The times., 1899-10-11

NEW YORK, Oct IO.-A general and
pronounced rise in prices in the stock mar
ket followed the announcement from Wash
ing,on that the Secretary Of the Treasury
would anticipate the payment Of the in
terest on the Government debt due Novem-
Der /, and that he was willing to prepay
the interest on the Government debt UP to
the end Of the fiscal year, at q slight dis
count. theoretically. the amount of money
10 be released by the Treasury on this ac-
count amounts TO something under $780,
O00.0O0 although it is likely that many OF
the holders of small amounts of Govern
ment bonds will not avail themselves Of the
offer OF the Secretary of the Treasury 1t
was generally estimated today that about 70
per cent OF the indicated total Treasury
payments on this account would be actually
released through the prepayment OF the
interest on the Government debt, but even
such an amount is considerable, and ought
10 relieve substantially the prevalent none
tary stringency. The action of the Secre-
tary Of the Treasury, as noted, had pro-
nounced effect upon the stock market, and
was everywhere received with expressions
of satisfaction. The Secretary has followed
practically the only course open 10 him 10
relieve the situation, as purchases OF Gov
ernment bonds in the open market would
tend to disturb not only national bank cir
culation but also Government deposits with
the banks. Naturally, today's money mar
ket was unaffected by the circumstance
noted and money on call ruled well above
the legal rate throughout the day, but the
sentimental reflection on business has al
ready been noted.
The London market also showed a ma
1eriaI recovery in all of its divisions. con-
soils advancing rapidly and American
stocks being dealt in at the substantial ad-
vances. Foreign houses bought q small
amount Of stocks here and these evidences
of the bettering of the South African
situation were reflected in the strong open
ing in the local market. 1t was not, how
ever, until the Treasurys announcement in
respect 10 the prepayment of interest on
the Government debt that the market de-
yeloped material strength and animation,
and even then its course was marked by
some irregularity. The advances that fol-
lowed the news from Washington averaged
well over ] per cent throughout the list
and more pronounced rises were scored in
some Of the more mercurial issues.
After the impetus the market received
IOM llG ACKNOWLEDGEMENT La
ing became much better diversified than IL
had been in the earlier dealings OF the day.
In the industrial quarter Sugar Refining
advanced on large dealings, and note
worthy strength was shown by the Ameri-
can smelling stocks and the so-called
steel industrials. Brooklyn Rapid Tran
sit and the other local traction issues
were also firm, and, as noted, the advances
IN the standard stocks averaged over one
point.
There was little definite news bearing
upon special stocks, but the particular
strength OF Northern Pacific common was
attended by reports that the management
OF the company contemplated the establish
ment Of a dividend guarantee fund upon
the common stock Of a similar nature TO
the fund now held in reserve TO guarantee
the dividends upon the preferred. While
the more rapid advance in the market ap-
Peared TO reflect the covering of short con-
tracts. the anticipated relief to the money
market through the Treasurer's action. was
followed by an increase in commission
business also.