The times. [volume] (Richmond, Va.) 1890-1903, 1900-10-16
STOCK PRICES
WERE BUOYAIN
Many Divergent Elements Were Fac
tors in the Advance.
IMPROVED MONEY OUTLOOK: !.
IMPROVED MONEY OUTLOOK.
The Strength WAS Widely Distributed.
Bonds Wcrc Active aud Advanced
il, Price, but There Were Weak
spo;s-nIarkcts Irregular.
by Assoc.rra 1,ress.1

NEW YORK, Oct l5.-There was an
outburst of buoyant speculation III t.iS
stock market to-day. which lifted pIicSo
during the course of the day from ~
OYER 8 points The buying came nom
many divergent elements, but the ioateiiss
fact was that an enormous nu!apei "
stocks We're bought in an eager ana coz,
fident manner on a rapidly rlsinS scaie
of prices. Forced covering by a larseis
extended short interest had somethiLs ~
do with the rise Bull manipulation ps d
number of powerful ciiques, some OF thei .
newly formed this morning, aided the do
vance The cofnniSsion-houses reporter
that they had large orders TO >puy from
outside sources. What proportion these
various clements had in the aggregate "
The Gay s trading il is not possible even ~
estimate. but no merely technical conci-
Lions could have resulted in so consiueTd-
bic q rise in prices and in such d "laeise
distributed strength. The true OASIS OF
the advance evidently was the change IN
the money outlook and the promise heid
out 10 the speculative spirit in the gem
erai conditions.
There has been steady growth of conf
dence in Wall Street for some time past in
the general outlook for business. 1t has
been firmly held that as soon as election
uncertainties We're disposed of there would
be "a renewal OF business activity up TO a
high level.
on the other hand, The growing restric-
ton of money left room for debt whether
the Intervening period could be safely
bridsed without such a money strlngency
as would be disastrous to speculative
coulruitteements. The conviction crystal-
lied to-day that The danger Of the money
stringency was mitigated. and the demand
for securities was discounted on a very
large scale
SATURDAYS bank statement demonstrated
that a very large contraction OF loans had
been effected without serious harm to the
stock market, thus conserving the sur
plus reserve. The gold engaged in Europe
1l &c Tod tn n a
to show in next Saturdays bank state
ment. The large additional engagements
of gold announced this morning proved
further help 20 the local market. although
the receipts We're deferred for several
weeks. This is due TO the fact that the
gold comes from South Africa. The har-
dening Of sterling exchange was due sim
ply TO the purchase of bills against the
gold imports. The striking exhibit of the
foreign trade for September showed con-
clusively the continued command Of the
international exchanges. The increase in
cotton exports did not suffice to Offset the
decrease in breadstuffS in the increase in
the total export showing the export trade
in nanufactu well maintained.
The expected settlement of the coal
strike was also a factor in the strength
OF the market ard the special strength
in the gToup of coalers Realizing in
stocks which had had their extreme adj
vance early il the day made the closing
slightly irregular, but prices generally
We're we'll maintained at the top.
There was activity in bonds, and some
advances in prices. but there were weak
spots which made the market irregular.
Total sales, par value, $1,96o,000- United
States bonds unchanged on last call.
Total sales of stocks to-day were 59S.G00
shares.
MONEY AND NEUTRALITY-SUSPICIOUS. on
call steady at sos per cent: last loan at
, per cent; prime mercantile paper, sac
er Sterling exchange iffn, with
actual business in bankers bills at S4.S41s
for demand and a S4.S01A for sixty days;
posted rates S4.S1G4. S11a and $4.S5Gi. S51a;
commercial bills. $4.7914Mi.So. Silver Ger
tificates. 623s td63&; Mexican dollars. 49la.
Government bonds steady; State bonds
ire