Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-11-17
REVIEW 4: ] |. !. / MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange Bonds, Grain.
Cotton, Provisions Etc.

ia New York, Nov. 16-The market for
securities showed an instantaneous
response this morning to the promise
4 fsrelief to the money market con-
tained In Secretary Cages circular
offering to redeem $25, 600, 600 OF Gov
eminent bonds at the market price of
Wednesday. The first hour OF the
trading witnessed q very broad, anil
mated and buoyant. market, the activ-
Z aty and strength being very generally
distributed throughout the list The
rapidity of the advance invited con-
siderable profit-taking, and there were
quick recessions from the opening level.
But the demand for stocks continued
unappeased and until the higher level
was reached again, the buying con-
tinued. AT the high level there was q
dimtnution in the demand, but the
undertone of the market continued re-
rnarkably firm and offerings to real
lie were quickly absorbed. The whole
market hinged on the days develop
ments concerning the Treasury De-
partment's offer, though the opening
strength was added to by sympathy
with London, where the markets were
affected by the rumor of the death of
the Boer General Joubert. The very
considerable amount Of bonds brought
TO the sub-treasury during the day
sustained the strength of the market.
The total amount offered was 50, 49,, 900,
but Wall Street was full of rumors Of
very heavy blocks of bonds accumu-
lated by banking interests for the ex-
press purpose of awaiting themselves of
the first offer to buy by the Treasury
Department. The aggregate amount
covered by these rumors was consid-
erably In excess of the total amount
OF bonds to be taken up by the Treas
ury. No confirmation of these rumors
could be had, however. a buoyant
tone Unmarried tn other
ment issues at the call on the Stock
Exchange, apparently on the theory
that the offer of the Secretary of the
Treasury might later be extended to
include additional bonds.
The money market was somewhat
easier in tone. but did not yield below
per cent. The response In the for
eign exchange market, however. was
marked. Posted rates for sterling
We're marked up n full cent in
pound, and actual rates rose half-cent
all around In spite of the easier money
market at London and at Continental
centers. The strong tone OF Govern
ment bonds would naturally serve to
discourage the acceptance by holders
OF the offer OF the Treasury Depart
ment So far ns the available supply
is concerned, 1t was known, up to
recent time, that the New York banks
would have difficulty in obtaining
additional Government bonds as Sc
curlty for Government deposits, in the
event OF an offer by the Treasury
Department to increase It's deposits.
There has been some accumulation
of bonds by the banks in the last few
weeks. but no reliable estimate onn be
obtained OF how far their previous
holdings have been increased. The
previous holdings were mostly In use
as security for circulation and for
Government deposits. so that their
sale to the Government would not
serve to increase the money supply In
the market 1t Is not believed that
private holdings OF bonds and holdings
by fiduclary institutions as invest
ments will be drawn upon to any ex-
tent in response TO the offer OF re-
demption.
The bond market was active and
strong. the speculative Issues and re-
organization bonds being favorites.
Total sales, par value. s3,57OO00.
U. S; new As advanced 9sc., the IS
and old As registered nc, and do.
coupon and 2s Ac. In the bid price
The total sales Of stocks were Isl, ZOO
shares.
New York, Nov. 16.-standard Oil.
4.5S& G4.C0.