New-York tribune., 1907-11-19
ADVANCES IN MARKET.
Stocks Rise FolJo1cing announce
ment of Governments Relief Plan.

The view taken by Wall Street of the Treasury
Departments relief measures was shown IN the
course Of the stock market yesterday, which ad-
vanced two or three points at the opening, ana
after an intervening period Of duness closed strong
and active with substantial net gains throughout
the list Call money ruled high as 10 per cent
and low 51s per cent.
The 100000 new Panama ? per cent bonds, 1t
is commonly understood, will be taken almost en-
tireiy by national banks. which will use them as
a basis for additional circulation. The per cent
Treasury notes, OF which the Secretary OF the
Treasury is TO issue much S100Oo00oo. If nee
esssary, expected TO be subscribed for In con-
siderable volume by the general public. it being
believed in the Street that the hoarders OF great
deal of money. who still distrustful OF the
banks and not desrous Of entering the stock
market seize the opportunity 10 invest in the
new government obligation offered. which Will en-
able their money now bringing them no return, TO
interest al per cent which is everywhere
agreed 10 be absolutely safe investment, and
which will find a ready market at any time. A
large proportion of the per cent notes. however,
It is understood, the amount being estimated in
excellent quarters high as S5Oooo0o0. is entirely
likely to be asked for by the banks, to be used
by Them like the Panama Is. security for
new circulation. The annual tax circulation
secured by the per cent notes Will be per cent,
and that secured by the Panama bonds Il per
cent.
Reports that the Bank of France would be asked
20 subscribe for the new notes making payment
quarters yesterday. Rumors also current that
J. p. Morgan & Co had formed syndicate TO
underwrite the issue OF Panama bonds and
that they were organizing syndicate 10 take over
a block OF s25.ooOOoo of the per cent notes. Late
IN the day a member Of the firm gave specific de-
NAL 10 these reports He added that further
negotiations were contemplated for securing gold
from the Bank of France.
nominal bid of IO1 for the government per cent
certificates Of Indebtedness was made yesterday on
H.. -nF,-o
at the local Sub-Treasury from Washington con-
cerning the new issues of government securities A
number Of applications for subscription blanks for
the 5 per cent notes were received at the Sub
Treasury from brokerage houses and investors.
There is good deal of speculation in Wall Street
as TO whether not the government Will accept
certified checks national banks for the certii-
Gates and bonds. hut the general opinion was that
only cash would be taken.
The premium on currency declined yesterday
morning the news from Washington of the
measures taken by the administration for increas-
ing the amount OF the circulating medium. but in
the late afternoon an unexpected demand developed
and large amount OF currency sold by the
money dealers at the highest premiums of the day
PIX to 2lz per cent-to purchasers who acting
for institutions the West and South Money brok-
yesterday for the first time expressed anxiety
lest they might find themselves stocked with a
great quantity of money for which they had paid
premium but which they might be unable to dis
pose Of at advance. Well known bankers said
that in their opinion. the effect of the Treas
ury action would be the disappearance by the end
OF this week of the premium currency
Lazard Freres yesterday engaged s20O0OO0 gold for
import and the Guaranty Trust Company s1,500oG0,
these engagements bringing up TO ss6. .425 600 the
total importations arranged for during the
weeks. There a sharp break in foreign ex-
change yesterday cable transfers declining from
s91i2 TO 4s724, and demand sterling falling 2l4
points ls52s. Closing rates were fractionaIly
above the low levels.