The daily morning journal and courier., 1900-02-24
FtMauCraI.
Tine Stock Market


 New York. Feb. 23.--There was light
 accumulation of orders over the holiday which were executed in the stock mar ket at the opening this morning for out side account. Arbtrage brokers bought stocks on small scale for foreign ac- count to cover sales made in London at the higher level induced by the rumors which found credence on the other side of the surrender of the Boer general Cronje There was continued absorp- tion on a limited scale of the stocks of some railroad companies which have shown extraordinary increases in earn ings during the week. But even at the opening pressure was manifested against individual stocks among the apecialties, which served to unaettle the market and eventually to turn the tide in favor of the reactionists. Depression was manifest at the opening in Third Avenue Peoples Gas, Leather and Su- gar
 l As the day progressed other stocks 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, Steel and Wire, Colorado Fuel and Republic Steel from 1 to points. Later the announce ment 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 re- sulting loes of 4%. Rubber preferred lost nearly 4 points, Metropolitan AZ, Glucose 31b and Brooklyn Union Gas 2h. Third Avenue fell in the final deal ings to the lowest of the day, showing a decline of points net.
 These violent declines had sympa- thetic effect on the general list, espe cially on the granger and trunk lines, and declines in the railroads were ex- tended to point or over in many cases. Fears that the cutting of rates on grain would lead to demoralization of freight rates had an influence. Apprehension 
 decline. There was slight rally on covering of shorts by the bears and in sympathy with rise in Reading first preferred to 59as. This made the clos ing firm, but at net losses in practically | all cases.
 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 a still greater increase in their receipts, so that the loss on the interior move ment is believed to be less than half a | million dollars Receipts of money by | registered mail are said by banking au- thorities to be sufficient to more than offset this Losses by the banks on sub treasury operations for the week foot up $3,0S4,00O.
 For some reason the opinion prevails that the loan expansion will show con- falling off from the recent rate of increase. More or less mystery still attaches to the phenomenal increaees in loans of last week and the week before, and the disposition; grows to attribute them to some special operations. But I further decline inisurplus reserves of several million dollars will inevitably be shown by to-morrows bank state nent.
 The bond market showed increased and prices declined. The total sales par value aggregated $1,325,000.
 United States new and old fours and he fives advanced F and the threes 4 n the bid price