The times., 1899-07-08

New York. July 7.-During the first half
bf the day the movements in the stock
market were marked by decided irregular
ity. Prices advanced and receded rather
sharply and without very definite reasons.
Seemingly, the apprehensions of a very
stringent money market gave the uncer-
tain tone to the dealings, as with the
course OF the day. when it appeared that
no distressing conditions were likely to
develop. the market became much steadier
AT the opening OF business New York Cen
tral and Pennsylvania responded quickly
TO the report published this morning of a
much closer alliance between those systems
and of the appearance of joint representa-
tiyes Of the two companies in their respec-
tive directorates. The movement in these
stocks was sympathetically reflected in the
general market at the opening OF business
but other influences intervened subsequent
ly to check the improving tendency. Among
them were the noted apprehensions in re-
gard TO the money market and also the
appearance of pressure in the graDgr
group. Tn latter was accompanied by re-
newed reports of excessive rain falls in
the spring wheat sections which, however
received scant reflection in the grain mar
ket and were probably part and parcel or
the usual agricultural literature of the
season.
London apparently accepted as true the
New York Central-P Pennsylvania rumors,
for both stocks were shown in the early
cabled advices at material advances, and
the remainder of the American market
there was reported very firm also. The
formal denial of the report as published
made later in the day checked the increase
in speculation in those stocks, but the pre-
vailing temper of the public is such that
IL is willing to accept almost any rumors
bearing on the expansion of the Vanderbilt
system. The days market contained an
other reflection of the public credulity in
this respect, an advance in Manhattan
Railway being also attributed to rumors Of
Vanderbilt control, although, indeed
something more than patent facts are nee
essary TO account for the pronounced
strength in this instance. The several
traction shares were comparatively dull
Brooklyn Rapid Transit was unfayorably
affected by the revival of reports OF dis
satisfaction among the employees of the
company, though the source of the reports
deprived them Of any real value.
Notably strong features of the market
were the Atchison shares, Missouri Pa
cific, Texas Pacific, Peoples Gas, and
Tennessee Coal and Iron. The industrial
quarter was also very firm in the main,
with noteworthy advances in some of
the newer issues. including the Smelling
and Tin Plate shares. Tennessee Coal and
Iron advanced with particular rapidity on
the expectation OF heavy gains in earnings
with the expiration this month OF the
old contracts for iron at low figures. II
appears that a sagacious management COM
mttted the company to contracts on which
# is now delivering iron at one-half of the
current market prices. Those contracts
are now expiring, and the company should
reap some of the benefits OF the present
extraordinary activity In iron. AS noted the
general market became much firmer with
the course OF the day. The granger shares
all recovered their caller declines, and
Chesapeake and Ohio and c. c. C. & ST. L.
advanced sharply. The close was active
and firm.