The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-11-17
THE MARKETS.
Wall Street Review.

new 1OfK, NOV. 16.-The market Tor
securities showed an instantaneous re-
sponse this morning to the promise of
relief to the money market contained
In Secretary Cages circular offering to
redeem $4,000, 900 Of government bonds
at the market price of Wednesday The
first hour of the trading witnessed a
very broad. animated and buoyant
market, the activity and strength be-
ing very generally distributed through
out the list. The rapidity in the ad-
vance invited considerable profit-tak-
ing and there were quick recesslons
from the opening level. But the de-
mand for stocks continued unappeased
and until the later level was reached
the buying continued. At the high level
there was a diminution of the demand,
but the undertone continued remark
ably firm and offerings to realize were
quickly absorbed. The whole market
hinged on the days developments con-
cerning the treasury's effer. though the
opening strength was added to by SYM
pathy with London, where the mar
kets were affected by the death Of Gem
eral Joubert.
A very considerable amount Of bonds
brought to the sub-treasury during the
day sustained the strength of the mar
ket. The total amount offered was ST.
S940o0 but Wall street was full Of
rumors of very heavy blocks of bonds
accumulated by banking interests for
the express purpose Of availing them
selves of the offer to buy by the treas
ury department The aggregate amount
covered by these rumors was consider
ably In excess of the total amount OF
bonds to be taken IN by the treasury.
No confirmation of these rumors could
he had, however. A buoyant tone was
impaired to other government issues at
the call on the stock exchange, appar-
emily on the theory that the offer of
the secretary Of the treasury might
later be extended to include additional
bonds. The money market was some
what easier in tone but did not yield
below five per cent. The response in
the foreign market was marked. Post
ed rates for sterling were marked up
! full cent in the pound and actual
rates rose u cent all around in spite
OF easier money market at London and
| at continental centres. The strong
/ tone of government bonds would nat
urally serve to discourage the accept
ance by holders of the offer of the
treasury department. SO far as the
/ available supply is concerned it was
/ known up to a recent time that the
/ near banks would have difficulty in OBJ
| tanning additional government bonds as
| security for government deposits in the
| event of an offer by the treasury de-
| partment to increase the deposits.
| There has been some accumulations of
| bonds by the banks in the last few
| weeks but no reliable estimate can be
| obtained of how far their previous
! holdings have been increased. The pre-
vous holdings were mostly in the use
| as security for circulation and for gov
| ernment deposits so that their sale to
| the government would not serve to in
! crease the money supply in the mar
ket. 1t is not believed that the pri-
vate holdings of bonds and holdings by
flduciary institutions in investments
! will be drawn upon to any extent in
response to the offer of redemption.
Total sales $4,000 shares.
The bond market was active and
strong, the speculative issues and re-
organization bonds being favorltes.
Total sales par value, SO, 900.
United States new As advanced q,
the 3s and AS registered u and do.
coupon and 2's u in the bid price.
The range of today's prices for the ac-
| tive stocks of the New York stock mar
| kctS are given below. The quotations
are furnished The Tribune by ]. N. RI s.
SELL. & CO., members of the Consoli-
dated Stock Exchange, 40 and All Con-
nell building, Scranton Pa.