The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-30
ABETTHR TONE IN STOCKS
OPERATIONS for the Short Account
0utstrip Liquidation.
A More Cheerful Temper I'm the Lon
don Mnrket-DeaIings Result in "a
TriHing Balance ON the Buying
side Approaching the Limit 10
the Consolidation of Capital.

NEW YORK, Aug 29.-There was not
any appreciate improvement in today $
stock market in respect of activity. but a
distinctly better tone was evident in the
dealings. As noted yesterday, operations
for the short account had evidently out
stripped the actual liquidation in progress,
and for his reason alone there was dis
position to curtail contracts on the $50 t
side.
Furthermore, and for the first time in
more than two weeks, a fairly chez full
temper was reported in the Londcn mar
ket Consols were higher and American
stocks were quoted fractiorally above plIi-
ty with the local closing figures OF yester-
day.
For the first time also in a number Of
DAYS the operations for foreign account,
while on balance in trifling proportions,
were on the buying si1e. There was little
or nothing in the days actual news to
which could be referred the markets ten
dency The steadiness of the London maj
ket vas owing chiefly 10 the reports, which
later adviees did not appear TO substan-
tate of decisive British successes in South
Africa.
There was no change there in money
market conditions, but 1t is the common
opinion of experts in the foreign exchange
market that should there be any further
shipments OF gold from this country the
transaction will be purely in the nature
of a lean of American capital to Europe.
There was very little news bearing upon
particular stocks.
An interesting contribution to today's
situation was furnished by the July state
ments of the st. Paul commission. Al
though gross earnings showed decrease
of about per cent the company reported
d net increase of something over $4,000.
The figures as they stand indicate that the
company is now beginning to reap the psn-
eft of its extraordinary outlay for operat-
ing expenses in the past two or thrSe
years, ana now that its gross returns are
filling off somewhat ii is likewise curtail-
ing its expenditures.
Considered in detail there were very
few movements in the market which war
ranted particular comment. The advances
made were generally fractional. especially
in what are regarded as the standard is
sues. Rather conspicuous gains in Ma
tional Steel and American Tin Plate -ere
attributed to the belief that a consolf-
dalton of the various companies. organized
by certain western interests was conlsIH-
plated 1t was not easy. however, TO as
certain in what way such an amalSama-
tion would give any additional value to
those concerns.
AS a matter of fact, it would appear
that, so far as industrial corporations are
concerned. the virtual limit OF consolida
tion has been reached and hereafter the
personal equation must be considered. In
short the several homogeneous OF the
National Steel the American Tia Plate,
and the other more or less affiliated cosl-
Germs can operate them successfully IL Is
difficult to see where extra profits can be
deriS ed from consolidated management
There are physical limits to the executive
energies Of any single individual. ana.
broadly speaking. there are limits beyond
which it is not safe to test the admins
iTative capacity of a single head.
The days recoveries in prices were fair
ly uniform As noted. for the most part
they were limited to fractional changes.
The dealings in the railway list were in
small volume but largest in the grangers
and Northern Pacific. There was an unu-
sual dearth OF gossip bearing upon partic-
ular stocks and IL was apparently the SIM
pie technical circumstances of the market
10 which the course of prices might most
reasonably be referred