New-York tribune., 1900-03-20
'EY Dividend.
BONDS.

THE DAYS OPERATIONS IN STOCKS.
The securities markets presented evidence OF
broadening demand for stocks and bonds.
Increased summation marked the course Of deal
snss while better distribution OF business
uss noted London was a moderately heavy
buyer. commission houses were active and sub
stantiai market interests were more in evidence.
Prices were strong. In bonds there was a good
inquiry for The cheaper class of issues; and this
Eas characteristics feature of the share de-
par1nent as well The Union Pacific, Atchison
and Baltimore and Ohio stocks were In demand
while In the stzn lower priced securities Mexican
Central and Colorado Southern issues were
ieasore1 Great expectations regarding the
future OF the Mexican railroad stocks and
bonds are held in well informed quarters Mex
,cos growing prosperity. its probable adoption
Of the gold Standard before many years have
passed and the heavy earnings of its railroads
VIII MAKE The Mexican Central and Mexican
National stocks warm speculative favorites on
the Stock Exchange. Some Wall Street houses
consider these securities the best speculative
purchases on the list 1t Will pay to watch
sher market course In the last hour the
WHOLE market showed pronounced strength
with 2 sensational advance in Third Avenue
Dealers in United States bonds have been
sccumUlating the National issues for a long
time. and in many instances bond houses that
which have created impression that the
National banks viii realize enormous profits
On banknote circulation under the provisions
Of the new Currency law. At the current high
price Of Government bonds it would seem more
profitable TO sell bonds deposited for circulation
rather than TO take out new circulation; and
IL Is believed in many banking circles that the
people who are counting upon a big increase
IN banknote Issues will be sorely disappointed.
acting from the high level recently established
TIE demand has evidently been satisfied and
lower prices appear probable. Various esti-
mates Of the profit on banknote circulation
have been published, but very few figures in
clude the possible depreciation in the price
paid for the bonds securing the circulation
IL would require only small decline in the
. per cents to wipe out all the profit on
circulation taken out bonds bought at pres
ent figures. assuming that calculations are
made with loans on average of per cent
for the year. One Wall Street house has made
an estimate on the basis Of 1071h for the bonds
bought, with money averaging 4 per cent
which shows that a decline of IL per cent IN
the price paid for the bonds would take away
the entire annual profit 100000 of circu-
lation.
Spectators beginning to realize that the
new Currency law was not passed for the
Denens or the stock market. They are begin
ming TO understand the features of the law and
in consequence recent estimates of what the law
would accomplish in Wall Street are being re-
vised. The stock market Will doubtless work
higher this year in response to steady business
conditions. Imitation in the money market
which happily is not probable would only
serve 10 create dangerous speculation. The in
nuence Of the Currency law will be gradual
but irrespective of this influence the money
market should soon return to normal posi-
tion, while the Improvement noted in securities
in the last few days should continue unless the
business interests Of the country become
alarmed the political situation. 1t looks
as il business would not take fright at politics
this year, and 1t is quite apparent that general
trade will be conducted upon a strictly business
basis rather than upon a speculative basis.
This will help securities. The sensational ad-
vance in Third Avenue stock yesterday due
10 a well conducted speculative corner, and the
advance in this stock caused a stampede of
shorts" in other oversold shares The bears
appear 20 be the losing side.