The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-10-11
MINDS MONEY MARKET
Stock Market Keeps Its Eye
on Domestic Affairs.
RELIEF BY THE TREASURY
Helps Some But the Close
lnclineS to HeavineSS.
RELIEF BY THE TREASURY

New York, Oct 1.-the stock market
today demonstrated in a striking manner
its reliance on the domestic money stu
alton and its indifference TO The evea-s IN
foreign lands The London market ad-
vanced prices under the lead of Kafirs
in whic there is merry speculation. based
on the assumption of early control by the
British government of the Rand mining
district The local market responded on
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
government bonds without discount and
that of the entire fiscal year at a dis
count of two-tenths OF l per cent. about
the regular rate on government bonds.
The response was prompt and emphatic,
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 10 the COW
ering Of short contracts by the bear in
terest, which has been considerably ex-
tended during the last few days on the
continuing appearance of money strin-
gency. The speculative industrials were
most affected, including those in the
metal industry. The most notable move
ment in the railroad list was that Of
Burlington, which rose an extreme Is.
When the demand from the short inter
est 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 dealings, the close was inclined TO
heaviness. The action of the treasury
department, on its face, offers something
like twenty-six millions for the relief OF
the money market and over s4.900.000 of
this without discount The amount pro-
vided for immediate release, however. is
only about 81, 500 coo, the payment of the
balance of November interest being fixed
for weekly periods up to October %. The
extent to which this privilege Will be
aYailed of is a problem, but last years
experiment on the same lines did not
bring striking results. The anticipated
interest last year was that due on oc-
tober l and November /. so that this
years offer is greater by more than s22,-
900, 900, so far as interest IS concerned but
last year the government anticipated a
redemption of s14,OO0OoO of Pacific rail-
road bonds in September and increased
its deposits with the depository banks by
SOS 100000 in September and October. The
treasury was paying OUT money freely
then, while this year the government sur
plus is constantly taking more out of the
market. On the whole, the relief offered
by the government to the money market
appears rather meagre by contrast with
last year. when the rate for call loans
was at no time over per cent during
the crop-moving period. The call loan
rate worked rather easier today. though
the majority of loans were made at 10
per cent the maximum rate. In time
loans, lenders were more willing TO give
accommodations for short periods, where
as they had been holding out for the six
months period until the rate for all
period continues at 6 per cent. The
money situation aboard was again dis
tinctly easier and the statement OF the
Imperial Bank OF Germany. as well as the
continued receipt of gold on balance by
the Bank Of England, indicated progress
toward recuperation. Nevertheless sterl-
ing exchange held firm and German ex-
change advanced a fraction.
Closing prices of stocks were as FOL
lows