The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-21
THIRD VIE:YUE
AXES A SOAR.
Violent Rise Of Seventeen Points in
That Stock Yesterday.
PRICES NOT ALL MAINTAINED.
The Closing Generally Was Easy, Be
low tho Best aud Net Changes.
While Mostly Gains lvero Rag
Ecd as TO Uniformity.


MICS In the stock market to-day. which
was interesting and informing as n spec
tac!e, but which must have been attended
some one. The explosive outbreak took
place In the New York traction group,
and was precipitateds by the official an
Rallway has secured controlling inter-
est In the Third-Avcnue Railway. This
at once confirmed the fears of the shorts
that there was not a large enough supply
OF Third-Arenue stock on the market to
enable them TO cover their untitled con-
tracts for delivery. In other words the
stock was cornered. The result, briefly
stated. was a jump OF nearly y points in
The price on top Of yesterdays rise of
nearly 10 points. The violent rise in the
stock brought out large blocks from long
made wide and feyerish fluctuations all
day. But when the shorts attempted to
supply their needs the price always
The New YORK r pu,, nS utilities have been
the favorite field Of operation by the
bears for several days past, and the
SYMPATHETIC strength impaired to the
combination drove the shorts to cover
with a rush. The extreme advances In
the group We're METROPOLITAN. 111@
e: Brooklyn Union, 5, ana Manhattan.
AZ. The possibilities of economic opera
ton and elimination of the destructive
rivalries as result of the combination
undoubtedly Improves the status Of the
Metropolitan and Third-Avenue proper
ties, but the price movement of the day
was almost wholly due to speculative
exigenoies Third-Avenue stock com
manded as high as 4 per cent. premium
for use on loans.
Vigorous manipulation was manifest in
simultaneous sales on regular transact
tons and on sellers sixty-day contracts
as nearly 10 points apart. the regular sale
commanding the high price.
Other stocks in which the short inter-
est has been largely reflected the urgent
demand from the shorts, notably Sugar,
pies Gas. and Western Union. which rose
1as to 3A. Speculation in the railroad
list was rather dull during the period
Of feverish excitement In the speeia al ties
GUS demand sDranG up for Baltimore and
Ohio. the Pacifics. some Of the grangers,
Wheeling and Lake Erie second pre-
ferred. and a number Of less prominent
stocks Baltimore and Ohio was carried
up AZ.
The highest prices were not maintained
spcc.aiues showing the sharpest reac-
tions. but the closing generally was
rather easy below the best, and the net
chansss. though mostly sai ms We're ieae very g
steel stocks were rather heavy. notably
National Steel and Tennessee Coal. The
money market showed evidence of relax
alton The continued decline in price of
Government bonds indicates process OF
liquidation which suggests that the re-
cent level of prices prompted the chang
ing of plans for taking out bank-note
circulation and the selling out OF holdings
of bonds.
The railroad bonds market continued
active but price changes We're rather
irregular. Total sales, par value, S2,4l5,-
600. United States IS, refunding (when
issued). the SIS. old As. new As and IS
declined " in tho bid price
Total sales of stocks to-day were 141,-
GOO shares. including Atchison. 1860; do.
pref erred 49, 25: Baltimore and Ohio. 80
III; Burlington and Quincy. 11.3I5: Rock
Island. 1880: Manhattan; 1895; Metro,
Pacific, Hts; Norfolk and Western. H.
vania, 1880: St Paul. LOO: Southern
Wheeling and Lake Erie second pre-
ferred, 6,2S0: American Steel and Wire.
1880: American Tobacco, 1920: Brook
lyn Rapid Transit. S1.7S9; Continental
tobacco, 1880; Third-Avenue. G2,S90:
National Steel, 1905; Peoples Gas. 49,.
1856: Sugar, 71,690; United States Leather,
Go79.
MONEY AND NGE.-Money on
call firm at 3G5 per cent: last loan at 4
per cent; prime mercantile paper, 5G5A
per cent. Sterling exchange weak, with
actual business in bankers bills at S4.S3n
for demand and at S4.S2 for sixty days;
posted rates, 4.S3G14. S31& and S4.S61s@
4S7: commercial bills, 50. S114GD4.S1al Sill
yer certificates. 60A@614: bar silver, co;
Mexican dollars, 47a4. Government bonds
weak: State bonds steady; railroad bonds