The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-03-21
ABSORPTION OF THIRD AVENUE
BY METROPOLITAN STARTED
THE EXCITEMENT
SHORTS DRIvENC TO COVER
More Offers to Buy Than Could Bo
Supplied, Even at the Advanced
PriceS-Other Securities
We're BuOyant.

NEW YORK. March 20.-There was
brilliant display of speculative pyrotech-
mics in the stock market today which
was interesting and informing as spec
tacle, but which must have been at
tended with very unpleasant circum-
stances for someone. The explosive OUT
break took place In the. New York Trac-
ton group. and was precipitated by the
official announcement published this
morning that the Metropolitan Street
Railway had secured controlling inter-
est in the Third Avenue railroad. This
at once confirmed the fears of the shorts.
which have been quite actively mani
tested for several days, that there was
not large enough supply of Third
them to cover their untitled contracts
FOR delivery In other words, the
stock was cornered. The result, brief
~ stated, was jump of nearly Is points.
The violent rise In the stock brought out
large blocks from long holders, which
caused many relapses and made wide
and feveT1sh fluctuations all day But
when the shorts attempted to supply their
needs, the price always mounted buoy
antly upward again.
be The tb MeT Tav York Public utilities have
the bears for several days past and
the sympathetic strength impaired to
the group by the Metropolitan-Thir
Avenue combination drove the shorts
to cover with rush. The extreme ad-
Vances in the group were: MetropoIi-
tan, Ivy; Brooklyn Transit, 7%; Consol-
D,
haitian M The possibilities OF economy
OF operation and elimination of rival
rieS as the result Of the combination I'M
doubtedly improves the status Of the Met
but the price movement of the day was
almost wholly due to speculative ext
gencies: Third Avenue stock command
ed as high as 4 per cent premium for
IN the stock all day, as was evidenced
py the simultaneous sales on regular
transactions and on sellers sixty day
contracts at nearlys1 10 points apart. the
regular sale commanding the high price.
Other stocks in which the short interest
largely reflected the urgent demand were
and Western Union which rose i% to 81.
Speculation in the railroad list was
rather dull during the period of feverish
excitement e. in the specialties, but later
IN the day an active and vigorous de-
mand sprang up for Baltimore & Ohio.
the Pacifics, some OF, the grangers, Wheel
Ing Lake Erie second preferred and a.
number OF less prominent stocks Balti-
more & Ohio was carried I'D AZ. The
highest prices were not maintained in
any case. the violently speculative spe-
S Sla4 showing the sharpest reactions,
but the closing generally was rather easy
peioW the best, and changes, though mostly
GalhS, were very ragged as to uniformity
Inc iron and steel stocks were rather
neSSee Coal
The money market showed evidences
OF Feiaxation. The continued decline In
price of government bonds indicates a
process OF liquidation which suggests
mat the recent level Of prices prompted
the changing of plans for taking out bank
note circulation and the selling out of
holdings of bonds so
:, The, railroad bond market continued ac-
i've but price changes were rather irreg-
ular. Total sales,. par value. Il Se,475, 900.
United States Is ;refunding when issued:
the 50, old 4s: new IS and 5s declined u
In the bid price. ege El,a.r 70
STOCE OT1or, ArTO1,c