Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-03-21
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds, Grain,
Cotton, Provisions, Etc.

New York, March 20-Therc was a
brilliant display of speculative pyro-
technics in the stock market to-day,
which was interesting and informing
a3 a spectacle, but which must have
been attended with very unpleasant
circumstances for some one. The eX-
plosivc outbreak took place in the New
York Traction group. and WAS precipi-
tated by official announcement that the
metropolitan street railway has
secured controlling interest in
the Third Avenue railroad This
at once contiremd the fears of
the shorts, that there was not
large enough supply of Third
Avenue stock on the market to enable
them to cover their untitled contracts
for delivery. In other words, the stock
was cornered The result, briefly
stated, was jump OF nearly II 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 holders, which caused many
relapses, and made wide and fcverish
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 sympathetic strength i'm
parted to the group by the Mctropoli-
dan-Third Avenue combination drove
the shorts to cover With Il rush. The
extreme advances in the group were:
Metropolitan, liz; Brooklyn Transit.
rs; Consolidated Gas. z; Brooklyn
Union, 5, and Manhattan, Az. Tho pos
sibilltieS OF economy OF operation and
elimination of destructive rivalrics as
result of the 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
i on loans. There was furious manipu
latiOn in the stock all day, as was evil
denccd by the simultaneous sales on
regular transactions and on sellers six
ty-dny contracts at nearly 10 points
apart, the regular sale commanding the
high price. Other stocks III which the
short interest has been largely reflect
Ing the urgent demand from the shorts,
notably Sugar, American and Cont
mental Tobacco, Peoples Gas and
Western Union. which rose tx TO ga.
Speculation in the railroad list was
rather dull during the period of fever
ish excitement in the specialties, but
later in the day an active and vigor-
Gus demand sprang up for Il. and o.,
the Paciiics, some of the Changers,
Wheeling and Lake Erie second pre-
ferred and n number OF less promi
nent stocks. Il. and o. was carried
up AZ. Inc highest prices were not
maintained in any case, the violently
speculative specialtes showing the
sharpeat reactions. hut the closing gen.
orally was rather easy below the best
and the net changes. though mostly
gains, were very ragged as TO uniform
ity. The iron and steel stocks were
rather heavy, notably National Steel
and Tennessee Coal. The money mar
ket showed evidence OF relaxation. The
continued decline in the price of Gov
eminent bonds indicates Il process of
liquidation which suggests that the re-
cent level of prices prompted the
changing OF plans for taking out bank
note circulation and the selling out Of
holdings or bonds.
The railroad bond market continued
active. but price changes were rather
Irregular Total sales. par value, 81.
475. 900.
u. S. 2s refunding, when issued, the
as, old As, new As and SIS declined u
in the bid price.
The total sales of stocks to-day were
I'll 600 shares.
New York. March 2o.-standnrd OIL
5.1SQ5.20.