The daily morning journal and courier., 1900-03-08
a:imamcial.
THE STOCK MARX EFT.
Professional Bear Operators suspend
 Their Campaign,

| Thetr Campaign,
 New York, March 7.-Professiona
 bear operators suspended their cam paign for a decline in the stock marke
 to-day. The bull contingent on tht other hand were hampered by the con l tinually closer conditions in the money
 market and by the determined indif. 1 ference of the outside public. In con- sequence, dealings on the exchange
 approached the point of stagnation
 and the movement of prices was en-
 tirely without significance. Attention
 amongst money lenders and capitalists
 as well as amongst stock operators is
 devoted to the proba ble effects of the
 currency bill when it shall become op-
 erative. As to the volume of the ex- | pansion of the currency, opinion ia
 agreed that additional note issues will | be made at once up to the par value of bonds at present on deposit to secure circulation which Is slightly over $24O, 100000 The 10 per cent. increase thus indicated will be $24,0O0,OOO As to the
 extent beyond this to which the ex- pansion is likely to proceed all Is con lecture, and opinion is exceedingly va
 Tied. On the present national bank
 capitalization, which amounts to $606. .-
 900, 900 a further note issue is permissi-
 ble, under the law, of $366, 000, ,000 But
 the total amount of the bonds to be
 converted and which are available to
 secure circulation is nearly $S40, 900. GOO, and the additional capital which may
 be embarked in national banks in small cities under the law makes possible a fI1rt har cip nf al as national bank capital Is increased. But this possibility is purely theoreti- cal. The more the question of the pos- sible effects of the operation of the law is canvassed the more 1t is per- ceived that hindrances may arise to taking out additional circulation In the first place, the constant advance in the price of government bonds may eat up the margin which would leave a profit on circulation. There is a uues- tion 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 lia- biities of the banks. In conseuuence. | unless an active demand exists for the | use of currency in hand to hand trans actions, the banks would derive no ad- from keeping the notes in their | vaults and would send them In for re- demption as fast as received. On the | other hand, even if the notes keep in | 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 he preparation of the new bonds from purely mechanical difficulties, a delay which may last several months, since here Is no power in the treasury de- 1artment to anticipate the opera tion of he law by preparing bonds in advance. With the doubt thus involved of the mount of relief to be afforded to the money market by the operation of the lew law, and of the time when relief will be available, transactions on the tock exchange are much curtailed.
 Some of the buying of bonds to-day vas attributed to capital made avail ble for reinvestment by the recent 7rge selling of government bonds 'rices were generally we'll sustained. 'otal sales par value $1, 735000.
 United States old As and 5s advanced 3 and the 3s Il in the bid price The CIV As declined A.
 NEW FORK STOCK MiRRE
 prning. Highest. Lowest Quotations n the New York Stock Exchange, reported