The daily morning journal and courier., 1899-11-17
EtnamciaI.
THE STOCK M-4 -4RKET.
First Hour of Trading Very Animated
 Profit TaklNu

First Hour of Trading Very Animated Profit Taking.
 | New York, Nov. 16.-The market fol | securities showed an Instantaneous re. sponse this morning to the promise ot relief to the money market contained in Secretary Cages circular offering to re-
 deem S25.000,OO0 of government bonds at the market price of Wednesday. The first hour of the trading witnessed a very animated market, the activity and | strength being very generally distribu- ted throughout the list. The rapidity of the advance invited considerable profit-taking, and there were quick re-
 sessions from the opening level. The
 demand for stocks continued unappaas-
 ed, however, and the higher level was
 reached again.
 At the high level there was a diminu-
 tion of the demand but the undertone
 continued remarkably firm and offer
 ings to realize were quickly absorbed.
 The whole market hinged on the day. 8
 developments concerning the treasury
 departments offer, though the opening
 strength was added to by sympathy
 with London, where the markets were
 affected by the rumor of the death of
 General Joubert. Wall street was full Of rumors of very heavy blocks of bonds
 accumulated by banking interests for the express purpose of availing them
 selves of the first offer to buy by the treasury department, but no confirma- tions of these rumors could be had A buoyant tone was imparted to other government issuess apparently on the theory that the offericoi the secretary of the treasury mightolater be extended to include other bonds.
 The money market was somewhat easier in tone, but did not yield below 5 per cent. The response in foreign ex- change, however was marked. Posted rates for sterling exchange were mark ed up full cent in the pound, and ac- tual rates rose half cent all around in spite of easier moneyIin London and at continental centersa, The strong tone of the government bonds would naturally serve to discourage the acceptance by holders of the offer of the treasury de- partment So far as the available sup ply is concerned, it was known up to a recent time that the New York banks would have difficulty in obtaining addi- tional government bonds as security for government deposits in the event of an offer by the treasury department to in crease its depositaI There has been some accumulationr bonds by the banks in the last few weeks, but no re- liable estimate can be obtained of how far their previous holdings have bsen 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 to increase the money supply in the market. It is not believed that pri- vate holdings of bonds and holdings by institutions as investments will be drawn upon to any extent in re- sponse to the offer of redemption.
 The bond market was active and strong, the speculative issues and reor- yanization bonds being favortes. The .otal sales, par value, aggregated $3,- 10000.
 United States new fours advaned %, he threes and old fours registered F md the threes and old fours registered coupon and two A per cent. in the bid | ,rice.