The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-03-21
STOCKS N h FURRY
Considerable Rocketing in The
Traction Group.
DUE TO A CONSOLIDATION
OF Local Lines - Decline in
Government Bonds.

New York, March 3-There wos a bril-
liant display Of speculative pyrotechnics
In the stock market today. which was in
teresting and informing as a spectacle
| but which must have been attended with
1 very unpleasant circumstances for some
| one. The explosive outbreak took place
/ in the New York traction group, and was
| prec4pitated by rhe official announcement,
| published this morning. that the Metro
| politan Street Railway had secured con-
| trolling interest in the Third Avenue
railroad. This at once confirmed the
feors Of the shorts, which have been
quite acutely manifested for several days.
that there was not a large enough supply
of Third Avenue stock on the market to
enable them 20 cover their untitled con-
tracts for delivery. In other words. the
stock was cornered. The result briefly
stated, was a jump of nearly Il points in
the price on top OF yesterdays rise OF
nearly "a points. The violent rise in the
stock brought out large lots from long
holders, which caused many relapses and
day. Bue when the shorts attempted TO
supply their needs. the price always
mounted buoyantly upward again. The
New York public utilities have been the
favorite field OF operation by the bears
for several days past, and the srlypathe-
tic strength impaired 10 the group by
the Metropolitan-Third Avenue comoin-
alton drove the shorts TO cover with
rush. The extreme advances in the
group were: Metropolitan III: Brooklyn
Transit rs; Consolidated Gas 7; Brook
lyn Union ), and Manhattan a.. The
possibilities Of economy of operation and
elimination Of destructive rfvalries as a
result fthe combination undoubtedly
improves the status OF the Metropolitan
and Third Avenue properties, but the
price movement OF the day was almost
wholly due TO speculative exigencies. /
Third avenue stock commanded as high |
as per cent premium for use on loans. I
There was furious manipulation in the !
stock all day, as was evidenced by the I
simultaneous sales on regular transac- |
tons and on sellers sixty-day contracts /
at nearly ten points apart, the regular |
sale commanding the high price. Other |
stocks IN which the short interest has /
been large reflected the urgent demand 4
from the shorts, notably Sugar, Ameri- /
can and Continental Tobacco. Peoples /
Gas and Western Union, which rose Ia /
to SA. Speculation in the railroad list 4
was rather dull during the period OF few
erish excitement in the specialties, but +
later in the day an active and vigorous
demand sprang up for Baltimore and +
Ohio the Pacffics. some of the Changers.
Wheeling and Lake Erie second PREFER
ed and a"number of les prominent
stocks. Baltimore and Ohio wa scarried
up AZ points. The highest prices were
not maintained in any case, the violently
speculative specialties showing the sharp
est reactions. but the closing generally
was rather easy below the best and the
net changes. though mostly gains, were
very ragged as to uniformity. The iron
and steel stocks were rather heavy, not
ably National Steel and Tennessee Coal
The money market showed evidences Of
relaxation.