The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-16
BANKS CHANGING BONDS
The New Financial Law Dominates
the Stock Market.
All the Steps Necessary 10 Carr, out
BcinE TnLen-London Not an Inn
portant Factor - Third Avenue
Makes Jump Of Ten Points.

NEW YORK. March 15.-Circulars Of the
Treasury Department, calling the attention
of local owners of United States Govern
ment bonds 10 the passage of the financial
act, which will hereafter be described as
the law of March II. 1900, were received in
this city today. Accompanying this paper
were other circulars. explaining the provi-
sions Of the act and containing instruc-
tons as to the steps TO be taken by bond
owners intending to convert their holdings
under the provisions of the law.
4 number of the national banks had spe
cial meetings of their boards of directors,
in order that the requisite resolutions might
be passed and forwarded to the Treas
ury Department. In the order of priority.
and through the action OF the various
Treasury bureaus concerned. the new per
cent bonds will be substituted against the
old issues now held to secure circulation
Checks will be mailed for the computation
of the premium on the old bonds and new
circulations up TO the par value of the new
bonds deposited will be issued 10 the
banks
All the routine steps necessary TO carry
out these processes have already been
taken. and by the end of the week some OF
the effects of the operations of the new
law ought 10 be perceptible. Il was rough
ly estimated today that the premium COM
mutation feature of the law would result
In actual disbursements by the Treasury
of over 500 coo. 600, while the increase IN
circulation would aggregate probably S23,-
900 900 in addition. The Treasury payments
on account of the premium are. for OBJ
vious reasons. the most important features
Of the general business, and ii is 10 them
that the bulk of attention Will first turn.
The enactment OF the Financial bill was
scarcely anything more of direct iniiu-
enee in the days stock market than II has
been at any time since its passage in It's
present shape was virtually assured. The
money market ruled at about yesterdays
level but owing TO the relief commonly ex-
pected 10 follow the Treasury disburse-
ments. there appeared t0-be little concern
felt in this regard.
Aside from the beginning OF the opera
lions OF the financial law there was very
little in the days situation OF general i'm
portance. The speculative interest was
chiefly taken up with the particular move
ments in certain stocks. and in many cases
these attained sufficient dimensions to fair
" monopolize attention. London was not
an important factor in the market the
dealings from that quarter on balance be-
ing small in volume, while the rather un-
certain tone of the London market pre-
vented any direct influence being derived
from that quarter No change was made
to-day III the BaHk OF England ulHtiHuu
rate of discount, but the sharp decline in
the banks reserves and the continued
steadiness of the London money market
indicated that an increase in the official
discount figures was probable with the
coming week
Third Avenue Railroad stock again fur
nished the sensational movements in the
days market. and its course indioa ed that
the stock was in the technical condition
designated as "cornered." After opening
fully points below last nights final fig
ures. and points below the highest level
reached in yesterday afternoons rapid ad-
vance. the stock subsequently had a prac-
tically unbroken rise of over 10 points.
with the dealings In enormous volume.
There was again noted exceedingly heavy
and urgent buying for the short account,
but IL was the common and reasonable
opinion that such purchases alone could
hardly account for the recovery of %
points that has taken place in the stock
since the bankruptcy of the company be-
came assured.
The belated quarterly statement Of the
Brooklyn Rapid Transit Company this
morning was favorsbly construed. both On
account of the handsome increase in gross
earnings shown and in the Substantial re
duction in operating expenses