The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-22
THE MARX WAS
one OF STR :NG'T]n|I
Due TO Large Buying Of Some ofthef
Railroad Stocks.
LILLE PUBLIC I'M. E.REsI.
Tho Market Was Not Broad, Demand
Being Restricted to a Few Stocks.
Another Bad Day for those Short
on Third Avenue,


impressive elements OF strength in the
stock market to-day, due to the large
and confident buying of some of the rail-
road stocks. The market was not very
broad. the demand being restricted to
comparatively, few stocks, and there was
not much evidence of what is called in
= Wall Street public interest in the stock
market; The buying was undoGoted = !
based, however, on the expectation that
the public will shortly come into the
stock market, and apparently the present
movement has been inauEurated& with q
view to aTording an object lesson In IN
usually coming in only when prices are
inriungly low. The price movement to-
day was actively manipulated, and was
carefully nursed. 1t is based primarily
upon the generally prosperous conditions
of business, the high level OF railroad
earnings, which is being maintained, and
the symptoms of an early relaNauon IN
the money market. While the movement
thus far Is confined to the taking on OF
stocks by wealthy professional operators
or by insiders in the various properties,
( II Is to be remembered that such a move
ment Is a necessary forerunner OF the
broader and more comprehensive al
vance, which comes with active specula-
ton. The reversion of the Third-Arenuc
to the strong hands of the Metropolitan
affords not a liltle relief to all circles
in Wall Street, as not only removing a
disturbing influence from the stock mar
ket. but business circles generally
The speculative movement to-day-ha d
some basis in the relief afforded by this
development in Third-Avenue affairs. The
shorts in this stock spent another pad
day to-day, the price running up to lI2
and fuctuating between that and 1oO.
The other local stocks We're active. but
showed notable tendency toward relapse
late in the day. The convincing evidence
that Third-Avenue stock Is cornered
leads to diligent efforts on the part of
The bear operators caught short to effect
private settlement. The possibility Of
Euch a result makes the professional
traders tinid and cautious about operat-
ing In the stock after the recent violent
advance.
There was disposition to refrain from
active operations elsewhere in the hst
while Third-Avenue was going through
its erratic changes. 1t was after me
stock had become rather quiet that the
aggressive demand developed for the "a,
cities. including Missouri Pacific and
Ohio stocks, Pennsylvania, Norfolk and
\. estern Baltimore and Ohio and
Union Pacific were easily the leaders OF
Inc movement, the former advancing an
extreme. AS net and the latter "a.
There were sharp gains IN less actlVe
stocks, including the Wheeling and Lake
Erie stocks, Great Northern preferred.
Chicago Terminal Transfer. Minneapolis
and St%Louis. and a few others, London
bought stocks here literally and sterling
exchange eased off as a result New YORK
exchange at interior points was rather tlle
easier hut the \ local money market
showed no hardening tendency
Dealings in. bonds were smaller and
price changes We're irregular Total
sales, par value, $2.090.O00. United States
3's and old As advanced ~ and new Is
declined u in the bid price.
The total sales of stocks to-day We're
800 shares, including Atchison, 4! .16O;
do. preferred. 10, 7GO; Baltimore and Ohio.
46liO: Burlington and Quincy, 6.43O;
Rock Island, $50: Louisville and Nash
VILE, 1850; Manhattan, y AGO: Nero,
nolitan Street Railway, 1S,2IS: Missouri
Pacific 2G,a!0: Norfolk and Western, L.
40; Pennsylvania, n 600: Northern "a
cific, Il ,175: Reading first preferred,
SEQ; St Paul. S,31o; Southern Halfway
preferred, $50: Texas Pacific, ESQ;
Union Pacific, &c, 160; Union Pacific. pre-
ferred. S.O40; Third-Avenue. 2l,GSo;
American Steel and Wire, $3.50; AInerl,
can Tobacco. 1000; Brooklyn - Rapid
Transit. 81, l25; Federal Steel, 2olS9: Eco
ple's Gas, 16,450; National Steel, s.22o;
Sugar, 41,690; United States Learner,
-.S1o
MONEY. AND ExCHANGE-Money on
call steady at 3@5 per cent; last loan
at s per cent; prime mercantile paper
5GI:.IM per cent. Sterling exchange weak,
with actual business in bankers. bllis at
81. S51k for demand and at 50. 81 Tor Sky
days: posted rates, 50. S3@4.S3 and Sd 6Is
M 81 commercial bills, S4.S1A@4S2. Sill
Yer certificates, O14@I6114; bar silver, 60;
Mexican dollars, 4Ia4. Government ponds
dc 10