during the crop movement period.
The call loan rate worked rather easier
to-day, though the majority of loans were
made at 10 per cent, the maximum rate.
In time loans lenders were more willing to
give accommodations for short periods,
whereas they had been holding out for the
six-months' period. The rate for all pc
RODS continues at per cent.
The money situation abroad was again
distinctly easier and the weekly state
ment of the Imperial Bank of Germany,
as we'll as the continued receipt of gold
on the balance by the Bank of England,
indicated progress toward recuperation.
Nevertheless sterling exchange held firm
and German exchange advanced a frac-
ton.
The bond market continued dull and
changes in prices were mixed. Total
sales par value, $2,035, 900.
y. S. new As declined a per cent. In the
bid price.