Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-03-08
fIE1 V SE w oH1H0t& OS10 oO IF " w r. -
Bar silver $3.50.
Mexican dollars 47%c.
Government bonds irregular.

Government bonds irregular.
State bonds irregular.
Railroad bonds firmer.
Stocks-Professional bear operators
suspended their campaign for a de-
cline in the stock market to-day. The
bull contingent on the other hand were
hampered by the continually increas-
ing closer conditions in the money
market and by the determined indif-
ference of outside public. In conse-
quence dealings on the exchange ap
preached the point Of stagnation and
the movement of prices was entirely
without significance. Attention among
money lenders and capitalists as we'll
as among stock operators is devoted
to the probable effects 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 issue will be made
at once up to the par value Of bonds
at present on deposit to secure circu-
lation, which is slightly over $240,-
100000. The 10 per cent increase thus
indicated will be $24,000,00O. AS to
the extent beyond this to which the
expansion is likely to proceed, all is
conjecture, and opinion is exceedingly
varied. On the present national bank
capitalization, which amounts to $685.
100000, a further note issue is per-
MISSILE under the law of 1856, 100000,
but the total amount of the bonds to
be converted and which are available
to secure circulation is nearly $780,
100000, and the additional capital
which may be embarked in national
banks in small cities under the law
makes possible further extension of
circulation as fast as national bank
capital is concerned. But this posi-
bility is purely theoretical. The more
the question is canvassed of the posi-
BILE effects of the operation of the law
the more it is perceived that hindran-
ces may arise to taking out additional
circulation. In the first place the con-
slant advance in the price of govern
ment bonds may eat up the margin
which would leave a profit in circula-
ton. There is question also of the
ability of the banks to keep their
notes in circulation. 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 ac-
tive demand EXISTS for the use of cur
rency in hand-to-hand transactions,
the banks would derive no advantage
from keeping the notes in their vaults
and would send them in for redemp-
ton as fast as received. On the other
hand, even if the notes keep in cir
culation there is the question of how
far they would serve to displace legal
tenders thus facilitating gold exports.
Lastly, there is the question of delay
In the preparation of the new bonds
from purely mecanical difficulties:
delay which may last several months,
since there is no power in the trade
to anticipate the operation of the law
by preparing bonds in advance. With
the doubt thus involved of the amount
OF relief to this afforded to the money
market by the operation of the new
law and of the time when the relief
will be available, transactions on the
stock exchange are much curtained.
Some of the buying of bonds to-day
was attributed to capital made avail
able for reinvestment by the recent
large selling of government bonds.