The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-16

NEW YORK. March l5.-Cireuiars OF the
Treasury Department. calling the attention
of local owners of United states Govern
meut bonds TO the passage 9f the financial
act. which will hereafter De described as
the law Of March a. 1900. were received in
this city today Accompanying this paper
we're other circulars. explaining the proyi-
sious of the act and containing lnsifu'-
tions as to the steps 10 be taken by bono
owners intending 90 convert their holdings
under the provisions Of the law
A number Of the national banks had spe-
cial meetings OF their boards OF directors.
in order that the requisite resolutions might
be passed and forwarded 90 the Treas
ury Department In the order OF priority.
and through the action OF the various
Treasury bureaus concerned, The new per
cent bonds will be substituted against tue
old issues now held 10 secure circulation
Checks viii be mailed for the computation
Of the premium on the old bonds. ana new
Calculations up 10 the par value OF The new
bonds deposited viii be issued 10 the
banks
All the routine steps necessary TO carry
ont these processes have already been
taken. and by the end Of the week some OF
the effects Of the operations OF the new
law ought 10 be peTcepuble. IL was rough
IL estimated today that the premium COM
MUTATION feature Of the Law would result
IN actual disbursements by the Treasury
Of over $40 600 0O0, while the increase IN
circulation would aggregate probably vs.
600 GOO in addition. The Treasury payments
on account OF the premium are, for OBJ
vious reasons. the most important features
Of the general business. and it is 10 them
that the bulk Of attention will first turn
The enactment Of the Financial hill was
scarcely anything more OF a direct inlu-
ence in the days stock marke, than IT mas
been at any time since its passage IN MS
present shape was virtually assured The
money market ruled at about Yesterday s
level but owing TO the relief commonly eN-
pected TO follow the Treasury disburse-
ments there appeared lobe little concern
felt in this regard.
Aside from the beginning Of the opera
lions OF the financial law there was very
little in the days situation OF general im-
portance The speculative interest was
chiefly taken up with the particular move
ments i'm certain stocks, and IN many eases
these attained sufficient dimeus-o-s to fair
IL monopolize attention London was not
an important factor in the market, the
dealings from that quarter on balance be-
ing small in volume while the rather I'M
certain tone Of the London market pre-
vented any QAIF1A lAAlNtltaF h'aAA5 tANAAHNH "a
from that quarter. No change was made
today in the Bank Of Englands minimum
rate Of discount. but the sharp decline in
the banks reserves and the continued
steadiuess Of the London money market
Indicated that an increase IN the official
discount figures was probable with the
coming week
Third Avenue Railroad stocs again fur
uished the sensational movements in the
DAYS market. and its course indi,a ed that
the stock was in the technical condition
designated as "cornered." After opening
fully points below last nights final fig
ures. and points below the highest level
reached in yesterday afternoons rapid ad-
vance. the stock subsequently, had prac-
tically unbroken rise Of over 10 points,
with the dealings IN enormous volume
There was again noted exceedingly heavy
and urgent buying for the short account,
but II was the common and reasonable
opinion that such purchase alone could
hardly account for the recovery Of 70
points that has taken place 10 The stock
since the bankruptcy OF the company be-
came assured.
The belated quarterly statement Of the
Brooklyn Rapid Transit Company this
morning was fsvorsbly construed. both On
account OF the handsome increase IN gross
earnings shown and in the s.lsfantill re-
duction in operating expenses.