The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-10-11

Call money. New York ..........10 SOS
NEW YORK, Oct. 10-The stock mar
ket today demonstrated in a striking
manner it's reliance upon the domestic
money situation and its Indifference to
the events in foreign lands. The Lon
don market advanced prices under the
lead OF Kafflr mining stocks, In which
there Is a merry speculation, based upon
the early contamination of British gov
eminent control of the Rand districa. The
local market responded only partly to
the improved quotations from abroad
and more than lost the opening gains
before the end of the first hour. Then
came the announcement from Washing
ton of the decision of the treasury de-
partment to anticipate the November
interest on government bonds, without
discount, and that Of the entire fiscal
year at a discount of two-tenths of /
per cent, or about the regular rate on
government bonds. The response was
prompt and emphatic. prices rising with
more appearance of strength than for a
long time past. The gains ranged from
1 to over 2 per cent in many active
stocks.
The buying was undoubtedly in large
part due to the covering of short con-
tracts by the bear interest, which has
past few days on the continuing appear
ance of money stringency. The specu-
lative industrials were most affected, in
Guiding those in the metal industry.
The most notable movement in the
railroad list was that of Burlington,
which rose an extreme 21s When the
demand from the short interest was sat
isfed, prices began to sag again, and
with the exception of a sharp bidding
w,
late dealings the close was inclined to
heaviness.
The action of the treasury department
on its face offers something like $2S,-
000 600 for the relief of the money mar
ket, and over S4,300,000 of this without
discount. The amount provided for i'm
mediate release, however, is only about
81 100000, the payment of the balance OF
Nov. l interest being fixed for weekly
periods up to Oct 25. The extent TO
which this privilege will be availed of
is problem, but last years experiment
on the same lines did not bring striking
results The anticipated interest last
wear was that due on Oct. and Nov. !,
so that this years offer is greater by
more than $22, 000, 900, so far as interest
is concerned, but last year the govern
ment anticipated a redemption of S14,-
900. 600 of Pacific railroad bonds in Sep
TENDER and increased it's deposits w tn
the depository banks by $2S 0G0, 600 In Sep
TENDER and October. The treasury was
paying out money freely then, while this
year the government surplus is constant
ly taking money out of the market. On
the whole the relief offered by the gov
eminent 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
moving period.
The call loan rate worked rather
easier today, though the majority Of
loans were made at 10 per cent, the maxi
mum 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 periods continues at
per cent The money situation abroad
was again distinctly easier, and the
weekly statement of the Imperial Bank
of Germany, as we'll as the continued re-
ceipt of gold on balance by the Bank Of
England indicated progress toward re-
cuperation. Nevertheless sterling ex
change had held firm and French and
German exchange advanced a fraci n.
The bond market continued dull and
changes in prices were mixed. Total
new tours declined 4 in the bid price.
STOCK QUOTATIONS.
Furnished by Charles H. +. Smith &
Co. members of the New York stock eX-
change, Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: