The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-21
rrrAEcE AND TRADE.
The Features Of tie Money and Stock
Markets.

the features o. Lh9 money ana 9tQeAs
Markets.
NEW YORK. March sO-Money on
call hrm al sos per cent; last loan 4
per cent Prime mercantile paper 50
81 per cent Sterling exchange weak.
with actual business IN bankers bills
at 81 s5M Tor demand and at q 50 for 60
days; posted rates 81 sS9l' ss1E and
"a S6M@4 81. Commercial bills 81 SIX
al s1E. silver certificates 606961iEc.
Bar silver GOc. Mexican dollars 47kc.
Government bonds weak State bonds
steady. Railroad bonds irregular.
There was a brilliant display Of spec
ulative pyrotechnics in the stock mar
let to-day, which was interesting and
informing as a spectacle, but which
must have been attended with very un-
pleasant circumstances for some one.
The explosive outbreak took place in the
New York traction group and was pre-
cipltated by the oficial announcement
published this morning that the Metro
politan Street Railway had secured a
controlling Interest in the Third Avenue
railroad. This at once confirmed the
fears Of the shorts, which have been
quite acutely manifested Tor several
days that there was not a large enough
supply Of Third Avenue stock on the
market to enable them to cover their
untitled contracts ior delivery In other
words the stock was cornered' The re-
suit. briefly stated was a jump OF near
ly II points IN the price on top OF yes
terdays rise OF nearly u points Inc
violent rise IN the stock Drought out
large blocks from long holders which
caused many relapses ana MADE Wide
and feverish huctuations all day But
when the shorts attempted TO supply
their needs the price always mounted
buoyantly upward again the New
York public Utilities nave oeen the
favorite field OF operation by the bears
for several days past ana the sSmpa-
thetic strength impaired to the group
by the Third Avenue COM
bination drove the shorts to cover with
rush. The extreme advances in the
group were: Metropolitan liz per cent;
Brooklyn Transit rs; Consolidated Gas
Z; Brooklyn Union and Manhattan ~
per cent. The possibilities OF economy
of operation and elimination Of destruc-
tive rivalrles as result of the combl-
nation undoubtedly improves the status
of the Metropolitan and Third Avenue
properties, but the price movement Of
the day was almost wholly due to spec
ulatlve exigencies. Third Avenue stock
commanded as high as 4 per cent pre-
MUM for use on loans. There was furl-
Gus manipulation in the stock all day as
was evidenced by the simultaneous
sales ON regular transactions and on
sellers sixty day contracts at nearly 10
points apart, the regular sale command.
ing the higher price. Other stocks the
short interest has been largely reflected
the urgent demand from the shorts,no
ably Sugar, American and Continental
Tobacco, Peoples Gas and Western
Union. which rose TX to SN per cent.
Speculation in the railroad list was
rather dull during the period of feverish
excitement in the specialties' but later
in the day an active and vigorous de-
mand sprang up for Baltimore & Ohio,
the Pacihcs, some of the grangers,
wheeling a. Lake Erie, second prefer
red, and a number of less prominent
stocks.
Baltimore & Ohio was carried up *
per cent. The highest prices were not