Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-10-11
.O!||F'NlA|,.Rl:.'K[R|,T'
FINANCIAL COMMERCIAL
Stocks, alonsy!, Exchange Bonds, Grain,
Cotton, Provisions, BIC.

zs New 7 ork, o october 10-The stock
market to-day demonstrated i'll q strlK-
ing manner Its reliance on the 90
+ nestic money Situation and It's indll-
ference ito the events in foreign lands.
The London market advanced prices
2nnderS the lead of Kafflr mining stocks,
5 in which there is a merry speculation
y based on the assumption Of early con-
atrolS by the British government OF the
d Rand mining district.
isS The local market responded only part
1lyst 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
y Treasury Department to anticipate the
y November interest on government
entire fiscal year at a discount OF two
4 tenths of one per cent, about the reg
Z ular rate on government bonds. The re-
4 spouse was prompt and emphatic.
prices rising with more appearance OF
4 serength than for a long time past.
~ The gains ranked from to over
4 Per cent in many active stocks. The
E buying was undoubtedly in large part
3 due to the covering Of short contracts
I by the bear interest, which has been
& considerably extended during the last
lew days on the continuing appearance
!, of money stringency.
81 The speculative industrials were most
affected, including those in the metal
industry. The most notable movement
in the railroad list was that Of G. B.
81 O., which rose an extreme 2B When
the. demand from the short interest was
satisfied prices began to sag again and
8 with the exception of q sharp bidding
up of Sugar to the top level in the
4 late dealings. the close was inclined to
heaylness. The action Of the Treasury
Department on its face offers some
thing like $26,0000OO for the relief Of
the money market and over s4,300,O00
of this Is without discount. The amount
i provides for immediate release, how
ever. is only about sl50O.00O, the pay
( ment Of the balance OF November LIST
interest being fixed fer weekly periods
up to October 25th. The extent to which
this privilege VIII be awaited of is
problem, but last years experiment on
4 the same lines did not bring striking
results The anticipated interest last
years was that due on October list and
& November LIST, SO that this years Of
FER is greater by more than 800 000, 900
SO far as interest is concerned, but
last year the government anticipated a
redemption OF Sl4, 100000 OF Pacific rail-
road bonds In September and increased
Its deposits with the depository banks
& by va, oO0, 900 III September and October.
4 Ihe 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
3 the relief offered by the government to
the money market appears rather mea-
ger by contrast With last year. when
1.-The rate for call loans was at no time
! over six per cent. during the crop
moving, period. The call loan rate
worked rather easier to-day though tho
iiinaJorlty OF loans was made Mt ten per
GENT, the maximum rate In time loans,
lenders were more willing to give ac-
communications for short periods, where
as, they had been holding out for tho
SIX months period. The IA tie for all ne
RODS continues al 6 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 receipt of gold on ball
ance by the Bank OF England, indi-
Gated progress toward recupcra ton.
Nevertheless sterling exchange here
held firm and French and German cX-
change advanced fraction.
The bond market continued dull and
changes In prices We're mixed. Total
sales, par value. LOBE 900.
United States As declined 4 in the
bid price.
The total sales OF stocks we're 435. 900
Shares.
New York. October 1o.-standard OIL
74.65@4.67.