The San Francisco call., 1899-11-17
EASTERN MARKETS
Neag York Stock Market.

NEW YORK Nov. ls.-Tbe market for secu-
fitics showed an instantaneous response this
rnoruirg 70 the promise of relief 20 the money
market contained in Secretary Gages circular
n1erinE 20 redeem :es. .coo. ooo % Governfnent
bonds az the market price OF WelnesiAy. Tie
first hour of trading witnessed "A very broad.
unl-nnted and buoynnt market. the activity
ana strength being very generally d3stTibuted
throughout the Est. The rupidity ot the Ad-
vance invited considerable profit taking Rad
shcre were quick receEsious from ths ore nirg
level. But the demand for stock Continued un-
appeased and until the higher level was
,eached again the buying opnuaued At the
hlgh level there was ciminution n the d.
snard. but the undertouc Of the market co7-.
finaed remarkably irrn and offerings 30 realize
were quickly absorbed The. whole market
hinged or the Gay' Developments CONCERNING
1he Treasury Department b Qifer, tScuEh TIE
with LONDON. where the markets were affected
BY the rum0r ~ ghe death ot the Beer gen
era, Jgpberi ne very coieidsFabte Ailouit
a. bonds brought 70 The sho-tt 'slsuTy daring
the DAY sustained the strength o. tlss market
The total amount offered Was- s. ~. 900. but
all street was flI of ruTlofs % Trryt heavy
blocks Of bonds accumulated by banking ir-
tereSts FOR the EXPRESS purpose OF aNaillng
fhe frsselves of the slrat offer 20 huy hy the
covered by these rumors was considerable IN
excess OF the total amount OF bonds to he
taken up by Tie treasury. No confirmation.
OF these rufnors. could b. had. however a.
1..,,rant tone Rrns Unmarried 10 nfAaH ls11,ern.
fncnt Issues az tfle call on the stock Exchange,
apparently on the theory that The offer OF
the Secretary ~ the Treasury might later be
extended 20 Include additloaal bonds The
snoney market was somewhat easier In tone
hut did not yield below per cent The re-
fporse 81 The foreign exchange market how
ever. was marked. Posted rates for. eterlinE
were marked uT fun cent IN the pound and
actual rates rcsc haif q cent all around IN
spite of the casier money market al LONDON
and At continental cenferT. The Efr01g tone
of the Govpfhuclt bonds would naturally
serz'e 10 discoafaee the acceptance by holders
uf the offer 81 the Treasury Department. So
FAR ns the available supply Is concerned Il
was known up tD a. recent time that the New
York banks would have difficulty In obtaining
additional Governn9ent bonds as security Tor
Government deposits IN the event of an osfer
by. the Treasury Department 70 Increase it's
deposits. There has been. sorne accommodating
OF bonds by the banks In The last few weeks
hut no reliable estimate can be obtained of
how TAR their previous holdings have been Ia
creased. The previous holdings We're mostly
81 uRe necur1ty for circulation and FOR
Government os-ins;ts. 80 that ;hcir sale 10
the Government would not serve TO increase
fhe money supply In the market IL is nof
believed that private holdings OF bonds and
holdings by hduoiary institutions as invest.
ments VIII be drawn upon 20 any extent IN
response 20 the pffer OF redemption.
The bond market actt-e and strong. the
vpeculative issues and reorganization bonds be-