The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-28


NEW YORK, Feb. 81 = The violent
fluctuations of prices Of a limited number
of stocks on the exchange today realized
the professional traders dreams OF ely
SUM. Handsome profits were realized
within a space of ten minutes, and neces-
sarily heavy losses had to be pocketed.
But 1t all added to the excitement and in
terest of the hazard, and the board room
traders kept the speculation at the boil
ing point, working in and out Of the mar
ket many times during the day. The
commitments were made almost entirely
on the bear side Of the market, but the
frequent taking of profits by covering
of shorts worked frequent and violent
rallies, keeping the market for the spe-
clarifies in a state of feverish uncertainty.
with erratic fluctuations whose end 1t
was impossible to see. Third Avenue
was the center of interest, as on previ-
GUS days Of this week On the sale of
2,100 shares at the opening quotations
were practically lost, simultaneous sales
being made all the way between 6S and
&c. against TIE at last nights close. The
limits of the total stock Issue seemed to
be no bar to the volume of the transac-
TONS The detailed record Of the stocks
cratic course during the day would be
without interest. At the lowest price 1t
was 201a points below last nights quota
tion and final fractional rally was
spasmodic and without significance.
Sugar maintained its prominent place
in the market, but reflected much doubt
and uncertainty on the part Of large out
standing short interest. 1t was forced
down to 1915 and In the late dealings
rallied strongly to los, with only a frac-.
tional reaction. 49,
There was much disorder and weak
ness manifest at other points In the list
of speciatties, notably in the local trac-
ton group and Tobacco, but an active
demand for some Of the railroad stocks
on reports Of large earnings and cover
ering of shorts In the specialties brought
the market to a high level and a qufet
tone.
During the first hour Of the afternoon
the market seemed to have divorced Itself
from the demoralizing influence Of the
movement in Third Avenue. But In the
next hour the bears fell on the whole list
tooth and nall, forcing down Western
Union an extreme 35s and Baltimore &
Ohio 2s4. Weakness spread from these to
other points in the railroad list, and wide
losses were effected amongst the indus
trials. The local traction group was
down from ~ to 51a, United States Lea
Their over 2, Rubber preferred 3, Amert-
can Hoop more than 4, New York Air
Brake 5, and many railroad stocks from
l to 2 points, the latter Pennsylvania,
P, c., C. & ST. L. dropped T. The bears
rushed to cover at the decline, causing
a rally of from / to 21a in the stocks
which had shown greatest weakness.
The final downward plunge in Third
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 prac-
ticaliy recovered.
Strong showing Of net earnings for jan
uary were made by Atchison, with an
increase over last year of IL per cent.
Erie with an increase of "A per cent, and
p. C.. C. & ST. L. and Buffalo, Rochester
e. Pittsburg Southern railway made
strong showing of gross earnings for the
third week in February.
London bought stocks here, but not on
q large scale, the surrender OF Gen.
Cronje having apparently been discounted
The tone of the money market was firm,
though rates were not quotably higher,
but collateral is scrutinized With growing
care. and the standing and resources OF
borrowers are considered. The fact that
the subtreasury has ABSORBED since last
Friday nearly 100000 of cash cannot De
without influence in the stock market.
Railroad bonds were dulr ana irregular.
Total sales. par value, 81, 690,00 Govern
ment bonds continued their buoyant adj
vance New As advanced 11s. and the IS,
old As and SIS Il in the bid price.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
Co., members Of the New YORK STOCK eM-
direct wires to Chicago and New YORK
Closing prices are bid: