The San Francisco call., 1899-10-11
EASTERN MARKETS
Ne7U York Stock Market.

NEW YORK Oct. l0.-The stock market to-
day demonstrated in a striking manner its reli-
ance on the domestic money situation and its
Indifference to the events in foreign lands. The
London market advanced prices under the lead
OF kafhr mining stocks. IN which there is
merry speculation, based on the assumption OF
early control by the British Government Of the
Rand mining district. The local market re
sponded 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 Washington Of
the decision of the Treasury Department to
anticipate the November interest on Govern
ment bonds without discount and that of the
entire fiscal year at discount Of two-tenths Of
l per cent. about the regular rate on Govern
ment bonds. The response was prompt
phatc, prices rising with more appearance Of
strength than for long time past. The gains
ranged from l to over per cent in many active
stocks. The buying was undoubtedly in large
part due t. the covering OF short contracts by.
the bear interest, which has been considerably
extended during the last few days the con-
unulng appearance Of money stringency. The
speculative industrials were most affected, in
Guiding those in the metal industry. The most
notable movement in the railroad list that
Of Burlington. which rose extreme 2ls. When
the demand for the short interest satisfied
prices began to sag again. and with the eX-
Is,..I
IvNeI IN the late dealings the close was in
Cllned to heaviness The action Of the Treas
ury Department on its face offers something
Ike t"ehty-slX nllllons Tor the relief Of the
money market and over $4,000, 900 Of this with
out discount. The amount provided for imme-
date release, however, Is only about 81 800 600,
the payment Of the balance Of November l in
terest being fixed for weekly periods up to
October 25 The extent to which this privilege
VIII be ayailed of is problem, but last year s
experiment on the same lines did not bring
striking results, The anticipated interest last
year was that due October l and November
!, so that this years offer is greater by more
than So O00.0O0 so far as interest IS concerned
but last year the Government anticipated a
redemption of S14. 900 900 of Pacific Railroad
bonds in September and increased its deposits
with the depository banks by $23. 600 900 in Sep
tember and October. The treasury was paying
out money freely then. while this year the Gov
eminent surplus is constantly taking money out
OF the market On the whole the relief offered
10y the Government to the money market ap-
when the rate for call loans at no time
over per cent during the crop-moving period
The call loan rate worked rather easier to-day
though the majority of loans were made at 10
per cent maximum rate. In time loans lenders
were more willing to give accommodat tions for
short periods, whereas they had been holding
out for the six months period. The rate for
al periods continues at per cent. The money
situation abroad was again distinctly easier
and the weekly statement of the Imperial Bank
OF Germany well the continued receipt
OF gold on balance by the Bank of England in
dicated progress toward recuperation. Never
the!ess, sterling exchange held firm and German
exchange advanced a fraction.
The bond market continued dull and changes
IN prices were mixed. Total sales par value
g. o35,O0o. United States new fours declined J.,
in the bid price .