Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-03-15
FINANCE AND TRADE
Sharp Rise in Third Avenue Forces
Out the Shorts.
ONLY PART OF ADVANCE HELD
Exchange lapsed Into Dizziness
Toward the Close.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, March 15.-Todays market
was very similar to its immediate prede-
cessors, few shares being forced up I'M
der covering and few shading Off under
the general neglect. The Grangers,, Bur-
lington particularly, were actively bought
for a time. the demand representing cover
ing as well as an investment demand The
refunding of the Burlington debt is being
offered in Justification of the new interest
In that property, but there Is really nothing
imminent in that direction which has not
been known for some time.
The earning capacity of the property, its
management and the fact that it is paying
q per cent dividends, are quite enough in
the way or explanation at present prices.
The railroad list as a whole was given
good support. but the frequent lapses into
dizziness Indicated again the restricted char
acter of the demand. Commission houses
had little business and few expected any.
Conditions are pronouncedly in favor of
inaction.
Liquidation Is not reflected to any consid-
cradle degree and short selling in the alb
sence of 1t is regarded as being somewhat
dangerous. On the other hand buyers are
unwilling to take the initiative and the mar
ket moves idly about a center of profess
sional trading for fractional profits.
Rumors that the trust companies were
Gazing some Of their loans were in circula-
ton early in the day and this action had a
chilling influence on the market.
Money was bid up, but the demand soon
eased sufficiently to allow liberal offerings
at . per cent. The course of prices will
hinge very largely upon the money rate
during the balance of the month. Banks
having been loaning money to the SUBJ
treasury during the week at a rate which
suggests the elimination of the small sur
plus reserve reflected at the close of last
week.
The passage of the currency bill alone
prevents this depleted condition from being
reflected in a most substantial reaction in
prices. Upwards of $25,0OO.OOO will be added
to the circulation by the addition of the ex-
ira 10 per cent provided for in cases where
80 per cent has already been taken MANY
| millions of new circulation win follow. as
| Of course, and the banks should shortly be
| once more in funds. Meanwhile traders
may find an Improbable money rate and
extend their commitments in the short ac-
count.
The movement in Third Avenue suggests
the presence of a corner in those shares
and the ability to utilize the ADVANTAGES
| from time to time. Today's movements In
the price extend to 10 per cent from the low
| nsures OF the morning, a short interest be-
ing Forced out on the way up. Once the de-
mana was supplied, about half of the adj
vance was allowed to disappear
should the usual penalties be enforced
against the outstanding interest the street
would De discouraged from further attack
Brooklyn Rapid Transit were held firmly
under moderate covering in spite of the
prevailing fear that the franchise commits
sion Will insist upon liberal tax
Inc guinness toward the close of business
suggested the most perfunctory trading
ana there was no indication that any mark
cd preference was shown either account.