The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1900-03-14

wall street ls gloomy.
NEW YORK. MARHc is-wail street
has not been In a vry buoyant mood dur
Ing the past week, the reason not being
very difficult to discover Monetary COM
ditlons are unfavorahle to tho buying OF
stocks ana this factor. coupled with un-
favorable Developments IN the iniustrlals,
has contributed more than any other 20
the hesltaucy IN tho stock market The
professional element is generally bcarish,
and neither the big operators nor com
mission houses representing the public
are taking ain active interest in the mar
let
There is little prospect. therefore. OF
any change until the money market as-
sumes more satisfactory outlook Ap-
ril settlements are approaching and thnt
is always a period of temporary strin-
gercy At the moment however, the mon
ey market le chiefly under Che Influence
Of the cXpectcd rcfunding operations
which VIII enevitably cause temporary
derongement The recent unusual oxpan-
sion in bank loans, ls. no doubt largely
due 20 preparations for this event espec
tally as interior banks. which expect to
Increase their currency output have been
large borrowers at This point 10 true
that there has heen a considerable ev-
panslou Of commercial loans owing to
business activity but this does not ac-
count for the large increase OF loans
since January /. ani stock Exchago oper-
atious have been on q limited scale As
the preparations for refunding may COM
tinue for a further period. II is usloss
70 expect a settled money market until
these and the April settlements are safe
~ passed
In a few days the currency bill viii be
come n law, and the banks viii complete
fh4fr "a al ha
currency We are not among those who
expect any huge imitation out Of the oper-
alton Some parties profess TO see and ad-
dltion Of 5000 900. 900 or 5000, 90 and over
TO our currency. Such talk Is highly in
furious and can only harm those who be-
lieve H. Any accurate forecast OF the
amount Of new currency Is exceedingly
difficult It Is impossible that government
bonds may rise TO a point where banks
would prefer 10 sell rather than take out
circulation The privilege OF issuing notes
equal TO the par value OF bonds will per-
init an increase OF over $4,000 900, The
effece OF the retdrn bonds pledged for
public deposits In the banks can hardly
be estimated. but It would be cons'd 'derab'e
as the bank now hold about $4,000 900 of
government funds. There are other OPP
erations Of a technical character which
will add TO the circulation, making an in
crease with a safe estimate would place
at ABOUT 3lVUtVONfVuU. 1nlH n nOntFAlt tA-
pansion not sufficient on which TO pace
any great speculative operations but quite
sufficient TO act "a a preventative Of un-
due stringency and as moderate gtimu.
lus TO business activity and speculation.
The passage Of the currency bill is not
likely to have any pronounced effect. IT
Is simply a formal establishment of the
peoples will: it ensures the gold stand
ard but does not stcn the endless chain
or give us a scientific banking currency,
the struggle for which in congress should
be renewed with fresh energy.
The new per cent government bonds
should be christened United States con-
soils. especially as they make so favor
able a comparison with the English con-
soils. which bear 2% per cent interest and
are selling at 10O%. whereas the United
states consois are per cents and are now
selling at 107 before issued and are IN
considerable demand at that price. There
can be no better barometer Of the high
credit OF this nation than this showing
No other nation has ever before been able
to float per cent bonds at 100. This
is certainly a proud achievement for this
country.
The Transvaal war has ceased TO be
factor OF any consequence. now that ap-
prehensions OF further disasters TO Great
Britain are removed. When the war Is
over. recuperation ought to follow more
rapidly than Is usual In such cases o9ulli
Africa Is peopled by vigorous races, and
there viii be no lack of British capital
ready for developing it's resources as soon
as peace and order are established. pc
riod OF political friction may follow, but
the United States will certainly be called
upon TO supply larger quantities Of ma
chinery and food produots and, as Brit
ish methods OF taxation are likely 10 ibe
less onorous than the Beers the mining
ana other raaourcpa will receive a gtimu-
lus the benefit OF which viii be shared
on this side of the Atlantic.