Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-07-07
London Advances Favorably Influence
Market in New York.
EFFECT OF RUMOREl CONSOLIDATION
Heavy Trading in tennessee Coal
and Iron.
OTHER FEATURES OF THE DAY
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. July In the London mar
ket this morning Americans opened tame
but soon after opening prices became very
firm. with the active railways the features
or the securities markets ". Y. Central was
asgressively strong, selling equal to 14oIS
New York parity. Pennsylvania was up l
point on reports that Nanderbilts had Sc
cured very large interests in the Penusyl-
vania system. Other shares in the London
market showed gains Of u and ~ Louis
vile and Nashville being active on con-
tinued reports Of impending increase IN
the dividend rate.
The opening in the New York stock mar
ket today was favorably influenced by the
rise in London market In New York Central
and Pennsylvania, due to the circulation
OF the reports there regarding the combine
ton of the two systems. Both of these
specialties opened up liz each, Penusylya-
MIA atterward advancing a point further.
but fell back over point on realizations.
The general railway list was higher at
the start, but reacted under prodt-taking
sales
Sugar stock opened up about a half
point gained another half. but later lost
the ehtire gain on reports circulated in the
board that the bun pool had liuuidated and
is row short of the stock
In the iron and steel group the only fea-
ture was the sustained strength in Tennes-
see coal and iron stock. which sold up TO
Us, gain of q over last nights closing fig
UrcS.
In the local traction stocks Metropolitan
showed some heavness on talk of labor
troubles. and Brooklyn Rapid Transit was
easier on realizations. Manhattan displayed
considerable strength. advancing two points
over the best prices of yesterday. The talk
on TINS stock was that New York Central
might extend its plans so as to secure the
elevated roads. Housman was a liberal
buyer of Manhattan. and other good trad
ers limited at a bull movement in this stock
and New York Central without regard to
the trend of the general market.
Room traders, as a rule, sold the general
list IN the early dealings in anticipation of
another unfayorabie bank statement to-
morrow, and the expectation of seeing
money tighter. Government bonds were
unchanged. while railroad bonds were
somewhat irregular.
Some of the features in the midday
speculation were the heavy trading in
Manhattan at advancing figures and the
strength and activity displayed in some of
the 1ow-priced stocks. such Texas Pa
citic and Chesapeake and Ohio. This bet
ter feeling spread throughout the general
list little later on in the afternoon. and
the whole market became animated, rally
ing sharply and selling above the best
prices of the forenoon.
Some selling by Chicago this morning
gave local traders the impression that
there was some bad news impending on the
crop situation, but drop Of ] cent per
bushel in the price of wheat in the after
noon had a good effect ON The granger
stocks and led to some vary good buying.
President Galloway OF the New York Cen
trail denied the reports of a compact be
tween the Pennsylvania railroad and the
company of which he is the head, but this
denial had no appreciable effect upon the
price of the two securities mentioned
In the late afternoon market Tennessee
Coal and Iron stock monopolized most of
Aprirs record prices. and the buying came
from the Hanover Bank people. who are
very bullish on the stock and advising
friends to get in. The economies I'm the
management of this property are expected
to be great, and consequently much higher
prices are predicted for it.