The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-08
MARKET IN. ST ATE!
OF ST yA'GlNAT1ON.
Price Movements Were Entirely.
Without Significance.
MONEY CONDITIONS CLOSER.
Attention is Devoted to the Probable.
Effect of the New Currency Bill
When 1t Shall Have Be
come Operative.
MONEY CONDITIONS

NEW YORK, March 7:-Professional
bear operators suspended their ca1hpa ,
for decline in the stock maI atea .1, ny
The bull contingent, on the other Manu.
were hampcred by the continually in.
creasing closer conditions in the money
market and by the determined ,, i 'n canee-
auence dealings on the exchange ap
preached the point of stagnauon. ana
The movement of prices was eHllfehy
without significance.
Attention among money-lenders and
capitalists as well as among STOCK op sera
tors Is devoted TO the probable enects
of the Currency bill when it shall become
operative. As to the volume OF the cN,
pansion of the currency opinion IS aereeu
that additional note issues wal! pc mace
at once up to the par value OF bonus at
present On deposit to secure circuiai Ion
which is slightly over S24o, o0O. 600. me ne
10 per cent increase thus indicated Wli1
this TO which the expansion is likely 70
proceed ali is conjecture, ana OPINION Is:
exceedingly varied.
On the present national bank capita tan
ton, which amounts to $GO6. COY, oOo. a
further note issue is permissible under
the law of $500, 100000. but the total
amount of the bonds to be converted, and
which are available to- secure circulation
Is nearly SS4O,o00,0oe, and the additional
capital which may be embarked IN ma
tional banks in small cities under the law
makes possible a further extension of
circulation as fast as national bank capt
tai is increased. But this possibility Is
ton is canvassed of the possible effects
of the operation of the law the more it
is perceived that hindranceS may arise TO
taking out additional circulation In the
first place. the constant advance in the
price of Government bonds may eat up
the margin which would leave proht
in circulation, and the ability OF the
banks to keep their notes in circulation
is in question They cannot be counted
in the lawful money reserve required by
law, and at the same time they swell the
a hill ms of 1oa hor1l lie n ~.
sequence, unless active demand exists
for the use Of currency in hand-to-hand
transactions the banks would derive no
t.,ir vaults, and would send them in for
redemption as fast as received. On the
other hand, even If the notes keep in cir
culati there is the question OF how far
they would serve to displace legal ten
ders. thus facilitating gold exports. Last
iy, there is the question of delay in the
preparation of the new bonds from pure
ly mechanical difficulties. delay which
may last several months, since there is
nc power in the Treasury Department to
anticipate the operation of the law by
preparing bonds In advance. With the
doubt thus involved Of the amount of re-
lief 70 be afforded to the money market
by the operation of the new law, and of
the time when the relief will be available,
transactions on the Stock Exchange are
much curtailed.
Some of the buying of bonds to-day was
attributed to capital made available for
reinrestment by the recent large selling
of Government bonds. Prices were gen
orally we'll sustained. Total sales, par
value, 81. 733.OO0. United States old As
and SIS advanced Z and 3's u in the bid
price. - {
The total sales of stocks to-day were
lington and Quincy. a495: Atchison pre-
ferred, 12,51o; Manhattan. $40; Penn
sylvania. :.l45; St Paul. 1910: Southern
Pacific, 800; American Steel and Wire,
Z ESQ: American Tobacco, 1920; Brook
lvn Rapid Transit. $500: Continental To-
bacco. l0.3S5: Federal Steel. 6,700; Peo-
pies Gas, 26,645; Sugar. 43,43o.