The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-22
Close. Day.
Call money, New York 49,. 2a2A 2@21s


NEW YORK, Feb. 21AInterest In the
stock market continued ~very restricted
today and operations were largely In the
hands Of professional traders as on the
earlier days of the week. The dullness
was in part due to -tomorrow's holiday,
the traders hesitating to put out new con-
tracts on account. of the doubt existing
over the speculative outlook Even the
closing up of contracts, incident to the
eve Of 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-
gression by the bear party. and they had
the additional encouragement of positive
weakness In a handful of stocks, of which
Peoples Gas, Third Avenue and Leather
We're most affected, declines in those three
ranging from 29s to 3B. the latter Peo-
pies Gas. There was furthermore the
hardening 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 in
the general list was rather notable for
f1rmness and in the railroad department
net losses are the exception rather than
the rule. The grangers and Missouri Pa
cific suffered most from selling.
The undertone of firmness was due in
part to sympathy with aggressive
strength in number Of individual
stocks, notably Norfolk & Western,
Southern Railway preferred, Reading
first preferred, Erie Telephone and the
Chicago, Indianapolis & Louisville stocks.
London was a liberal buyer in this mar
ket, the buying for that account being
estimated at $4,000 shares of the various
international stocks. A disregard by the
speculative public of the diminishing
bank reserves, through absorption by the
United States treasury, Is accounted for
to some extent by the fact that suffi-
Gent gold is being received 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 a 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 are entitled to- Spectators argue
that with the passage Of the financial Dill,
now In conference between the two houses
of congress. the banks will take out all
the circulation to which they are entitled,
which would involses5 an expansion OF
currency of about 100 per cent OF the
present national bank note circulation
Todays buying Of stocks by LONDON,
the hardening tendency of the local
money market and an Increase In the sup
ply of grain and cotton bills resulted In
a considerable relaxation of sterling ex-
change rates, demanus sterling dropping
"a and cables no less than u per cent on
the pound
Business in bonds was on moderate
scale and prices for the most part show
gains. Total sales. par value. Sz,esoooo.
United States IS advanced u and old As
| and IS II in the bid price. .,Ua4
STOCK QUoTtAA-T1rIlQ9 QUOTATIONS 6 ...3ss
Furnished by Charles sHs- = Smith q
Co., members of the New York stock eX-
change, Pioneer Press building, who have
direct wires to Chicago and New York.