The age-herald., 1899-07-21
STOCK MARKET
 CONTINUED NARROW There Was an improvement in
 Tone of Speculation, INDUSTRIAL COMBINATIONS Growth of Conviction That Money Was Not to Become Cheap Owing to
 Needs of Active Trade-Total
 Sale Bonds $2,233, 900.
INDUSTRIAL COMBINATIONS

New York, July 2O.-Todays stock market continued narrow and professional today, but there was an improvement in the tone of the speculation. In the late market there was a rather active buying move ment, and prices rose to tho top level of the day, gaining point or over as com pared with last nights prices in many cases There was an early reaction, which was encouraged by the violent slump of p points in New York Airprake, and an eA- treme drop of ) points in Consolidated Gas. There seemed to be an entire absence el commission useNbuying and London, al- though prices Of Americans had been ad- vanced there, they retrained from operat ing here. The course of the foreign ex- change market with reference to the easier money conditions abroad, was close Iy watched and when sight sterling and cables were seen to be yielding it afforded considerable relief from apprehension Of gold exports. The fact that the Bank of England refrained from advancing it's rate of discount was taken as evidence that the threatened money strlngency is about over at that point
 Money worked easier in New York, but continued above the rates prevailing at ip erior points There was some growth of conviction that money was not to become cheap for a considerable period yet, oW- inS to the needs of very active trade and tnc coming movements of the crop. The heavy increases of banking deposits at some of the large financial centers of the country are now understood to be due to the great combna tions of industries and the resulting readjustments in business methods, which have it is believed, re- duced resources at smaller points in a de gree corresponding to the increase at the great centers.
 Thete was some coHtlnued uneasiness also over evidences of unrest among wage salneIs. Tho strength of the local traction stocks helped to disstp4te this selling Brooklyn Rapid Transit and Manhattan 'ained GDoQt point net and cash sales of
 oitan were made at 84 over last
 .s This stock also sold eX-rights ol uo @. ption to new stock at a uniform eVel of B points below the cash sales Consolidated Gas recovered all of it's ear- fer loss and New York Airbrake all but ? Doinss The strength was not held in some )l tho industries notably Continental, To- .oacco and Steel stocks Pittsburg, Cleve- land, Columbus and St. Louis was marked up points on the June returns of earnings and an upward movement in Chesapeake and Ohio, Missouri Pacific and Cleveland Columbus, Cincinnati and St. Louis spread tc other railroad stocks, including the Changers, Southwesterns, New York Gen. tral Union Pacific and Atchison preferred The average gains of these approximated point.
 Chicago Great Western debentures lost lA from the last sale. Leather preferred was in good demand The closing was dull but firm. Bonds were very dull and rather irregular, Total sales, par value, S2 ,223 00O.
 United States 3s coupon and the new Is registered declined B, while the 5s ad- Nanced 1s, and the old 4s coupon Ii in the bid price.
 New York, July 20.-Money on call was steady at 2126f4 per cent; last loan, 3iA per cent. Prime mercantile paper, 31a6415 per cent. Sterling exchange was irregular, with actual business in bankers bills at 4.S7156 4.S7% for demand, and at 4.S415 for sixty days; posted rates, 4.S5G4.SS; commercial bills, ASA.
 Silver certificates 60Q61c.
 Bar silver, 60Ac.
 Mexican dollars, 4Sc.
 Government bonds were irregular.
 State bonds we're inactive.