The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-05
THE MARKET MORE Firm
SieadineSs Results From Covering
of Short Contracts.
Outside Interest suu Limited-LOn-
don Prices Rise on Favorable News
From the War-AdN in Coal
and Iron and in the Railway
List-Bank 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, Il is doubtful whether
todays buying for the short accounts
really reduced the volume Of outstanding
beaSish 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 It
subsequently recovered on receipt OF sat
isfaotory news in regard 20 the progress
Of the British forces in the Orange Free
State. SIN, on balance, foreign houses
were sellers OF stocks TO the extent OF
Il 600 or 1900 shares here.
The dealings were limited but fairly well
distributed and there we're virtually no ex-
Cepuons to the general tendency Of prices.
The sharpest recoveries were made in Ten
nessee Coal and Iron and in the local trac-
Jion group, but material gains were scored
also in the railway list. New York Cen
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-
tenslye short interest on that stock, which
movement was doubtless stimulated by Of
fciaI statements that the compauy'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 CCal
and Iron. The rise in the local traction
group appeared TO reflect the id a 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 additions!
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 a 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 g
great deal will depend on the extent OF 1
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.