The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-03-21
THE MARKETS.
Wall Street Review,

Now York, March cO-Thcrc was a bril-
Han display of speculative pyrotcchnics
IN tho stock market today. which was in-
ttcresting and informing as a spectacle
very unpleasant consequences for some
one. The explosive outbreak took place
In the New York traction group and was
mcnt published this morning that the
metropolitan Street railway had secured
n controlling interest In the Third Ave-
nue. railroad. This at once confirmed the
fears OF the shorts which have been quite
acutely manifested for several days. and
there was not a large enough supply of
Third Avenue stock OH the market TO en-
tracts for delivery. In other words. the
stock was cornered. The result briefly
stated, was jump of nearly "a points In
nearly 10 points. Thc Fl 'Ssty Violent rise in in the
stock brought out large blocks from
long holders. which caused many realiza.
lions and made feverish fluctuations, all
supply their needs the pirce always
mounted buoyantly upward again. The
New York public utilities have been the
favorite field nj operation by the bears
for several days past and the sympa-
thetic strength impaired to the group by
the Metropolitan Third Avenue common
drove the shorts to cover ut a rush. The
extreme ADVANCES In the group were:
Consolidated Gas Z. Brooklyn Union 5.
and Manhattan "A. The possibilities Of
economy OF operation and elimination OF
destructive rlvairies as "a result OF the
combination, undoubtedly proves the
status of the Metropolitan and Third
Avenue properties. but the price of the
day was almost wholly due to speculative
manded as high as per cent. premium
for use on leans. There was furious
manipulation in the stock all day as was
evidenced by the simultaneous sales on
~ nt,1 s.,ltn orr nj q
DAY contracts at nearly ten points apart,
the regular sale commanding the high
price. Other stocks in which the. short
interest his been largely reflected the ur-
gent demand from the shorts notably
Sugar. American and Continental To-
bacco, Peoples Gas and Western Unicn,
which rose IL to 3h. Speculation in the
railroad list was rather dull during the
period of feverish excitement In tho spe-
cialties. but later in the day an active
and vigorous demand sprang up for Ball
Grangeis, Wheeling and Lake Erie sec
ond preferred, and a number of less
prominent stocks. baltimore and Ohio
was carried up AZ. The highest prices
Violently speculative specialties showing
the slarpcst 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.
notably National Steel and Tennessee
Coal. Total salts. 74l,fO) SHARES. The
money market showed evidences Of re-
taxation. The continued decline in price
of government bonds indicates a process
Of liquidation which suggests that the
recent level of prices prompted the chang
ing of plans for taking out bank note cir
culation and the selling out of holdings
of bonds. The railroad bond market con-
tinued active. but the prices changes were
rather irregular. Total sales, par value,
$2.475,000. United States IS, refunding Is
when issued. the 3s. old As, new As and IS
declined u in the bid price.
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