The age-herald., 1899-10-11
RAPID RISE IN
 PRICES OF STOCKS
Caused by Action of Treasury Department at Washington.
MOVEMENT IN RAILROADS
Lenders Were More Willing to Give Accommodations in Time Loans Bond Market Continued Dull
 With Changes Maintained

New York, October 1O.-The stock market today demonstrated in striking manner its reliance on the domestic money situa- ton and its indifference to the events in foreign lands. The London market ad- vanced prices under the lead of the Kaffir mining stocks, in which there is great deal of speculation, based on the assump- ton of early change by the British gov ernment of the conditions in the mining district. The local market responded only partly to the improved quotations from abroad, and more than lost the opening quotations in the first hour. Then came the announcement from Washington of the decision of the treasury department to an- ticipate the November interest on govern ment bonds without discount, and that of the entire fiscal year at a discount of two- tenths of one per cent. of the regular rate on bonds.
 The response was prompt and emphatic, prices rising with more appearance of strength than for long time past The gains ranged from one to over two per cent in many active stocks The buying was undoubtedly in large part due to the covering of short contracts by the bear interest, which had been considerably eX- tended during the last few days on the continuing appearance of money strin- gency. Tho speculative movement was much affected and included those in the metal industry. The most notable move ment in the railroad list was that of Bur lington, which rose an extreme 2B. When the demand from the short interest was satisfied, prices began to sag again, and with the exception of a sharp bidding up of Sugar to the top level in the late deal- ings, the condition was inclined to heavi- ness. The action of the treasury depart ment on it's face offers something like $26, 000,000 for the relief of the money market, and over %, 300. 900 of this without discount. The amount provided for immediate re- lease, however, is only about $1,50O,0O0, the payment of the balance of November l in- terest being fixed for weekly periods up to October %. The extent to which this pro- vision will be availed of is a problem, but last years experiment on the same lines did not bring striking results. The antici- pated interest last year was that due on October 1 and November l, so that this years offer is greater by more than $22,- 900 900, so far as interest is concerned, but last year the government anticipated a re-. demption of $14, 100000 of Pacific railroad bonds in September and increased it's de- posits with the depository banks to $2S,Oo0,- 900 in September and October.
 The treasury. was paying out money free ly then, while this year the government surplus is constantly taking money out Of the market On the whole, the relief offer ed by the government to the money mar ket appears rather meagre by contrast with last year. when the rate for call loans was at no time over 6 per cent. during the crop moving period The coal loan rate worked rather easier today, though the majority of loans were made at 10 per cent, the maximum rate.
 In time loans the lenders were more Will ing to give accommodations for snort periods. whereas they have been holding out for the six months period until the rate for all periods continues at per cent The money situation abroad was again dis tinctly easier and the weekly statement or the Imperial Bank of Germany, as well as the continued receipts of gold on balance by the Bank of England indicated progress toward recuperato Nevertheless, ster- ling exchange was firm and exchange ad- vanced fraction
 The bond market continued dull ana changes in prices were maintained Iotai sales. par value. $2,O35, ,00O United States new As declined Ii in the bid price.
 New York. October 1O.-Money on call firm at 4010 per cent; last loan. per cent.
 Prime mercantile paper, 5l8Iper cent.
 Sterling exchange firm. with actual pusl- ness in bankers bills at $4.S6d4.S6A for de- mand. and $A. .S2dl4.S2A for sixty days -
 Posted rates, $i.S2A@$4.S3 and s4SaW 4.S71R.
 Commercial bills. $4S1d4S1A.
 Silver certificates, 5S@59.
 Bar silver. 5S1s.
 Mexican dollars, A.
 Government bonds easy.
 State bonds inactive.
 Railroad bonds irregular.