New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-22
BONDS.
THE DAYS OPERATIONS. IN STOCKS.

Strength in the general market yesterday was
due TO buying by local and foreign banking in
terests Third Avenue again active feat
ure, but its dealings did not overshadow specu-
lation elsewhere in the list. In fact, total sales
of Third Avenue were exceeded by the trans
actions in several other issues. notably in Union
Pacific, Southern Pacific. Baltimore and Ohio
Sugar Refining and Brooklyn Rapid Transit
In the early dealings Third Avenue advanced
10 1l2, but at the close the price only AZ
points above Tuesdays final level. The dealings
in this stock in yesterdays market suggest that
the movement against the shorts has its
course, but there not a few people in the
Street who believe that further damage will
be done in the bear camp before the deal is
over. The course of trading throughout the
day was marked by increased commission house
business, by well distributed demand and by
support from substantial market interests. The
railway shares developed great animation, slim
ulated by active foreign buying. and sharp adj
vanees We're made. particularly in the stocks
which enjoy an international market
The market exhibits a disposition to ad-
vance all encouragement, and actual condi-
tions beginning to find their proper position
market factors. Buying of stocks such
the Union Pacific, Northern Pacific and Southern
Pacific in yesterdays market reflected the desire
of capital to move into securities of merit,
curities whose actual worth is far above the cur
rent quotation level. and whose growing intrinsic
value must be followed by a corresponding i'm
provement in market prices. Stocks Of this class
will. it is believed, prove the most attractive
purchases this year. Another class that will
doubtless enjoy better prices is that which in
cludes the very cheap stocks in which value is
rapidly being injected by growing railroad
ings. In the so-called high priced stocks that
are still cheap, however St. Paul preferred and
New York Central entitled TO higher prices
investments. Pennsylvania is not dear, and
it is likely 10 sell as high as Lake Shore sells
before il reaches its top. Pennsylvania
active feature yesterday, especially in the last
hour. when its price advanced to 49,, a quota
ton only ) points under the high level of Janu-
airy, 1899.
The corner" in Third Avenue stock has
served the useful purpose of checking the per
nici- activity of certain of bear opera
tors whose speculations have done a great deal
Of harm to Wall Street within the last six
months Wall Street corners" are
not, a rule. followed by favorable results
but the Third Avenue corner ought to prove
an exception. The local traction situation is
cleared TO an important extent by the transfer
of the controlling ownership of Third Avenue to
the Metropolitan company and the stock market
is safe for time at least from the destructive
operations Of recently powerful bear specu-
lators. And another result, which appears to
be developing, is increased activity of public
operations in the market. The public is not
fond Of the bear element. and the fact that this
element has been crippled may lead active
outside buying. higher prices and substantial
support by important capitalists. The Third
Avenue corner" has shaken Wall Street up con-
siderably, and in place of the recent intense
dulness the Stock Exchange and in commits
sion house offices activity that may carry the
market into genuine bull speculation is now
the dominating feature. Certain big bears have
been silenced. Their losses have been heavy
but the punishment seems TO fit the crime
The bold operators whose methods have been
investigated by a Grand jury may still possess
the power to recover their losses, but the course
of recent affairs leads believe that the
evil influence of interruptions traders will not
be exercised for a long time to