The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-05
TEE MARKET MORE FIRM
Steadiness Results From Covering
of Short Contracts.
Outside Interest still Limitcd-LOn-
don Prices Rise on Favorable News
and Iron and in the Railway
List-Bapk Statement Discussed.

NEW YORK, May 4.-There was nothing
very definite in the morning news which
would account for the comparative steadi-
ness of stock market prices today in con-
trast with their irregularity earlier in
the week. Such steadiness indeed as
was shown appeared to result chiefly from
the covering of short contracts incidental
10 the close OF the week, for outside in
terest was quite as limited as it has been
heretofore.
On that account, 1t is doubtful whether
todays buying for the short accounts
really reduced the volume of outstanding
bea<ish commitments, inasmuch as the
dealings reflected little more than trans
actions between the floor traders.
The London market was rather unset
tied in the early part OF the day, but IL
subsequently recovered on receipt Of sat
isfactory news in regard TO the progress
of the British forces in the Orange Free
State. Still, on balance, foreign houses
were sellers of stocks 10 the extent OF
l., eco OF 5000 shares here.
The dealings were limited but fairly well
distributed and there were virtually no ex-
eeptions to the general tendency Of prices.
The sharpest recoveries were made in Ten
nessee Coal and Iron and in the local trac-
ton group, but material gains We're scored
also in the railway list. New York Gen.
trail and Pennsylvania were particularly
strong without definite explanation of
their tendency, aside from the settlement
Of the Buffalo strikes, attending the course
of either stock.
The rise in Tennessee Coal and Iron, like
the strength Of the general list, appeared
10 reflect the covering of part of the ex-
tensive short interest on that stock, which
movement was doubtless stimulated by Of
fetal statements that the company's entire
output up to the first of January was dis
posed Of.
Colorado Fuel and Iron was also firm,
probably in sympathy with Tennessee Coal
and Iron. The rise in the local traction
group appeared to reflect the ida that
the new franchise taxing act would not he
SO burdensome in its operations as had
been expected, although 1t must be admit
ted that the general information and ideas
in this respect are extremely vague. There
was no change whatever in money market
conditions, and there were no additional
engagements Of gold for export.
AS is customary toward the close of the
week, the probable showing to be made by
the banks IN their weekly statement to-
morrow was subject of general discus
sion, but one that did not appear TO carry
any particular weight in the dealings The
net results OF the operations between the
banks and the Sub Treasury since last
Friday have been inconsiderable, so a
great deal will depend on the extent OF
currency receipts, which IN the interior
will serve to offset the weeks shipments
of gold, together, Of course, with the
changes In the loan account.
A number Of excellent statements Of rail-
way traffic were submitted today. includ-
Ing the annual report of the Rock Island
Company, the latter showing earnings
equal to about per cent on the stock.