The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-28
STOCKS AND BONDS.

New York, Feb. 27.-The violent
fluctuations Of prices of a limited num-
Der of stocks ON the exchange today
realized the professional traders dreams
Of Elysium. Handsome profits We're re-
allied within space OF ten minutes
and necessarily heavy losses had to be
pocketed. But it all added to the eX-
element and interest of the hazard and
the board room traders kept the specula-
ton at the boiling point, working 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 frequent taking of
profits by covering of shorts worked
frequent and Violent rallies, keeping
the market for the Specialties IN a state
of feverish uncertainty with erratic
fluctuations, whose end it was impossi-
BILE to see.
Third Avenue was still the centre of
interest as on previous days of this
week. On the sale of 200 shares at
the opening quotations were practically
lost, simultaneous sales being made all
the way between GS and 70, against 7112
at last nights close.
The limits of the total stock issue
seemed to be no bar to the volume of
the transactions. The detail ed record of
the stocks erratic course during the
day would be without interest. AT the
lowest price it was 2012 points below
last nights quotation and a final frac-
tional rally was spasmodic and without
Significance.
American Sugar maintained its promi-
nent place in the market, but reflected
much doubt and uncertainty on the
part of the large outstanding short in
terest. 1t was forced down to 1013s and
in the late dealings rallied strongly to
1854 with only a fractional reaction.
There was much disorder and weakness
manifest at other points in tn list of
Specialties, notably in the local traction
group and American Tobacco. But an
active demand for some of the railroad
stocks on reports of large earnings and
covering OF shorts in the Specia tiles
brought the market to q high level and
quiet tone. During the hour after
noon the market seemed to have dl-
vorced itself entirely from the democrat
izing influence of the movement in Third
Avenue. But i'll the next hour the
bears fell upon the whole list tooth and
nail, forcing down Western Union an ex-
treme 334, and Baltimore and Ohio 2%.
Weakness spread from these to otaer
points in the railroad list and wide losses
We're effected amongst the Industrials.
The local TRACTION group were down from
pa to 81, Leather over 2, Rubber, pre-
ferred, 3. American Steel Hoop more
than 4, New York Air Brake 5 and
many railroad stocks from l to 3 The
batter. Pennsylvania, Pittsbrrg c.. G..
and St. Louis dropped 4. The bears
rushed to cover at the decline causing
rally of from l to 21a points in the
stocks which had shown greatest weak
ness. The final downward plunge IN
Third Avenue was offset by the sudden
rise in American Sugar, leaving the tone
in the general list confused and I'M
settled, but with losses in some points in
the railroad list practically recovered.
Strong showings of net earnings for
January were made by Atchison. with
an increase over last year of II per
cent; Erie with an increase of A per
cent, and Pittsburg, c., c.. and ST.
Louis and Buffalo, Rochester and Pitts
burg. Southern Railway made 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 APP
parently been discounted.
The money market was firm The
fact that the Sub Treasury had absorbed