The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-11
FIRMER TONE IN STOCKS
Advances Predominant. With Signs
Of Unsteadiness.
Market Opens Strong Under London
InRueucc-RccOveri i'm the Rail-
ST. Paul-Eair Commission RuSi-
ness. With Good DISTRIBUTION.

NEW YORK, May 10-Advances pre-
dominated in to-day's stock market, but
its tone was, nevertheless, confused and
uncertain. The market opened strong,
chiefly on account of the very substantial
gains shown in the London market fer
American stocks, and these were followed
up by substantial buying for foreign ac-
count, the total takings by foreign houses
being probably in the neighburhood Of
some $4,000 shares.
This naturally impaired strong tone
to all foreign listed stocks, with the note
worthy exception of st. Paul. The St.
Paul Company reported today small de-
crease in gross earnings for the first week
of the month in comparison with last
years returns. This was the first falling
of in gross earnings shown in very long
time, and it appeared TO act as something
of a shock to the holders of the stock,
particularly in these days when so much
is heard of the elimination and reaction
In the industry of the country at large.
Aside from the st. Pauls returns the
days statements Of railway traffic were
satisfactory, and money market conditions
were unaltered. Today's statement of tie
transactions between the banks and the
Sub Treasury showed loss TO the former
of more than S2.500.0C0 but these figures
comprised a part of the weeks exports of
gold, and 1t seems TO be question wEe her
the losses the banks have made on this
account will not be partially or in Whole
Offset by the receipts of currency from tie
interior. As usual a good deal depends
upon the changes in the banks loan ac-
count, in so far as the net results OF Sat
urdays bank statement are concerned.
Trading was very active in the fist
hour, but it fell away substantially there
after and particularly after the buying for
foreign account was concluded. AS was
the case yesterday. commission houses re-
ported fair business in investment stocks.
but for the most part the buying seemed
to be continuation OF yesterdays cover
Ing movement, coupled with some profess
sional buying for a turn.
The firmest features of the railway list
were Burlington and Quincy, the Atchison
shares, and Southern Railway preferred.
The local traction group was fairly finn,
and in the industrial quarter number Of
sharp advances were scored. notably in
American Steel and Wire, Steel Hoop, and
American Smelling.
Aside from the changes in the manage
ment of the American Steel and Wire
Company, which appeared to be nothing
more than nominal after all, there VAS
nothing new bearing upon any of these
stocks. Sugar Refining was heavily dealt
in, and underwent wide fluctuations,
rapid decline of three points taking place
in the stock in the initial transactions
1t can only be said in this regard that
the decline was no more susceptible of
explanation than was yesterdays advance
American Tobacco also broke very
sharply, although 1t subsequently recov-
cred part of its loss. The decline in this
instance appeared to reflect misunder
standing Of the company's annual state
ment. Western Union was another nota-
bly, weak feature of the market, but apart
from the usual ante-dividend conjectures
there was nothing definite TO account for
its course.
No change was made today in the Bank
OF Engand's minimum rate of discount,
and a distinctly easier tone was reported
IN the London money market These facts,
together with the steady and encouraging
progress of the British forces In South
Africa, accounted for the general strength
shown in the London market.