Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-03-11

/ Views Ok "A CLAWS.
bpecial to the Rer.ster.
\ NEW YORK. March 1AWall street
Has not been in very buoyant mood
during the past week. the reasons not
being very difficult TO discover. Nom
etary conditions ara unfAyoiable to the
buying Of stocks. and this fiactor, cou-
pied with unfayorable developments in
the Industrials. has contributed more
than any other to hesitancyS In the
stock market The professional ele-
ment is generally bearish. and neither
the big operators (many of whom are
visiting the South for recreation) nor
commission houses representing, the
public are taking an active intereist in
the market.
There is little prospect, therefore, Of
any change until the money market as
sumes more satisfactory outlook.
April settlements are approaching, and
that is always \ period OF temporary
stringency. At the moment, however,
the money market is chiefly under the
influence of the expected refunding de-
rangement. The recent unusual expan-
sion in bank loans is, no doubt, large
ly due to preparations for this event,
especially as interior banks, which ex7
pect to increase their currency output,
have been larger borrowers at this
point. 1t is true there has been a con-
siderable expansion of commerclaf
loans owing to business activity but
this does not account for the large in
crease of loans since January !, and
stock exchange operations have been
on a limited scale AS the prepare
lions for refunding may continue for
a further period, it is useless TO ex-
pect settled money market until
these and the April settlements are
safely passed.
In few days the currency bill will
become law, and the banks Will COM
plete their preparations for expansion
of the currency We are not among
those who expect any huge imitation
out of this operation. Some parties
profess to see an addition of 5000, 00O.-
600 or $3O0,000,000 and over to our cur
rency. Such talk is highly Injurious,
and can only harm those who believe
it. Any accurate forecast of the
amount of new currency is exceedingly
difficult. 1t is possible that govern
ment bonds may rise to point where
banks would prefer to sell rather than
take out circulation The privilege OF
issuing notes equal to the par value OF
bonds will permit an increase or over
$25 .00O, 600 The effect of the return OF
bonds pledged for public deposits In the
banks can hardly be estimated, but
it would be considerable, as the banks
now hold about S110, 900, 900 of govern
ment funds There are other opera
lions of a technical character which
will add to the circulation, making an
increase which a safe estimate would
place at about $10000 900. This is
moderate expansion. not sufnclent on
which to place any great speculative
operations. but quite sufficient to act
as a preventative of undue stringency
and as a moderate stimulus to business
activity and speculation. The passage
of the currency bill is not likely to
have any pronounced effect. 1t is SIM
ply formal establishment OF the peo-
pies will; it ensures the gold stand
ard. but does not stop the endless cnain
or give us a scientific banking cur
rency, the struggle for which in Con-
gress should be renewed with fresh
energy.
The new Q per cent. govern
ment bonds should be christened
United States consols, especially as
they make so favorable comparison
with the English consols, which bear
90 per cent interest and are selling at
1007s, whereas the United States con-
soils are 2 per cents and are now selling
at 107 before issued, and are in consid-
cradle demand at that price. There
can be no better barometer of the high
credit of this nation than this showing.
No other nation has ever before been
able to float per cent bond at lOo
This is certainly a proud achievement
for this country.
Aside from monetary influences and
weak spots in the Industrials, the con-
ditions continue favorable and war
rant 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 to come. Over
trading is not yet in sight, and buyers
are often more concerned about deliv-
cries than prices. HENRY CLEWS.
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