The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-03-22
r. tnuMCIal.
THE STOCK M1RK ET.

l
New York, March 21.-There were i'm
pressive elements of strength in the
stock market to-day. due to the large
and confident buying of some of the
| railroad 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 un-
doubtedly based, however, on the ex-
pectation that the public will shortly
come into the stock market 1t is con-
trary to the custom of this outside pub
lie to come In and buy stocks when
prices are at an invitingly Tow level
They wait until a rise Is In full prog
ress, and apparently the present move
ment has been inaugurated with view
to affording an object LESSON in increas-
ing values.
The price movement to-day wac ac-
lively manipulated and was carefully
nursed. 1t is based primarily upon the
generally prosperous conditions of bust
ness, the high level of railroad earnings
which is being maintained and the
symptoms of an early relaxation in the
money! market. While the movement
thus far is confined to the taking on of
stock by wealthy professional operate
or by insiders in the various properties,
it is to be remembered that such
movement is a necessary forerunner Of
the broader and more comprehensive
advance which comes with an active
speculation. The reversion of the Third
Avenue railroad to the strong hands of
the Metropolitan affords not little re-
lief to all circles in Wall street, as not
only removing disturbing influence
from the stock market, but from bust
nees circles generally.
The speculative movement of to-day
has some basis in the relief afforded by
this development in Third Avenue af-
fairs. The shorts in this stock spent
another bad day to-day, the price run
ming UP to 112 and huctuating between
that and 1906 The other local stocks
were active, but showed a notable ten
dency towards relapse late in the day.
The convincing evidence that Third
Avenue stock IL cornered leads to dill
gent efforts on the part OF the bear OPP
orators caught short to effect private
settlement. The possibility Of such a
result makes the professional traders
timid and cautious about operating in
the stock after the recent violent adj
vance.
There was a disposition to refrain
from active operations elsewhere in the
list while Third Avenue was going
it's cratic changes. 1t was
after the stock had become rather quiet
that the aggressive demand developed
for the Pacifcs, including Missouri Pa
rific and Southern Pacific, the Balti-
more and Ohio stocks, Pennsylvania |
and Norfolk and Western. Baltimore
and Ohio and Union Pacific were easily /
he leaders of the movement, the former |
advancing an extreme Az net and the |
latter "a. There We're sharp game in |
ess active stocks, including the Wheel |
ng and Lake Erie stocks, Great North
ern preferred, Chicago Terminal Trans
Ter, Minneapolis and st. Louis and a
few others.
London bought stocks here literally, |
md sterling exchange eased off as re-
suit. New York exchange vat interior
points was rather easier, but the local
,al money market showed no harden
ng tendency
Dealings in bonds were smaller, and !
price changes were irregular. The total
.ales par value aggregated $4,000
United States threes, old fours and
ives advanced a and the new fours de-
lined a in the bid price.