Show 1 ON THE STOCK EXCHANGE Speculation May Hay Not Be Benefited By New Currency Law New York March 16 financial review tomorrow will say An event like the passage and formal en enactment enactment of the currency bill bilI accompanied accompanied accompanied as it Jt is Is by the promise of cf a considerable increase in the national bank circulation la Is something which the stock market expected to celebrate by an exhibition of decided bullishness But although the action of congress on the measure sure was certain for lor some weeks past there was no demonstration of this kind based on t t and this week the market has been dull professionally prote and at times inclined to sag lower The undertone is bullish and there is a general feeling that speculation will be materially benefited by the om aill When however the market on last Saturday and Monday developed con considerable considerable strength accompanied by ex cx extensive extensive covering by short chort Interests the movement was abruptly checked by bythe bythe bythe the rise of the call caU loan rate to 6 per percent percent percent cent Notice was thus served on the speculative community that it erred in disregarding the decrease of the bank reserves and nd the reduction of the sur surplus surplus plus to slim proportions In Saturdays bank statement The showing in question n merely sup supplemented supplemented supplemented the statements for fr a series of weeks past all aU of cf them pointing to the fact that preparations for banks for taking out additional circulation under the new nev law have involved the th purchase of a large Jarge amount of govern governments governments ments mentE a considerable part of which ia is being temporarily carried on loans at New York ther b diminishing the ex en extent extent tent of the alon thi th banks bank can at the moment extend i to ti th the stock market It would seem that this warning was not lost For he the balance of the week the market was very dull with a s dis disposition disposition disposition position to sell seU on the certainty that tomorrows bank statement will be bad perhaps to the extent of wiping out the surplus reserve and substituting ing lag a deficit although relief is prom promised promIsed promised from the payment of ot premiums on bonds bonda deposited dep t in ex en exchange exchange change for new and from the In Interior tenor terl r banks funds to pay nay the govern government ment for bonds circulation purposes Activity A was is s confined to spots and anda a few specialties notably Third Avenue engrossed engross d the attention of the traders while little attention was paid to the good railroad earnings and the favor favorable favorable able reports concerning industrial prop properties The dullness however had its benefits The pressure on the money mone market was V relieved r and call can loans loaM while firm were generally held at 5 per percent cent ent or less les le Nor while bear traders showed some activity ac was there any great display of ot confidence on their part the prevalent feeling being that when money relaxes stock prices would really reany appreciate The public however was conspicuously inactive and the leading bulls showed little disposition to do anything beyond protecting their specialties to a certain extent |