Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-03-08
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds, Grain,
Cotton, Provisions. Etc.

New York, March professional
Dear operators suspended their cam
paign for decline in the stock mar
ket to-day. The bull contingent OH the
other hand were hampcred by the con-
tlnually increasing closer conditions in
the money market, and by the de-
termined indifference of the outside
pubic. In consequence dealings OF
the exchange approached the point of
stagnation, and the movement OF prices
was entirely without Significance.
Attention among money lenders and
capitalists. as well as among stock OPP
orators, is devoted to the probable eff
iects of the currency bill, when it shall
become operative. AS TO the volume OF
the expansion of the currency, opinion
is agreed that additional note issues
VIII be made a once up to the par
value of bonds at present on deposit
to secure circula ton. which is slightly
over S24O,000. 900. The 10 per cent. in
crease thus indicated will be S24, 900.
AS to the extent beyond this, to which
the expansion is likely to proceed, all
Is conjecture, and opinion is exceeding
~ varied. On the present national
bank capitalization. which amounts to
$oo6. 10000. further note Issue lie; per-
mfssa BILE under the law of S3G6, 900 900,
but the total amount of the bonds 60
be converted. ana which are available
TO secure circulation, is nearly SSi0.-
O00.000, and the additional capital,
winch may be embarked In national
banks In small cities under the law,
makes possible a%furthrr extension of
circulation as fast MS national bank
capital is Increased. But this possibil-
fty Is purely theoretical. The more the
question is canvasSed OF the possible
effects of the operation OF the law. the
more it is perceived that hndrances
may arise to taking out additional cir
~ hA E,.-t 4
slant advance in the price of govern
ment bonds may eat up the margin,
which would leave a profit in circula-
tion. 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 deposit liabilities of the banks. In
consequence. unless an active demand
exists for the use of currency in hand
to-hand transactions. the banks would
derive no advantage from Keeping the
notes In their vaults. ana would send
them in for redemption as fast as re-
ceived On the other hand even If the
notes keep In circulation there Is the
question of how far they would serve
to displace legal terderS, thus facili-
tating gold exports.
Lastly. there is the question of delay,
In the preparation or the new bonds
from purely mecnanlcal difficulties: Il
delay which may last several months,
since there is no power in the Treas
ury Department to anticipate the OPP
Grafton of the law BY preparing bonds
In advance. With the doubt thus In
volved of the amount or relief to be
AFFORDED to the money market by the
operation of the new law. ana Of the
time when the relief will be available,
transactions on the Stock Exchange
are much CIIrt1i la1
Some of the buying Of bonds to-day
was attributed 10 capital made avail
able for REIMBURSEMENT by The recent
large selling of government bonds
Prices were generally well sustained.
Totnl sales. par value. Si.T25 600.
u. S. old Is and IS advanced z and
tho SO &c. in the bid price New As
declined &c.
The total sales of stocks to-day were
3n2. 900 shares.
New York, March 7.-standard Oil,
5.2G@5.29.