The age-herald., 1900-02-24
WEAKNESS FELT
 IN WALL STREET Iron and Steel Group We're First
 Affected. LIGHT PLACING OF ORDERS Apprehensions ofa Higher Money Rate Were Partly Responsible For Weak ness of Feeling-Closed Firm
 at Net Loss
 
LIGHT PLACING OF ORDERS

New York, February 2s.-There was a light accumulation of orders over the hoii- day which was executed at the stock mar ket this morning for outside account. Ar bitrage brokers bought stocks on a small scale for foreign account, to cover sales made in London at the highest level, in- duced by the rumor which found credence on the other side of the surrender of the Boer general, Cronje.
 There was continued absorption on lm- ited scale of the stock for some of the railroad companies which have shown ex- traordinary increases in earnings during the week, and to which was added today Northern Pacific with an increase for the second week in February of s1a9, ,30s, or fl per cent. Western New York and Pennsyl- vania, of the bituminous coal group, showed an increase of 3S per cent. But even at the opening pressure was manifest against in- dividual stocks amongst the specialties, which served to unsettle the market and eventually to turn the tide in favor of the reaction. Its continued depression was manifest at the opening in Third Avenue, Peoples Gas, Leather and Sugar. As the day progressed other stocks came under pressure and the group above named show
  ed some recovery.
 The iron and steel group were the first af- fected by the spread of weakness, Tennes- see Coal dropping an extreme five points, and American Hoop, National Steel, Tin Plate, Federal Steel Wire and Steel, Colo rado Fuel and Republic Steel from one to three points. Later the announcement of the dividend on Consolidated Gas at the reduced rate established since the local gas war was in effect led to a raid on that speciality with resulting loss of "A. Rub- Der preferred lost nearly points, Metropol- itan AZ, glucose 31a, and Brooklyn union gas 2h. Third avenue fell in the final dealings to the lowest of the day, showing a decline of points net.
 These violent declines had sympathetic effect on the trunk lines, and declines in the railroads were extended ito a point over in many cases. Fears that the cutting of rates on grain, when lead to demoraliza- tion of freight rates, had an influence. Ap- prehensions 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 Reanng first preferred to 94as. This made the clos ing firm, but at net losses in prac tically all cases. Preliminary estimates of the movement of currency by express to and from the interior indicate an increase in the shipments by the banks, but a staH greater increase in their receipts, so that the loss on the interior movement Is be- lieve,1 to be less than half a mJpffon doQ- lars. Receipts of money by registered mail are said by banking authorities to be suf- ficicnt to more than offset this. Losses by the banks on subJtreaSury operations for the week foot up s, ,0S4, 900 For some reason the opinion prevails that the loan expan- si 1n will show a considerable falling off in the recent rate of increase. More or less mystery attaches to the phenomenal increase in loans of last week and the week before, and the disposition grows to attrfb- u.e ttem to some special operations. But a further decline in surplus reserves of several million dollars will inevitably be shown by to-morow's bank statement.
 The bond market showed decreased activ- ity and prices declined. Total sales par value $1,325, 600. United States new and old As and the 5's advanced F. and the 3s 4 in the bid price,
 New York, February 23.-Money on call steady; actual transactions ranging from 9 to 2k percent, last loan, and closed of- fered at 2 per cent.
 Prime mercantile paper, 41a@5 per cent Sterling exchange easier, with actual bus dness in bankers bills at $4.S7A for demand and $4S3% for 60 days.
 Posted rates, $4.S41a0p4.S5 and $iS8Q4. .SSh
 Commercial bills, $4S3@4. .S31a.
 Silver certificates 594@60A
 Bar silver, 591a.
 Mexican dollars, 47%.
 Government bonds buoyant.
 Railroad bonds weak.
 State bonds strong.