Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-17
STOCKS BU0YANT.
ACTIVITY AND STRENGTH VERY
GENERALLY DISTRIBUTED.
CAGES RELIEF TO MONEY MARKET.
Its Eject instantaneous Throughout
Wall Street-Diminution OF De-
mnad mt HiEh-Price Level, But
Indertone Continues Firm.

NEW YORK. November l6.-The mar
ket for securities showed an instantane-
Gus response this morning to the promise
Of relief 10 the money market contained
in Secretary Cages circular Offering 10
redeem s250O0cO0 OF government bonds at
the market price OF Wednesday.
The first hour of the trading witnessed
a very broad, animated, and buoyant
market, the activity and strength being
very generally distributed throughout the
list. The rapdity Of the advance invited
considerable profit-taking and there were
quick recessions from the opening level.
But the demand for stocks continued un-
appeased, and until the higher level was
reached again the buying continued.
At the high level there was a diminu-
ton in the demand, but the undertone OF
the market continued remarkably firm,
and offerings to realize were quickly alb
sorbed.
THE TREASURY'S OFFER.
The whole market hinged on the days
developments concerning the Treasury
Departments offer, though the opening
strength was added TO by some sympathy
with London, where the markets were af-
fected by the rumor of the death OF the
Boer general, Joubert. The very consider
able amount Of bonds brought TO the Sub
Treasury during the day sustained the
strength Of the market The total amount
offered was S2S9f,000, but Wan Street was
fun Of rumOrs Of very heavy blocks of
bonds accumulated by banking interests
for the express purpose OF avaling them
selves of the first offer TO buy by the
Treasury Department. The aggregate
amount covered by these rumQrs was con-
siderably i'm excess of the total amount
of bonds 20 be taken up by the Treasury.
No confirmation OF these rumOrs could
be had, however.
\ buoyant tone was impaired to other
government issues at the call on the
stock Exchange. apparently on the theo-
~ that the offer Of the Secretary of the
Treasury might later De extended 10 IN
clude additional bonds.
The money market was somewhat easier
I'm tone, but did not yield below per cent.
The response in the foreign exchange
market. however, was marked. Posted
rates for sterling we're marked up full
cent I'm the pound, and actual rates rose
y cent all around, in spite of the easier
money market at London and at Cont
mental centres. The strong tone Of gov
eminent bonds would naturally serve 10
discourage the acceptance by holders OF
the offer of the Treasury Department.
So far as the available supply is con-
cerned. II was known up 10 recent time
that the New York banks would have Diff
fCulty in obtaining additional govern
ment bonds as security for government
deposits in the event Of an offer by the
Treasury Department to increase It's de-
posts. There has been some accumula-
lion Of bonds by the banks in the last few
weeks, but no reliable estimate can be
obtained OF how far their previous hold
ings have been increased. The previous
holdings were mostly i'm use as security
for circulation and for government de-
l. h..
ment would not serve to increase the
money supply in the market.
PRIVATE BOND HOLDINGS
It IS not believed that private holdings
Of bonds and holdings by fiduciary insti-
tutiOns as investments will be drawn
upon 10 any extent in response 10 the
offer Of redemption.
The bond market was active and strong
the speculative issues and reorganization
bonds being favOrites. Total sales, par
value S3.57O,CO0 United States new - adj
vanced Is. the 3s and old As, registered,
-. and do. coupon and 2's i. I'm the bid
price Tee total sales Of stocks were 81
700 shares, including AtchisOn, 22.3l5; At
Gibson. preferred, 1850; Chicago Great
Western. 100: Chicago, Burlington and
Quincy 1880; Rock Island, DO; LOUIS
Vile and Nashville. 612; Manhattan, 81
$40: Missouri Pacific, IL AGO. Norfolk and
Western, 6,52i; Northern Pacific, 5000;
Pennsylvania. 6.46S; Reading, LIST prefer
red, l6,iO, ST Louis ana SOUTHWESTERN,
preferred 1000: St. Paul 1002j; Southern
Pacific 1023j0: Southern Railway. prefer
red 500: Union Pacific, $780, American
Steel and Wire. 7725; American Tobacco.
% %: Brooklyn Transit. $500 Continen-
tai Tobacco. 1850; Federal Steel. 9,7j5;
Pacific Mail. $3.50; Peoples Gas. $50; SUI
gar 100 7j5: United States Leather, 9,SZ5.
MONEY AND EXCHANGE
Money on call firm al and 6 per cent;
last loan at per cent; prime mercantile
paper J054 per cent
Sterling exchange strong. with actual
business I'm bankers bills az SLsJflMS4n6
for demand. and at SLsllZds4sl4 for sixty
DAYS: posted rates. SiS2is and t4S7, COM
mercial bills. A.S0ikQAl.
Silver certificates, 5Sizd5siR. Bar silver,
5Sl5. Mexican dollars. 47A.
Government bonds bu0yant State bonds
inactive Railroad bonds strong
Noxx yort. Sfock Ouotnffons