The times. [volume] (Richmond, Va.) 1890-1903, 1899-11-17
MARKET STRONG
AND BUOYANI
In Response to the Secretary's Offer
- 10 Redeem Bonds.
MONEY MARKET WAS EASIER
But Rate Did Not 20 Below Five
Per Ccnt.-Ihc Bond Market
Also Was Strong and
Active.
MONEY MARKET WAS EASIER

NEW YORK. nov. l6-1ho market for
securities showed AN instantaneous re-
Spouse this morning TO. lhc promise OF
vclci to thc money market cont tlned Do
Secretary Cages circular offering 10 re-
deem 5000 100 OF government bonds al
the m0INct price of Wednesday
The first hour OF the tradin- witnessed
= very broad. animated and buoyaut inaE-
ket. thc activity and strength being very
generally distributed throughout the list
The rapidly OF the advance invited con-
siderable profit taking. and there were
quick rcccsslOus from the opening level.
But the demand for stocks continued un-
appeascd and until the higher level was
reached again the buying continued
AZ the high level there was "a dimnu-
lion in the demand. but the undertOno OF
The market continued remarkably firm
and offerings o. realize were quickly abb
sorbed. Tire whole market hinged ON the
Jay developments concerning the Treas
nrN Department IS offer. though the OPEN
Ing strength was added TO by some SYM
bafhY with London. where The markets
were affected by the rumor of the death
or ne boer general JOubert The very
considerable amount Of bonds brought 10
The sub-treasury during the day sus-
tained the strength of the market. The
l0ta! amount offered was s. Ni 900. but
wal street was fun OF rumors of very
leaFy blocks or bonds accumulated 10y
banking interests for the express purpose
or aNailing themselves OF the first offer
90 buy by the Treasury Department
TIC hEhIfetlf amount fDAtItA bl THESE
rumOrs was considerably In excess of the
total amount of bonds 60 be taken up by
The Treasury. 40 confirmation OF these
Tum0rs could Doe had, however a buoy
ant tone was impaired % othcr govern
ment issues at the call ON the SaOck tx
change apparently Ou Tie theory that
tile offer of the Secretary of the Treas
AIRY might later be extended 90 include
additional bonds.
me money market was somewhat east
ed in tone but did not yield below five
per cent The response iu the foreign eA-
change market, however. was marked.
Posted rates for sterling were marked up
q fun cent i'm the pound and actual rates
rose "a cent an around in spite of the
easier money market at lOndJu~dnd al
ortincutal centres. Tie strong tone OF
government bonds would naturally serve
10 discourage the acceptance Dt noi4ti5
OF offer OF the Treasury Department.
50 far as the available supply is con-
Cerned. IL was known up To recent tlinc<
tnat the New York banks would nave
iu obtaining additional govern
mcnt bonds as security for government
deposits in the event OF AN offer by lhe
Department 20 increase. ITS de-
p0sit5 There has been some actumuid-
ton Of bonds by the banks In the iast
few weeks. buLrnO reliable estimate can
bc obtained of how Tar their previous
holdings have been Increased. The pre-
NiOus holdings were mostly in use as Sc
curity for circulation ana for government
ment would not serve To increase the
money supply I'm the market
10 Is not believed that private holdings
Df bonds and holdings by fiduciafy insti-
.utiOns as investments will be drawn upon
10 any extent in response TO the offer " |
redemption
Tho bond market was active and |
strong the speculative issues and reOr- |
,anization bonds being favorites. Total |
a'es. par value $4,000 United States /
Few As advanced '.. the 2s and old As |
egist,erod l2' and DO. coupon and 2s Z IN |
he hid price.
The total sales of stocks were 1870 |
hares. including Atchison % 800; do pre-
erred, 3) $50. Chicago Great Western, /
NV. Chic1go Burlington and Quincy |
$50, Rock Island. 5l2l. Louisville and |
Nashville 67Z. Manhattan. 1880. Mis- |
oudi Pacific NJ 40, Norfolk and West
m. ftZi; Northern Pacific. 5000. PENN |
viNania h4hN. Reading first preferred. |
. 70 ~. ouis and S. W. preferred 1000.
a. laul, 1908, Southern Pacific 102 $50: |
'outhern Railway preferred. 500. Union
l,~ilc' '9"N0 American Steel and Wire. |
80, American Tobacco 25 go. BROOKLYN |
ndn-lJ yabO. Continental Tobacco II
~ Feredal steel 915l. pacifi. Nail
so feople's Gas o $50. Suf9r 400 75E.
hlled states Gather 1925
MONEY AND EXCHANGE Money ON
lu hrm az and g per cent. last loan at
per cont; prime Isercautile paper so
) pcr cent Sterling exchange strong
I'm actual business an bankers buis az
500 81 Tor demand. and at S4S1l5N |
SIS. for sixty days. posted rates
S2i244 81; commercial bills. 81 S0M4
ST Silver certificates 5Sls05Q,: bar
iver 5Siz, Mexican dollars, 47i4