The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-02-24
STOCKS AND BONDS.

New York, Feb. 23.-There was a light
accumula ton of orders over the holiday.
which were executed in the stock market
al the opening this morning for outside
account. Arbitrage brokers bought stocks
on small scale for foreign account TO
cover sales made in London al the higher
level, induced by the rumor, which found
credence on the other SIDE of the sur
render of the Boer Gen. Cronje
There was continued absorption on a
limited scale of the stocks for some of
the railroad companies which have shown
extraordinary Increases in earnings dur
ing the week, and to which was added to-
day Northern Pacific, with an increase for
the second week in February of $l59,30S
or Al per cent, Western New York and
Pennsylvania, of the bituminous coal
group, showed an increase of IS per cent
But even at the opening pressure was
manifest against individual stocks
amongst the specialties, which served 20
unsettle the market and eventually 10 turn
the tide in favor of the reactionists. Con-
tinued depression was manifest at the
opening i'm Third Avenue. Peopie's Gas
Leather and Sugar
As the day progressed other stocks
came under pressure and the group above
named showed some recovery. The iron
and steel group were the first affected by
the spread of weakness. Tennessee Coal
dropping an extreme points and Ameri-
eral Steel. American Steel and Wire. Col
orado Fuel and Republic Steel from / to
points. Later the announcement of the
dividend OH Consolidated Gas at the re-
duced rate established since the local gas
war was in effect near to raid on that
specially with a resulting loss of 4s4 Rub
Der preferred lost nearly points, Metro
poiitan, AZ; Glucose, 3I3, and BROOKLYN
Union, 2l2. Third Avenue fell in the final
dealings to the lowest of the dav. showing
a decline of Z points net These vio-
lent declines had sympathetic effect on
the general list, especially on the Grangr
and trunk lines, and declines in the rail-
roads were extended TO a point or over in
many cases. Fears that the cuttink OF
rates on grain would lead to demoraliza-
ton of freight rates had an influence.
Apprehensions of higher money also had
to do with the decline There was "A
slight rally on covering of shorts by the
bears and in sympathy with a rise in
Reading first preferred to $685. This made
the closing firm, but at net losses, in
practically all cases.
Preliminary estimates of the movement
OF currency by export to and from the
interior indicate an increase in the shia.
ments by the banks, but a still greater
increase in their rates. so that the loss
on the interior movement is to be less
than $4,000. Receipts of money by reg
istered mail are said by banking authori-
tIcs 70 pc suI1cleih 10 more IMAM onset
this. Losses by the banks on sub-treas-
ury operations for the week foot up 3d.
$4,000. For some reason the opinion pre-
walls that the loan expansion will show a
considerable falling off from the recent
rate of increase. More or less mystery
sun attaches TO the phenomenal increases
In loans of last week and the week be-
fore and the disposition grows to attrb-
ute them to some special operations But
further decline In surplus reserves uf
several million dollars will inevitably be