The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-10-11
PAGES 9 TO 10.

control by the British government Of the
Rand mining district
The local market responded only partly
10 the improved quotations from abroad
and more than lost the opening gains be-
fore the end of the first hour. Then came
the announcement from Washington OF the
decision of the treasury department 10 ap-
uclpate the November interest on govern
ment bonds without discount and that OF
the entire fiscal year at discount of two
tenths of per cent. about the regular rate
on government bonds The response was
prompt aud emphatic, prices rising with
more appearance of strength than for a
long time past.
The gains ranged from 1 10 over per
cent In many active stocks.
The buying was undoubtedly In large part
due 10 the covering of short contracts by
the bear interest, which has been consid-
erabiy extended during the last few days
on the continuing appearance of money
strngency.
The speculative indusirials were most af-
fected, including those IN the metal indus
try. The most notable movement in the
railroad list was that of Burlington. which
rose an extreme 2ls. When the demaUd
from the short interest was satisfied
prices began to sag again and with the eX
ception of a sharp bidding up of sugar 10
the top level in the late dealings. the close
was lHtIntu 10 ntINlDDSNs JNt bEtlpIi VI
the treasury department on its face Offers
something like $26,O000a0 for the relief 1e
the money market and over $4,000 600 OF thu
Is without discount, The amount provided
for immediate release. however. Is only
about N,500. 600, the payment OF the bal
ance of Nov. interest being fixed f3r
weekly periods up to Oct. %.
The extent TO which this privilege VII
be availed of Is a problem, but last yeats
experiment on the same lines did not bring
striking results. The anticipated interest
last year was that due on Oct. | and Mo-"
J, so that this years offer is greater ov
more than 22000,000 so far as interest il
concerned, but last year the government
anticipated redemption of NI.0t0000 OF
Pacific Railroad bonds in September. and
increased its deposits with the depository
banks by S2S 100000 In September AMI
October. The treasury was paying out
money freely then, while this year the gov
eminent surplus is constantly taking mon
ey out Of the market on the whole The
relief offered by the government 10 the
money market appears rather meaGer by
contrast with fas year when the rate for
call loans was al no time over per cent.
during the crop-movng period.
The cali loan rate worked rather easter
to-day. though the majority OF loans were
made at 10 per cent. the maximum rate
IN time loans, lenders were more willirs
TO give accommodations for short period
whereas they mad been holding out for the
six months period. The rate for all per
iods continues at per cent The money
situation abroad was rather distinctly cas-
Ter and the weekly statement Of the Inn
perial Bank OF Germany. well as the
continued receipts of gold on balance by the
Bank of England indicated progress towarl
recuperation. Nevertheless, sterling ex-
change here held firm and French aud Ger
man exchange advanced a fraction.
The bond market continued duh and
changes in prices were mixed.
Total sales, par value. 81, 0350C0.
United States As declined 4 in the bid
price.
The total sales of stocks were @5.0ol
shares, including Atchison preferred %
$50: Burlington, 4490; Rock Island. H765;
Louisville and Nashville. 1875; Manhat-
tan 1880; Northern Pacific. 1900; st. Pau,
l9. 800; Union Pacific, 1850; Union Pac' nc
preferred, 1885, American Steel and Wire
23.O50; American Tobacco, Sil70; Federal
Steel TO- 800; National Lead, 502i, Peoples
Gas II $50; Sugar, "a, 1856