The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-22
STOCKS AND BONDS.

New York, March H.-There were inn
pressive elements of strength in the stock
market to-day, due to the large and con-
fident buying of some of the railroad
stocks. The market was not very broad
the demand being restricted to compare
lively few stocks, and there was not much
evidence of what is called in Wall street
public interest in the stock market.
The buying was undoubtedly based, how
ever, on the expectation that the public
will shortly come into the stock market
and apparently the present movement has
been inaugurated with a view to afford
ing an object lesson in increasing values
the outside public usually coming In only
when prices are invitngly low The price
movement to-day was actively manipu-
lated and was carefully nursed. 1t is
based primarily upon the generally pros
porous conditions of business, the high
level of railroad earnings, which is be-
ing maintained, and the symptoms Of an
early relaxation 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 remem-
bered that such a movement Is neces-
sary forerunner Of the broader and more
compre hensive advance which comes with
an active speculation.
The reversion of the Third Avenue 10
the strong hands of the Metropolitan
a
Wall street as not only removing dis
turbing influence from the stock market.
but business circles generally. The spec
ulative movement to-day had some basis
in the relief afforded by this devec pment
i'm Third Avenue affairs. The shorts IN
this stock spent another bad day to-day.
the price running up to 112 and fuctuating
between that and 100. The other local
stocks were active but showed o n5table
tendency towards relapse late in the day.
The convincing evidence that Third Ave-
nue. stock is cornered leads to diligent
efforts on the part Of bear ope ators
caught short to effect a private settle
ment. The possibility Of such a result
makes the professional traders timid and
cautious about operating In the stock
after the recent violent advance There
was disposition 10 refrain from active
operations elsewhere in the Hist VIII lie
Third Avenue was going through its er-
ratio changes. 1t was after the stock
become rather quiet that the aggressive
demand developed for the Paciics, in
Guiding Missouri Pacific ana Southern
Pacific, the Baltimore and Ohio stocks.
Pennsylvania and Norfolk ard Western.
Baltimore and Ohio and Urion Pacific we're
easily the leaders Of the movement, the
former advancing an extreme A. net and
the latter "a.
There were sharp gains in less active
stocks, including The Wheeling and Lake
Erie stocks. Great Northern preferred
Chicago Terminal transfer. Minneapolis
and ST. Louis ard a few others.
London bought stocks here literally ana
sterling exchange cased off as result
New York exchange at interior points
was rather easier, but the local money
market showed no hardening tendency.
Dealings In bonds were smaller ana
price changes were irregular Total sales
par value, 81, 0O0.
L. s. 3s old IS and IS advanced Y an1
the new Is declined a In the bid price
The total sales Of stocks to-day were
77O,5G0 shares. including Atchlson, 1870;