The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-12
STOCK MARKET GOSSIP.
The Currenc, BiiI ns Factor in
Speculation.

|
| NEW YORK. March u.-The hope of the
hopeful people .foye the immediate market
! is that the passage of the Currency bill
will exert buoying effect on speculation
| by inducing the shorts to cover heavily
| and persuaGing the bull pools to buy stocks.
| The action Of the market yesterday indi-
| Gates clearly that the bears are likely to
! fulfill their part. The present level Of
| prices makes The long side more attractive
| than the short side especially when the
! shorts are already heavily involved. AS to
the disposition OF the important interests
! there is little on which TO base an opinion.
| At times on Friday and yesterday there
/ was buying for TIL long account. which was
( said to be gCod. but it cannot be said
! that as yet the indications are very strong
! that the large people are interested in the
/ market
! Much viii probably depend on the method
! pursued by Secretary Gage in paving the
premium on the refunded bends in the issu-
ance Of the per cents. Two things appear
to be settled The difference between the
par value Of the old bonds and their pres
, ent value at the date of refunding will be
paid in CASH and not in due bonds: it will
not be possible for banks TO be organized
upon borrowed bonds which bonds are 10
be paid Tor out OF the notes received. The
story that this viii be done is a revival OF
the old fiction that WAS first published
nearly forty years ago when the national
bank law first went into effect Whether
the premium on the refunded bonds will be
paid out of the Treasury or out of the Gov
eminent deposits in the banks is in douby
The Secretary OF the Treasury. who mus,
decide the question. has given no intima-
lion Of his intention. II seems likely. how
overland it is much TO be desired-that
the premiums will be paid out of the Treas
ury and that the deposits in the banks will
not be disturbed for the present
II this method is pursued there is an
excellent probability that the prospect of
an immediate plenty of money will induce
an upward move of importance in the STOCK
market. Henry Clews says of the situa-
ton
Aside from monetary influences and
weak spots in The industrials, the condi-
tions continue favorable and warrant
steady hopefulness regarding the future
There is no abatement of trade activity,
and the prospects are that no setbacks OF
consequence need be expected for months
10 come. Overtrading is not vet in sight,
and buyers are often more concerned about
deliveries than prices The Presidential
election is approaching and will be a pre-
text for delay among timid souls: but it is
certain 10 be a much less disturbing factor
than usual. The iron situation is emf
nently satisfactory and Mr. Carnegie has
taken the pains TO publicly express him /
self in regard to his experience. Railroad |
affairs are also in good form. despite o.
casional cutting on east-bound grain |
rates The roads are taxed 10 their utmost |
with mixed freights, on which they are FOR |
once securing profitable rates. We cannot
repeat 100 often that in our belief the rail-
road shares offer the elements Of safety
and prof. combined in larger degree than
any other class of investment. OF course
is needed in buying, for not
a few are much too high TO be considered
bargains bur some of the properties
which have recently become dividend-pay
ers. as wen as those which promise 10 be, !
deserve investigation. Both Western and
Southern roads are doing remarkably well, !
the latter being assisted by better prices
for cotton and the rapid industrial devel-
Opment OF certain sections.
Transactions on the stock exchange dur
ing the week just ended aggregated l,943,-
43S shares. OF this amount l.297 314, or
two-thirds. were furnished by twelve
stocks, leaving e46,124 as the total of The