The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-02-28
EtnaMcrnJ.
TIE STOCK MARKET.

Handsome Pro MS Taken In Few
| Minutes by Prnfessionais.
New York, Feb. 27.---The violent fluc-
tuations of prices of a limited number
of stocks on the exchange to-day real
lied the professional traders dreams of
Elysium. Handsome profits We're real
lied within a space Of ten minutes, and,
by the same token, heavy losses hadsto
be pocketed. But it all added to the
excitement and interest of the hazard,
and the board-room traders kept the
speculation at the boiling point, work.
ing in and out Of the market many
times during the day. The commitments
were made almost entirely on the bear
side of the market, but the taking of
profits by covering, of shorts worked
frequent and violent rallies, keeping the
market for the specialties in a state of
feverish uncertainty. Third Avenue
was still the center Of interest. On the
sale Of 2,1oo shares at the opening, quo
tations We're practically lost, simutane-
Gus sales being made all the way be-
tween 6S and So. against 711a at last
nights close. The limits of the total
stock seemed to be no bar to the volume
of the transactions. The detailed record
of the stocks erratic course during the
day would be without interest. At the
lowest price it was 201s points below
last nights quotation, and a final frac-
tional rally was spasmodic and without
significance. Sugar maintained it's
prominent place in the market, but re-
Elected much doubt and uncertainty on
the present large outstanding short in
terest.. 1t was forced down to 101k and
in the late dealings rallied strongly to
1853, with only fractional reaction.
There was much disorder and weakness
manifest at other points in the last Of
group and Tobacco.
An active demand for some of thei
railroad stocks on reports of large earn
ings and covering of shorts in the spe-
cialties brought the market to a high
level and quiet tone. During the hour
after noon the market seemed to have
divorced itself entirely from the demor-
alizing influence of the movement in
Third Avenue. But in the next hour
the bears fell upon the whoe list, tooth
and nail, forcing down Western Union
3% and Baltimore and Ohio ~. Weak
ness spread from these to other points
in the railroad list, and wide losses were |
effected throughout the industrials. The |
local traction stocks were down from "a |
to 81, United States Leather 2, Rubber |
preferred 8, American Hoop more than |
1, New York Air Brake 5 and many |
'ailroad stocks from 1 to points. Pitts
ourg, Chicago, Cleveland and st. Louis
dropped A.
The bears rushed to cover at the de-
cline, causing rally of from J. to "a
n the stocks which had shown great
st weakness. The final downward
plunge in Third Avenue was offset by a
sudden rise in Sugar, leaving the tone !
n the general list confused and unset
led, but with losses at some points in
he railroad list practically recovered.
strong showings of net earnings for the
month of January were made by Atch
son, with an increase over last year of
/ per cent, Erie with an advance OF A
,er cent. and by Pittsburg, Chicago,
Cleveland and st. Louis and Buffalo,
Rochester and Pittsburg. Southern
Hallway made a strong showing of gross
arnings for the third week in Febru-
ry.
London bought stocks here, but not on
large scale, the surrender of General
,ronje having apparently been dis
ounted The tone of the money market |
ras firm, though rates were not quota
ly higher, but collateral is scrutinized | 1
18th growing care and the standing and
of borrowers are now conefd-
red.
Railroad bonds were dull and irregu-
II. The total sales par value aggregat-
i $1,690'000. /,