The age-herald., 1900-01-23
STOCK MARKET
 CONTINUES DULL Changes in Prices Are Without,
 Significance. THE UNDERToNE IS STRONG.
Notwithstanding the Better Feeling in
 England Over the Military Cam ' paign, London Showed No In- = 2 2
 clination to Bull Prices

44 t4 New York, January 22.27'he stock market showed continued indifference on the part of the public, and even of professional spectators today. Net changes in prices are without any significance as bearing on the condition of business or affairs There was some show of strength in the local traction group. which may be attributed to a covering demand from the short interest. Notwithstanding the better reeling re- ported in London on account of the progress said to be making in the accomplishment of the military plan of the campaign, the English financial public showed no disposd- tion to pay higher prices for American se- curities.
 As soon as prices were lifted in this mar ket, selling orders for London account were executed in the leading international stocks. This seemed to discourage any further operations for rise, and prices dnfted back near Saturdays closing level and oscilated very feebly from that level for the rest of the day. Whatever speculative disposition was current seemed to be divert ed to the cotton and wheat markets, where there was some show of animation and considerable strength reflected from foreign markets.
 While the market was thus listless the undertone was firm and whatever buying there was, was attributed to covering by a large outstanding short interest A further drop in sterling exchange rates marked the continued relaxation in the money situa- tion abroad, as well as here. The present factors making the rates easier in money are expected to manifest themselves at no icfa arf Aa.t ha sub4treasury is due in part to heavy dis burseents, for pension payments which are now about completed for the present period The deposit of internal revenue collections dn depository banks cannot be indefinitely prolonged for lack of government bonds. as security. If the drain from the banks into the sub-treasury by reason of taking up of surplus revenues is resumed the present rate of returns from the interior will De scarcely sufficient to offset This is a rather remote contingency at present, but it plays some part in the sluggishness or the money market.
 The bond market was not so active today as during the latter part of last week, put still overshadowed the market for stocks. The forced liquidation last fall did not at any time affect the high grade investment bonds. and they are not affected by the present upward movement. Such mlddle and lower bonds as were brought to markoc to realie on are now in large demand anu are, steadily advancing in price.
 Total sales par value, s3,1SQ,OOo. unatea States old Is, registered. declined 1s, anu do coupons, A in the bid price.
 - =-
 New York, January 22.-Money on call steady at 2h per cent; last loan, 21s per cent prime mercantile paper, 4lsq51s per cent sterling exchange weak with actual business in bankers bill at 4.S65s for de- mand, and 4.S3A for sixty days; posted rates. 4.si1a@4.S71k and ASS; commerclai bills, 4.S3dD4 S31s.
 Silver certificates, 591k@6o1zc; bar silver 597sc Mexican dollars, 4712c.
 Government bonds weak; state bonds in- active; railroad bonds strong.
 (By Private Wire to Talbot & Palmer),