The age-herald., 1899-08-03
STOCK MARKET
 OPENED STRONG Depression Much in Evidence Latter Part of Day. PROSPECTS OF HARD MONEY Reports of Large Earnings in Iron and Steel Industry Gave Group Firm
 Tone Bonds Generally
 Were Irregular
PROSPECTS OF HARD MONEY

New York, August 2.-Today's stock period of strength in the morning which gave way before the day was over. The depression was due to the continued pros- pect of hard money. The early strength had its inception in the disposition of Lon- don to buy American stocks, notwith standing the marking up of the money rate there. The demand from London was especially marked for Atchison preferred, Louisville and Nashville and Northern Pacific. London sold Anaconda copper There was a smart upward movement in some of the specialties. Early in the day sugar went up to 2A. Reports of the ex- traordianry earnings in the iron and steel industry gave firm tone to that group of stocks and Tennessee coal had the addi- tional benefit of a report that valuable property was about to be acquired and that claims of preferred stock holders were in process of adjustment. The stock in consequence rose 334. The trunk lines were favorably affected by the going into effect of the higher freight rates on grain to the Seaboard. The tobacco stocks, the local traction shares, general electricity, cotton oil Peoples gas and few others gained from individual causes. The general ap- pearance of strength thus imparted to the market prompted some covering by the shorts who sold yesterday, thus helping on the advance. The higher prices brought out realizing sales and there was sharp break in sugar and Brooklyn transit, the latter dropping 21a from the best. Lackawanna suddenly fell away 31a points on rumors of projected strike The ua l. on ha ba
 The closing was dull and heavy, generally below last nights closing. The apprehen- sion of the money outlook was caused by the advance of discount tes in London to a point above the Bank of England mini mum rate. The fall in consos was evi- dence that the Bank of England was again borrowing from the market to repel the demand for gold made probable by the cent downward course of sterling exchange at New York. There was not enough doing in sterling exchange today to reflect the in- fluencc of this move by the sterling eX- change rate at Berlin, whence London con- tinues to draw gold, rose two pfennings The bulk of the call loans in New York were made today at per cent, and lenders showed themselves indisposed to renew time loans at current rates. Prime com- mercial paper rates ruled from to 5 per cent.
 Outside banks continue to draw on their deposits in New York banks for the purpose of making loans in this market. There has been some outgo of funds from this center to Montreal on account of stringency there.
 There was activity and strength by the Kansas City, Pittsburg and Gulf firsts, but otherwise the bond market was irregular. Total sales, $2. .O0950O. United States 5's de- clined 4 in the bid price,
 New York, August 2.-Money on call easy S1a@4 per cent; last loan 4. Prime mercantile paper 4d5 per cent. Sterling exchange heavy with actual business in bankers bills at 4S6A@4S619 for demand at 4S3 for sixty days, posted rates 4SiG4S41s and 4S71a@4SS; commercial bills 4S21s. Silver certificates 60k@61. Bar silver GOA; Mexi- can dollars 4S Government bonds easy. State bonds inactive. Railroad bonds ir- regular.
 By Private Wire to Talbott & Palmer