The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-10-11
FINANCIAL AND COMMERCIAL.
TuEspAY. Oct. 10.

TUESDAY. Oct. TO-
The announcement BY the Treasury Depart
mont that It will prepay the Interest upon the
0overnmont debt due Nov. l. without rebate.
and all interest duo after that date until the
end OF the current fiscal year at discount OF
two tenths OF one per cent month had de-
o,ded effect upon the market for securities.
The i'm prsssion had prevailed for day or two
that the Governmen ont would anticipate the pay
ment OF its Nov. interest. but no one was
prepared for such comprehensive action as
has been taken. Tho short interest In
stocks was manifestly taken by surprise and
FASTENED to reduce the volume OF It's commit
ments. The news also encouraged the buying
OF certain stocks bv the pools and operators
that are especially Interested In them. Buying
Of this character was discernlble In American
Tobacco. American Steel and Wire. common.
Sugar Refining Federal Stoel and several OF
the so-called specialties.
The money market reflected In smaller de-
gree than the speculation in stocks. the effort
OF the Government to avoid locking up money.
through the ordinary operations OF the Treas
ury Department.
The ruling rates for call loans were only
little lower than Yesterday. being SGlO per
cent. and there was no quotablo change In the
time money market Still the action OF the
Government will doubtless have good senti-
mental effect in addition to the actual addition
to the supply OF loanable funds which 1t per-
n,its. 1t is calculated by those familiar with
tho holdings OF Government bonds that
S15.0O0.00O. or more than one half OF
the interest due upon the public debt
during the remainder OF tho fiscal year
will be paid In this city. II does not follow.
however. that large percentage OF that
amount will be asked for in advance OF mntur-
ity. Banks and trust companies that can en-
ploy their funds to advantage in the present
money market may take advantage Of the
Treasury's offer. but individuals are not likely
to do so nor are the savings banks. These last
hnd It difficult to secure more than 81 per
cent. upon the money entrusted to them. hence
they are not likely to pay discount OF "a per
cent per annum to obtain more money for In
vestment.
The supply OF time money from out Of town
institutions continues, and the monetary stu
alton has been improved since the end OF last
week by the receipt OF nearly two and half
millions gold from abroad. and $5OO.OOO that
arrived from Cuba to-day. The Lon don money
market was considerably easier aud British
oonsols were higher. These changes took place
and we're maintained In the face OF reDorts
that the Beers had sent an ultimatum to the
English Government Tho fortnighty settle
ment on tho London Stock Exchange was CON-
Quoted to day with unexpected ease. and rates
for carrying stocks until the next settlement
were lower than they we're two weeks ago.
These circumstances were not without effect
here. though foreign dealers did very little In
this market
In the last hour OF business traders who
bought stocks oarlv in the day endeavcrsd TO
secure profits. and their operations produced
reaction. While IL was in progress. sudden
demand for Sugar Refining developed that ad-
vanced the price OF that stock rapidly. and LETT
it2H per cent higher than Yesterday. This
movement had some effect upon the entire
speculation. The closing was firm at slight
Iecessions from the hest prices.