The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-02-28

ket. but the frequent taking Of PROFITS
by covering Of shorts worked frequent
and violent rallies, keeping the market
for the gpeciaitleS IN q state Of fever
ish uncertainty. with cratic huctua-
lions whose end It was impossible to
see. Third Avenue was the center Of In
terest, as on previous days OF this
week on the sale Of 2.lOO shares at
the opening quotations were practically
lost, simultaneous sales being made all
the way between 6s and 6. against
nv at last nights close. The limits
Of the total stock Issued seemed to be
no bar to the volume OF the tronsac-
lions. The detailed record Of the stocks
cratic course during the day would be
without interest. At the lowest price
It was 20ls points below last nights quo
tation and a 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 the large
outstanding short Interest. It was
forced down to 1015s. and in the late
dealings rallied strongly to 1o5k. with
only fractional reaction. There was
much disorder and weakness manifest
at other points IN the list Of speclaltiea,
notably in the local traction group and
Tobacco. But an active demand for
some OF the railroad stocks on reports
Of large earnings and covering OF shorts
in the specialties brought the market
to q higher level and quiet tone. Dur
ing the hour after noon the market
seemed to have divorced itself entirely
from the demorallzing influence Of the
movement in Third Avenue. But in
the next hour the bears fell upon the
whole list tooth and nail, forcing down
Western Union an extreme az per cent
and Baltimore & Ohio 2E per cent.
Weakness spread from these to other
points in the railroad list, and wide
losses were effected among the Indus
trials. The local traction group were
down from 2N to SIS per cent, United
States Leather over per cent; Rub
Der preferred per cent; American
Hoop more than per cent; New York
Air Brake per cent and many railroad
stocks from / to points. The latter
Pennsylvania.
Pittsburgh. Cleveland, Cincinnati &
st. Louis dropped per cent. The
bears rushed to cover at the decline.
causing a rally Of from to az per cent
in the stocks which had shown the
greatest weakness. The final down.
ward plunge in Third Avenue was OFF,
set by the sudden rise in Sugar. leav-
ing the tone in the general list con-
fused and unsettled, but with losses
in some points in the railroad list prac-
tlcally recovered. Strong showIngs OF
net earnings for January were made
by AtchIson. with an increase over last
year OF seveny-one per cent; Erie. with
an increase OF A per cent. and Pitts
burgh, Cleveland. Cincinnati & st.
Louis and Buffalo. Rochester & Pitts
burgh, Southern Railway made a strong
showing Of gross earnings for the third
week In February. London bought
stocks here. but not on large scale,
the surrender Of General cronje having
apparently been discounted. The tone
Of the money market was firm. though
rates were quotably higher. but coll
Rateral is scrutinized with growing
care. and the standing and resources Of
borrowers are considered. The fact
that the sub-treasury has absorbed
since last Friday nearly six million dol
lars Of cash cannot be without influence
in the stock market.
Railroad bonds were dull and irreg.
ular Total sales. par value. $1,6sO.0o0.
Government bonds continued their
buoyant advance. United States new
as advanced IL per cent. and the 3's,
old As and SIS Y per cent in the bid
price.