The age-herald., 1900-02-22
STOCK MARKET
 DECIDEDLY DULL Operations in the Hands of Pro-
 fessionaI Traders. THE HOLIDAYS RESPONSIBLE The Mere Fact of Dullness on Bull Side May Make the Bears Aggressive.
 Recovery in the New
 York Exchange
THE HOLIDAYS RESPONSIBLE

New York. February 2l.-Interest in the stock market continued today and opera tions were largely in the hands of profes- sional traders, as on the earlier days of the week. The dullness was partly due to tomorrow's holiday, tEe traders -hesi SatingS to put out new contracts on ac- count of the doubt existing over the speculative outlook. Even in the closing up of contracts, incident to the eve of a holiday was on a small scale, indicating that outstanding commitments on either side are small.
 The mere fact of dullness and apathy on the buying side is likely to invite ag- gr ession by the bear party and they had the additional encouragement of positive weakness in handful of stocks, of which Peoples Gas, Third Avenue and Leather were most affected, declines in those three ranging from 25s to s%, the latter Peoples Gas. There was, furthermore, the harden Hng tendency of the money market, which was only evident in quotations for time money and mercantile paper, call money remaining easy.
 But in spite of these depressing factors the undertone i'm the general list was rather notable for frmness and in the railroad department net losses are the ex- ception rather than the rule. The Grangers and Missouri Pacific suffered most from selling. The undertone of firm ness was due in part to sympathy with the aggressive strength in a number of individual stocks, notably Noroflk and Western and Southern preferred, Reading first preferred Erie Telephone and the Chicago, Indianapolis and Louisville stocks. London was liberal buyer in this market, the buying for that account being estimated at 35.0OO shares of the interna- tionai stock A disregard by the specula- tive public of diminishing bank reserves Through absorption by the United States treasury is accounted for to some extent by the fact that sufficient gold is being re- cefved from Canada and from California to partly offset the drain to the treasury.
 There was sharp recovery in New York exchange at several interior centers today, Indicating cessation of pressure from that source. Account Is taken of the fact that the present circulation of national banks is only about half of what they were entitled which would involve an expansion of currency of about 10 per cent. of the present national bank note circulation. Todaya buying of stocks by London, the hardening tendency of the local money mar ket and an increase in the supply of the doreign grain aad cotton bills resulted in a considerable relaxation of sterling ex- change rates, demand for sterling dropping 9sc and cabels no less than 1A per cent. on the pound
 Business in bonds was on moderate scaae and prices for the most part show 1ng gains. Total sales par value $2,OO5, 900. 'onlted States 3s advanced hc and old As and 6's Ac in the bid price.
 New York. February 2.-Money on call y. 1s nIpx T as; prime mercantile paper 4k@5 per cent: steraang exchange weak at $487A for de- mand and s4.S37s@4.S4 for 60 days; posted rates $a.s5 and $4.SS1z; commercial bills s4Ss @4S3%. T-''
 Silver certificates 5s%Q6OA; bar silver 5sh: Mexican dollars 47z. ''-'
 Government bonds strong; state bonds strong; railroad bonds irregular
 (By Private Wire to Murphy 6 Col