The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-08
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.

Markets.
NEW YORK. March 7.--close: Money
on call steady at 2@SM per cent: last
loan per cent, Prime mercantile paper
4,s@51s per cent. Sterling exchange
weak, with actual business IN bankers
bills at S4s5Ra4 s55s for demand and at
81 s21s for 90 days; posted rates ~ s3ss@
4 "a and 81 s79l SIX; commercial bills
81 S1%94 S9N. Silver certificates 5s&@
6e&c. Bar silver 6s%c. Mexican dol
lars 47sfc. Government bonds irregu-
lar. State bonds irregular. Railroad
bonds frmer.
Professional bear operators suspend
ed their campaign for a decline in the
stock market to-day. The bull contln-
gent on the other hand were hampered
by the continually increasing closer
conditions in the money market and by
the determined Indifference Of outside
public. In consequence dealings on the
exchange approached the point of stag
nation and the movement Of prices was
entirely without Significance. Atten-
tion among money lenders and capital
lists as well as among stock operators Is
devoted to the probable effects OF the
currency bill when it shall become oper-
alive. AS to the volume of the expan-
sion of the currency opinion is agreed
that additional note issues Will be made
at once up to the par value Of bonds at
present on deposit to secure circulation,
which is slightly over $4,000, 600 The
10 per cent increase thus Indicated will
be S2l, 100000. 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 10 100000, 600, a further note
issue is permissible under the law of
$Sss, 900, 900, but the total amount Of
bonds to be converted and which are
available 10 secure circulation Is nearly
$40 100000 and the additional capital
which may be embarked In national
banks In small cities under the law
makes possible a further extension of
circulation as fast as national bank
capital is concerned. But this possl-
bility is purely theoretical, The mora
the question is canvassed Of the possl-
bic effects OF the operation OF the law
the moro It Is perceived that hindrances
may arise to taking out additional cir
culation. In the hrst place the con-
slant advance in the price of govern
ment bonds may eat up the margin
which would leave proht in clrcula-
ton. There Is question
also OF the ability Of the
banks to keep their notes In clrcula-
ton. They cannot be counted in the
lawful money reserve required by law
and at the same time swell the deposit
liabilities Of the banks. IN consequence
unless an active demand exlsts for the
use OF currency In hand-to-hand trans
actions. the banks would derive no adj
vantage from keeping the notes in their
vaults and would send them In for re.
demptlon az fast as received. On the
other hand, even II the notes keep In
circulation there IS the question Of how
far they would serve to diSplacs legal
tenders thus facilitating gold exports.
Lastly, there is the question Of delay in
the preparation OF the new bonds from
purely mechanical dlHicultlss; delay
which may last several months, since
there Is no power in the trade 70 antlci-
pate the operation OF the law by pre-
pairing bonds in advance. With the
doubt thus involved Of the amount Of
relief AFFORDED to the money mar
ket BY the operation Of the new law and
Of the time when the relief viii be
available, transactions on the stock exc
change are much curtailed.
Some Of the buying Of bonds to-day
was attributed to capital made availa-
bic for relnvestment by the recent large
selling of government bonds. Prices
were generally well sustained. Total
sales par value &i,735,OO0.
United States old Is and 6s advanced
Y per cent ana the 80 x per cent in the
bid price. The new d declined 4 Per
Ms HnnAa.