The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-21
STOCKS AND noNDs.

New York. March 20-There was a brill
taut display of speculative pyrotechnics
IN the stock market to-day, which was
interesting and informing as a spectacle,
but which must have been attended with
very unpleasant circumstances for some
one.
The explosive outbreak took place in
the New York traction group and was
plecipitated by oficnl.announcement that
the Metropolitan Street Railway has Sc
cured a controlling interest in the Third
Avenue Railroad. This at once confirmed
the fears OF the shorts. that there was
not a large enough supply of Third Ave-
nue. stock on the market to enable them
to cover their untitled contracts for de-
livery. In other words, the stock was
cornered. The result, briefly stated, was
a jump of nearly II points In the prices
on top of Yesterdays rise of nearly 10
points The violent rise in the stock
brought out large blocks from long hold
ers, which caused many rclapses and made
wide and feverish fluctuations all day
But 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 sympd-
thetic strength impaired to the group by
the Mctropolitan-Third Avenue combinl-
ton drove the shorts to cover with a rush.
The extreme advances in the group were
metropolitan 1llk Brooklyn Transit ia,
Consolidated Gas T. Brooklyn Union 5. ana
Manhattan AZ. The possibilities Of econ
omy of Evaporation and elimination of de-
structve rivaries as result of the COM
bination, undoubtedly improves the states
of the Metropolitan and Third Avenue
properties but the price movement of the
day was almost wholly due to speculative
eNIgeneies. Third Avenue stock command
ed as high as 4 per cent premium for
on loapa mas
htion In the stock all day as was evil
denced by the simultaneous sales OH reg
ular transactions, and on sellers sixty
days contracts at nearly 10 points npari,
the regular sale commanding che high
price Other stocks i'm which the short
interest has been largely reflected the
urgent demand from the shorts notably
Sugar, American and Continental Tobac-
CO. Peoples Gas and Western Union,
which rose ~ to 81
Speculation in the railroad list was
rather dun during the period OF fevarish
excitement In the speclaltes, but later
In the day an active ana vigorous de md
sDrang up for Baltimore and Ohio The
Pacifics, some Of the Changers. Wheeling
and Lake Erie second preferred ana a
number of less prominent stocks. Bait
more and Ohio was carried up a. The
highest prices were not maintained In any
case, the violently speculative specialtie-
showing the sharpest reactions, but the
closing generally was rather easy below
the best and the net changes, though
mostly gains, were very ragged as to uni
formty. The iron ana steel stocks were
rather heavy notably National Steel a1d
Tennessee Coal The money market
showed evidence Of relaxation. The con-
tnued decline in price OF government
bonds indicates a process of liquidation
which suggests that the recent level Of
prices prompted the changing of plans for
taking out bank note circula ton and the
selling out of holdings of bonds.
The railroad bond market continued ac-
tive, but price changes were rather irres-
ular. Total sales. par value, 81, AIS. coo.
United States rs refunding when is
sued the 3's, old as, new As and SIS de-
elined Z In the bid price
The total sales Of stocks to-day were
7il, 600 shares including Atchison, IA, $50; do
preferred, 23625; Baltimore and Ohio 30
ST; Burlington, 1875; Rock Island. 49,
80; Manhattan. 3S 435; Metropolitan, A475;
Missouri Pacific, 11,78; Northern AMI
Western, 11,700; Northern Pacific, 1865;
Ponnsylvana, II 800; st. Paul, 11l0J;
Southern Pacific, %, $50; Union Pacific, 40,
$500, Wheeling and Lake Erie 2's preferred,
G,2S0; American Steel ana Wire, 1925;
American Tobacco, 80 Us; Brooklyn Rapid
Transit, 8l7s9; Continental Tobacco. u, $50;
Third Avenue $3.50; National Steel, 7095
Peoples Gas, 1855; Sugar, II 500; United
states Leather, 600