The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-11-17
the WORLDS MARKETS
Daily Record OF Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks.
Metal Quotations Wool Prices and
Movements-Grain and Pro-
duce-Review Of Trade.

New York, Nov. 16.-The market for Sc
curities showed an instantaneous re-
Spouse this morning to the promise OF
relief to the money market contained
in Secretary Cages circular Offering TO
redeem s25,00000O of government bonds at
the market price of Wednesday. The
first hour of the trading witnessed very
broad. animated and buoyant market.
the activity and strength being very gen
orally distributed throughout the list.
The rapidity of the advance invited con-
siderable prof1t-taking and there were
quick recessions from the opening level.
But the demand for stocks continued I'M
appeased and, until the higher level was
reached again, the buying continued. At
the high level there was a diminuton in
the demand, but the undertone Of the
market continued remarkably firm and
offerings to realize were quickly abb
sorbed. The whole market hinged on the
days developments concerning the treas
ury department. offer. The very con-
siderable amount of bonds brought to the
suh-treasury during the day sustained
the strength of the market. The total
amount offered was $2,S94000. but Wall
street was full of rumors of very heavy
blocks of bonds accumulated by bank
Ing interests for the express purpose OF
buy by the treasury department. The
aggregate amount covered by these ru-
nors was considerably in excess of the
total amount of bonds to be taken up by
the treasury. No confirmation of these
rumors could be had however. buoy
ant tone was impaired to other govern
ment issues at the call of the stock ex-
change. apparently on the theory that
the offer of the secretary of the treasury
might later be extended to include addi-
tional bonds.
The money market was somewhat cas-
Ter in tone, but did not yield below 5 per
cent. The response in the foreign ex-
change market however, was marked.
Posted rates for sterling were marked up
a full cent on the pound and actual rates
rose half cent all round in spite Of the
easier money market at London and
continental centers The strong tone Of
3 the government bond market would nat
urally serve to discourage the accept
ance by holders of the offer to the treas
ury department. So far as the available
supply is concerned. it was known up to
recent time that the New York banks
would have difficulty in obtaining addi-
tional government bonds as security for
government deposits in the event of an
offer by the treasury department to in
crease Its deposits. There has been
some accumulation of bonds by the banks
in the last few weeks, but no reliable es-
innate can be obtained of how far their
previous holdings have been increased.
The previous holdings were mostly in use
as security for circulation and for gov
eminent deposits, SO that their sale to
The government would not serve to in
crease the money supply in the market.
1t is not believed that private holdings
Of bonds and holdings by institutions as
investments would be drawn upon to any
extent in, response to the offer of re-
demption. ',r- v. ~
The bond market was active and
strong, the speculative issues being ia
,yorites Total sales, $3.50. 900.
81 U. S. news4 As advanced " percent. and
-the old As registered Adk per cent. in
the bid price.