The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-03-08
NEW YORK.


NEW YORK March professional bear oper-
stock market today. The bull contingent on the
other hand hsmpered by the continually in
creasing closer conditions in the money market
and b. the determined indifference o. the outside
public In consequence dealings the exchange
approached the point Of s,axnation and the move
ment Of prices entirely without signiHeance.
Attention among moaey lenders and capitalists, as
ven as among stock operators, Is devoted TO the
become operative. A TO the volume Of expansion
the current opinion Is agreed that additional
note issues win be made at up to the value
~ bonds At present on denosit to secure eirsuA.
tion which ia slightly $40 900 90
The 10 per cent. increase thus Indicated will be
s2s0oe,oo. As to the extent beyond this to which
the expansion Il likely to proceed ali is eoniec-
tnre, and opinion is exceedingly varied. On the
present national bank capitalization which amount.
10 sos 600 900 further note issue IL permissible
under the law o. 1856 900 600. but the total amount
Of the bonds 70 be converted which are available
20 circulation IL nearly $50 coo 90 and the
additional capital which may be embarked in
tionai banks IN smaller cities under the law makes
possible further extension q circulation fast
national bank capital Is increased. But this
possibility Is purely theoretical. The more the
question Is canssssed Of the possible effects Of
operation Of the law the more it Is perceived that
hindrances arise 20 taking out additional cir
euiation. In Tue nrst plsce the constant advance
margin. which would leave a profit in circulation.
There Is question also Of the ability a the banks
70 keep their notes in circulation. They cannot be
counted IN the lawful money required hY
law and at the same time they swell the deposit
liabilities Of the banks In consequence, unless an
active demand exists for the n currency in
hand in transactions IN. banks would derive no
advantage ty keeping the notes in their vaults and
would send them IN for redemption fast
received. on the other hand, II the
keep In circulation there il the question u how
far they would TO dspaee legal tenders, thus
facilitating gold exports. Lastly. there il the
question OF delay in preparation for the bonds
from purely mechanical difficulties. which last
several months. since there IL no power In the
treasury department anticipate the operation q
the Law By preparing bonds in advance With
the donht thus involved Of an amount Of relief
20 be afforded 10 the money market BY the opera
tion II the Law and q the time when the
relief win be available. transactions Gu the stock
exchange much curtailed
some II the buying u bonds today was at
tributed to capital made available for reinvsstmeut
by the recent large selling Of government bonds
Prices were srnerAiiy wen sustained Total sales
par value. N,TNSa
United States "a Is and s., advanced , and
the IS in the bid price The as declined J.
Money and Exchange.
Money on call steady. As3s per cent last Loan.
per cent prime mercantile paper, i.zs. per
sterling exchange weak Nith actual business In
bankers bills AZ Asstassas for demand and At
Sisls for % days, posted rates. 81 SCAT a and
81 scat si commercial bills. slfft s2i silver GER
tncates. 5sfae1; bar silver, So Mesiezn dollars
"a government bonds. irregular. state boads ir.
regular. railroad bonds. hrnsF.