The times. [volume] (Richmond, Va.) 1890-1903, 1899-10-11
IGNORED THE
LONDON MARKET
Stock Exchange Shows lis Reliance
on Domestic Situation
THE MARKET CLOSED HEAVY
Although the Treasury Statement OF
Anticipated Interest Caused Some
Early Gains i'm Prices-Bonds
Were still Dull.
THE MARKET CLOSED HEAVY

NEW YORK. oct 10.-The stock mar
a. To-day demonstrated In striking
,n9rncr its reliance on the domestic
money situation and its Indifference 10
Che events In foreign lands The Lon
don market advanced prices under me
lead OF Kadir mining stocks, IN whlch
there Is a merry speculation. based on
Tho assumption of early control by the
British Government of the Rand mining
district
The local market responded only partly
90 the improved quotations from abroad
and more than lost the opening gains
before the end Of the first hour. Then
came the announcement from Washing
ton OF the Treasury Department 10 antici-
pate the November interest ON Govern
ment bonds without discount, and that Of
the entire fiscal year at a discount of
two-tenths Of Per cent, about the regu-
lar rate on Government bonds. The re-
Spouse was prompt and emphatic, prices
rising with more appearance Of strength
than for "a long time past.
The oains ranked from / to over per
cent in many active stocks The buying
was undoubtedly I'm large part due 10 the
covering of short contracts by the pear
interest. which has been considerably cX-
tended during the last few days ON me
continued appearance OF money Sliih-
Ccncy. The industrials were most aHcct-
Cd. including those in the metal industry.
The most notable movement in the ralI-
road list was that of Chicago. Burlng ION
and Quincy. which rose am extreme rs.
when the demand from the snort inter-
est was satisfied prices began 10 sag
again and with the exception Of a shaIp
bidding UP Of Sugar 10 the top level IN
the late dealings the close was inclined
10 hcavincss. The action of the Treasury
Department on it's face offers something
like so. 900 900 for the relief OF the money
market and over Sf3c100O OF this Is
.I|.
FOR immediate release. however. is only
about 81 10000. the payment OF the bal
ance Of November 1st interest being fixed
for weekly periods M 10 october 23tn
The extent 10 which this provision VIII
10 awaited of is a problem. but last year s.
experiment on the same lines did not
bring striking results. The anticipated
Interest last year was that due on OctO-
Der 1st and November LIST. so that TINS
years offer IS greater by more than 81.
10000. so far as interest Us concerned (,
but last year the Government anticipated
q redemptiOn of S14 600 600 of Pacific rail-
road bonds in September and increased
its deposits with the depository banks by
S2S,O00OOO i'm September and October.
The Treasury was paying out money iree-
" then. while this year the Government
surplus Is constantly taking money out OF
The market on the whole. the relief
offered BIZ the Government 10 the money
market appears rathr magre by contrast
with last year when the rate FOR call
loans was at no time over T. per cent
during the crop-mOving period
The call-lOan rate worked rather easier
to-day. though tho majority or loans
were made at 10 per cent. the maximum
rate I'm time loans. lenders were more
willing to give accommodations for short
periods. whereas they had been holding
out for the six-mcnths' period. Inc rate
Tor all periods continues az q per cent
The money situation abroad was again
distinctly easier. and the weekly state
fnent of the Imperial Bank Of Germany,
as well as the continued receipt Of gold
on balance bv the Bank Of England indi-
Gated progress toward recuperauon.
r(evertheless sterling exchange here held
firm and French and Gerr A exchange
advanced fraction.
changes I'm prices were mixed. Total
sales. par value. s. 03j 600. United States
as declined = I'm the bid price. 10000.
Total sales OF stocks We're $4,000
shares. including Atchison preferred. %
SO. Chicago. Burlington and Quincy. H.
400: Chicago Rock Island and Pacific H.
565: Louisville and Nashville. 1920;
Manhattan. 1880. Northern Pacific,
= 300: St Paul. 1850; Union Pacific,
h060: Union Pacific preferred, 1000;
American steel and Wire, % O50; Amerl-
can Tobacco 34170. Federal Steel 1890;
National Lead, 5OS4: Peoples Gas, 1880;
Sugar. 54156.
MONEY AND EXCHANGE.-M0ne on
call firm at 4U1O per cent, last loan ~ 4
per cent, prime mercantile paper. Jl41b
per cent Sterling exchange firm. with
actual business I'm bankers bills az S4.S6if
"a SGia for demand and at S4S204S2l for
sixty DAYS. posted rates. "a s2i2U4S3 and
81 S7is: commercial bills SASlWASlA.
Silver certificates, 5SGJ9: bar silver. jsis;
Mexican dollars. a. Government bonds
easy: state bonds inactive; railroad bonds
Iru