The daily morning journal and courier., 1900-03-21
asinanciat.
THE STOCK MA RK EFT.
Brilliant Display of speculative Pyro-
 technics.

| D'bP'"y cA y :" " l technics.
 | New York, March 20,-There was a
 brilliant display of speculative pyro- 1 technics in the stock market to-day,
 which was interesting and instructive
 as spectacle, but which must have been attended with very unpleasant cir
 cumstances for some one. The explo-
 sive outbreak took place in the New I York traction group and was precipitat- ed by the official announcement pub lished this morning that the Metropol tan Street Railway had secured con- trolling interest in the Third Avenue
 railroad. This at once confirmed the
 fears of the shorts, which have been
 quite acutely manifested TOT several days, that there was not large enough supply of Third Avenue stock on the
 market to enable them to cover their
 unfulfilled contracts for delivery. In
 other words, the stock was cornered. The result, briefly stated was jump of nearly 17 points in the price on~ top of yesterdays rise of nearly 19 points. The violent rise in the stock brought out large blocks from long holders, which caused many relapses and made wide and feYerish fluctuations all day. But when the shorts attempted to supply
 their needs the price always mounted
 buoyantly upward again.
 The New York public utilities have been the favorite field of operation by the bears for several days past and the sympathetic strength imparted to the group by the Metropoltan-Third Ave nue combination drove the shorts to cover with rush. The extreme ad- vances in the group were Metropolitan |111a, Brooklyn Transit 7B, Consolidated Gas ', Brooklyn Union and Manhattan Az The possibilities of economy of op- eration and elimination of destructive rivalries as a result of the combination undoubtedly improves the status of the two properties. But the price move ment of the day was almost wholly due to speculative exigences. Third Ave nue stock commanded as high as per cent premium for use on loans. There was furious manipulation in the stock all day, as was evidenced by the simul- taneous sales on regular tranea ctions and on seller sixty-day contracts at nearly ten points apart, the regular sale commanding the high price. Other stocks in which the short interest has been largely interested reflected the UT gent demand from the shorts, notably Sugar, American and Continental To- bacco, Peoples Gas and Western Union, which rose 1& to SA.
 Speculation in the railroad dist was rather dull during the period of feverish excitement in the specialties, but later in the day an active and vigorous de- mand sprang up for Baltimore and Ohio, the Pacific, some of the grangers. Wheeling and Lake Erie second prefer red and a number of less prominent stocks. Baltimore and Ohio was carried up Al The highest prices Were not maintained in any case, the violently speculative specialties showing the eharpest reactions. But the closing gen orally was rather easy below the best. and the net changes, though mostly gains, were very ragged as to uniform ity. The Iron and Steel stocks were rather heavy. notably National Steel andxrennessee Coal.
 The money market showed evidences of relaxation. The continued decline in the price of government bonds indicates process of liquidation which suggests that the recent level of prices prompted the changing of plans for taking out bank-note circulation and the selling out of holdings of bonds.
 The railroad bond market continued active, but price changes were rather irregular. The total sales par value az gregated STATEHOOD.
 United States twoe, refunding twos when issued, the threes, old fours, new fours and fives declined # in the bid price