The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-25
MARKET PRICES Rising
The Advance, Nearly Universal. Be
tokens a Bull Market.
Wall street DESIGNATING the Effects
Avenue Turning Point In Specu-
intion - Gossip Regarding Large
Purchases of Railway shares.

NEW YORK, March 24.-wall Street has
not waited for an imitation of the cur
rency through the operations OF the new
financial legislation, as basis for bull
speculation in stocks, but has as usual,
begun to discount that event. The ad-
vance in prices this week has been very
nearly universal. and in many cases it
has been pronounced. The sudden acqui-
sition of the Third Avenue property by
the Metropolitan Street Railroad appears
TO have been the event that gave the mar
ket its first upward turn. Misfortunes of
the Third Avenue Company, together with
its heavy obligations TO the financial com
munity, were most depressin' influence
up to last Monday. feeling of t was
evident as soon as it became known that
the control of the company had passed
into the hands of men capable of financing
it. and of managing it upon a profitable
basis
AS a large short interest in Third Avenue
was severely punished by the accumula-
ton OF the stock for control that same in
terest in other stocks was alarmed and
has covered extensively throughout the
list. At the same time the atmosphere of
saturated with rumors of various develop
ments favorable TO a number OF properties.
Extensive buying of Norfolk and Western
and Baltimore and Ohio is said 20 have
been 10 effect changes in the control of
those properties. Interests identified with
the Pennsylvania Railroad are reported to
have been the purchasers. Why those in
terests should have waited, assuming that
they desired to control the properties men,
toned, until speculative sentiment in Wall
Street became builish before making their
purchases is a question that may be an
swered later by sanguine spectators, who
are now betting their money on theories
and conjectures as they invariably do in
rising market.
The railway list has received unusual
attention this week, while Industrial issues
have. as a rule, been neglected. The only
iron and steel stock that makes a good
showing is Colorado Fuel and Iron. Indi
cations are, however, that there will be
large foreign as well as domestic demand
for iron and steel products during the next
few months. At the moment the industry |
that attracts the most attention is that OF
mining and transporting bituminous coal /,
The settlement of the differences between |
the partners in the so-called Carnegie |
is development of farreachi; G |
importance in both the iron and soft coal /
industries. that does not as yet seem to be |
fully appreciated by the public.
The weekly statement of averages of the !
associated banks showed, as had been fore
Swallowed, very small loss in lawful
money. The decrease of nearly s12,500. 600 /
In loans contributes TO decrease of nearly
sl4, coo, 600 in deposits. and the smaller re-
quirements against that item permit of an I
increase of over 100000 in the surplus |
Todays market was strong and active. |
London was free buyer, and SO were |
commission houses. The exceptionally |
strong features were Denver and Rio |
Grande issues. Baltimore and Ohio, Union |
Pacific, and Sugar Refining. The closing |
was strong al about the best prices.