The Saint Paul globe., 1900-03-08

NEW YORK, March 7-ProfessionaI
bear operators suspended their campaign
for q decline in the stock market today
The bull contingent, on the other hand,
were hampered by the continually in
creasing closer conditions in the money
market, and by the determined indifrer-
ence OF the outside public. In conse-
quence, dealings on the exchange ap-
preached the point of stagnati0n, and
the movement OF prices was entirely
without significance. Attention among
money lenders and capitalists, as well
as among stock operators, is devoted to
the probable effects of the currency bill
when 1t shall become operative.
AS to the volume of the expansion of
ditional note issues with be made at once
up to the par value of bonds at present
on deposit to secure circulation, which Is
slightly over $24O, ,CO0, ,O0O The 10 per cent
AS to the extent beyond this, to which
the expansion is likely to proceed, all is
conjecture and opinion is exceedingly
varied. On the present national bank
capitalization, which amounts to $606, ,GOO-
O0O, further note issue Is permissible,
under the law. of 1886, 100000, but the to-
tai amount of the bonds to be converted
and which are available to secure cir
eulation, is nearly $S40, co., and the adj.
dttional capital which may be embarked
in national banks in small cities. under
sion of circulation as fast as national
bank capital is increased.
But this possibility is purely theore-.
teal. The more the question is canvass
ed, the more 1t is perceived that hind
RANGES may arise to the taking out ad-
d1tlonal circulation. In the first place
the constant advance in the price Of
government bonds may eat up the mar
gin which would leave a profit in cir
cuiation. There is question also of~the
ABILITY to keep their notes in circulation
They cannot be counted in the lawful
money reserve required by law, and at
the same time they swell the deposit
LIABILITIES of the banks FIn consequence,
unless an active demand exists for the
use OF currency In hand2to-hand transac-
tienS, the banks would derive no adyan-
tage from keeping the notes in their
vaults; and would send them in for re-
delnptlon as fast as received.
On the other hand, even If the notes
keep In circulation, there is the question
of how far they would serve to dis
place legal tenders, thus facilitating gold
exports; lastly there is the question of
delay In the prepara tions of the new
bonds from purely mechanical difficulties
a delay which mayslast several months
since there is no pbwersin the treasury
department. to anticipate the operation Of
the law by preparing bonds in advance
With the doubt thus involved. of the
amount of relief to- be afforded to the
money market by the operation of the
new law; and OF the time when the re-
lief Will be available, transactions on
Some of the buying of bonds today
was attributed to capital made available
for relnVestment by the, recent large
selling dlgs,G 9f goyernment bonds. Prices were
per value, s1,7S5,000. United States old
as and 5s advanced u. and the IS u in the
bid price The new is declined 4.
STOCK QUOTATIONS.
Furnished by Charles H., F. Smith &,
Co. members of the New York Stock ex-
change, Pioneer Press building who have
direct wires to Chicago and New York.
Closing prices are bid --'