The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-28
.FLUCTUAT TONS
WERE VIOLENT ]
Fortunes Lost and Won in a Few
Minutes.
SPECULATION AT BOILING POINT.
The Bears Eusl, TO Cover at the Decline
and Cause a Rally in the Stocks
That Had Shown the
Greatest Weakness.
NEW YORK. Feb. o7.-The violent fuc


cay realized the professional traders
dreams of Elysium. Handsome profits
were realized within a space of ten min
utes, and necessarily heavy losses had to
be .Dacketed. But it all added to the ex-
cttement and interest of hazard and the
board-room traders kept the speculation
az the boiling point. working in and out
OF the market many times during the
day The commitments were made al
most entirely on the bear side of the
market. but the frequent taking of pro-
and violent rallies, keeping the market
Tor the sDecialties in a state of feverish
uncertainty. with erratic fluctuations,
whose end it was impossible TO see.
Ihird-Avenue WIS still the centre of in
ierest, on previous days of this week
On the sale of 200 shares at the opening
neous sales being made all the way be-
tween GS and G3, against 11la at last
nights close.
The limits of the total stock issue
transactions. The detailed record of the
stocks erIatic course during the day
would be without interest: In the lowest
price it was 20la points below last nights
quotations. and a final fractional rise
was spasmodic and without significance.
Sugar maintained its prominent place in
the market. but reflected much doubt and
uncertainty upon the large outstanding
short interest 1t was forced down to
lol5s. and in the late dealings rallied
strongly to 1854. with only a fractional
weakness manifested nt other points in
the list of specialties. notably in the local
traction group and Tobacco. But an ac-
tive demand for some of the railroad
stocks. on reports of large earnings and
covering OF shorts in the specialties,
brought the market TO Il high level and q
quiet tone. During the hour afternoon
the market seemed to have divorced itself
entirely from the demoraliZing influence
OF the movement IN Third-Avcnue. But
In the next hour the bears fell upon the
Ufn1 iSi n ,aiI inc n
Western Union an extreme $50 and Bali
moro and Ohio 22i. Weakness spread from
these to other points in the railroad list
and wide losses We're effected amongst
the industrials. The local traction group
were down from 2i4 to 51a. Leather over .
Rubber preferred 3. American Hoop more
than 4. New ork Air Brake ;, and many
railroad stocks from ] to . points,Y the
latter Pennsylvania: Pittsburg, c.. c. and
st. Louis, 4.
The bears rushed to cover at the de-
cline, causing rally of from / to HE in
the stocks which had shown greatest
weakness. The final downward plunge in
Th!rd-Avenue was offset by the sudden
rise in Sugar, leaving the tone in the
general list confused and unsettled. but
with losses in some points in the railroad
list practically recovered. Strong show
-ings of net earnings for January were
made by Atchison, with an increase over
last year of II per cent: Erie with an in
crease of "a per cent, and Pittsburg. c.,
c.. c. and st. Louis and Buffalo, Roches
made a. strong showing of gross earnings
for the third week in February.
London bought stocks here, but not on
a large scale. the surrender of General
Cronie having apparently been discounted.
Tho money market was firm. The fact
that the Sub-T -easury had absorbed
since last Friday nearly six million dol
Jars of cash cannot%be without influence
In the stock market.
Railroad bonds We're dull and irregular.
Total sales, par value. S1,690,000. Cow
eminent bonds continued their huoyant
influence. United States new As advanced
III and the IS, old is and IS u in the bid
price.
The total sales of stocks to-day were
625. 100, including the following: Atchison
preferred, 32,2 75; Baltimore and Ohio, TO-
1:l5; Manhattan. 12.?70: Metropolitan, H.
932: Missouri Pacific, $3.50: Norfolk and
Western. 1876; Pennsylvania. 1900:
Reading first rrefSrrer. 5000: do. second
preferred, 5000; St Paul. S,4Go; Southern
Pacific l6 100; Southern railway, 81, lG0;
do. preferred. 1900; Union Pacific, IS 4iI;
American Steel Hoop. $40; American
Steel and Wire, 1000: American Tobacco.
21oO: Brooklyn Rapid Transit, 4n1,3 4oo:
Federal Steel. $500; Mail, 5,O7O; Gas, TO-
40: Sugar. 11O,6a5: Tennessee Coal and
Iron, $500; Leather, $3.50; Western
Union