Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-02-24
REVIEW OF MARKETS
FINANCIAL and COMMERCIAL
Stocks, Money, Exchange, Bonds, Grain,
Cotton, Provisions, Etc.

New York, Feb. 23.-Thcre was q light
accumulation OF orders over the holt
day, which were executed III the stock
market at the opening this morning for
= outside account. ArbitraGe brokers
bought stocks on a small scale for for
eign account, to cover sales made In
Lolidon at the higher level, induced by
the rumor which found credencc on the
other side of the surrender OF the Boer
General Cronje. There was continued
absorption OH Il limited scale OF the
: STOCKS for some OF the railroad compar-
les, which have shown extraordinary
increases III earnings during the week,
and to which was added to-day North
ern Pacific, with an increase for the
second week in February of S139,30S, or
al per cent. Western New York and
Pennsylvania, OF the bituininous coal
group. showed an increase of So per
cent. But even at the opening pressure
was manifest against individual stocks
amongst the specialtics, which served
to unsettle the market. and eventually
10, turn the tide In favor OF the reac-
tionists.
Continued depression was manifest at
The opening i'll Third Avenue, Peoples
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
American Hoop, National Steel, Tin
Plate. Federal Steel. American Steel
and Wire. Colorado Fuel and Republic
Steel from to points. Later the an
nouncement of the dividend of CONSOLE
dated Gas at the reduced rate estab-
llshed since the local gas war was in eff
fcct, led to raid OH that speciality,
with resulting loss of Az. Rubber
preferred lost nearly 4 points; Metro
politan. Az Glucose. 3@, and Brooklyn
Union Gas, 2H.
Third Avenue fell in the final deal
ings to the lowest of the day, showing
decline of { points. These violent de-
clines had sympathetic effect on the
general list, especially on the Granger
and Trunk lines, and declines in the
railroads We're extended TO Il point or
over In many cases. Fears that the
cutting OF rates on grain would lead to
decentralization of freight rates had an
influence.
Approximations of higher money also
had to do with the decline. There was
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 al net losses,
In practically all classes.
Preliminary estimates of the move
ment of currency by express to and
from the interior Indicate an increase
In the shipments by the banks, but still
greater increase in their receipts, so
that the loss on the interior movement
is believed TO be- less than hnlf a mil
lion dollars. Receipts OF money by
registered mail are said by banking au-
thorlties 10 be sufficient to more than
offset this. Losses by the banks on
K Sub-Treasury operations for the week
h foot UP $3.0Si 600.
For some reason the opinion prevails
that the loan expansion will show Il
considerable falling off from the recent
rate OF increase. More or less mystery
still attaches 10 the phenomenal in
,creascs in loans of last week and the
week before, and the disposition grows
TO attribute them to special operations.
But q further decline in surplus re-
serves Of several million dollars will
inevitably be shown by to-morrow's
bank statement.
The bond market showed decreased
activity. and prices declined. Total
sales. par value. SLIPS 900
stU. S. new and old As and the IS adj
vanced Il, and the Us n in the bid
price.
THE total sales of stocks to-day were
40S. 400.