The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-10-16
STOCKS AND BONDS.
Improved Outlook In the Money
Market Causes Buoynncy.


Improved Outlook In the Money
Market Causes Buoynncy.
New York. oct. i5-Therc was an out
burst OF large and buoyant speculation ~
the stock market to-day which hited
prices during che course OF the day from
20 over 3 points The buying came
from many divergent elements. but the
patent fact was that an enormous number
Of stocks were bought In an eager and
confident manner on a rapidly rising scale
OF pri,es. Forced covering by largely
extended short interest had something 20
do with the rise.
Bull manipulation by a numbe- o. pow
erful clluues. some OF them newly fofm0 :
this morning. aided the advance. ne
commission houses reported that they han
large orders 90 buy from outside sources
What proportion these various element
had in the aggregate of the days 'raa-
ing Il Is noe possible even 20 estimate,
but no merely technical conditions could
have resulted IN so considerable rise u
prices and IN such a widely distributed
strength.
The true basis Of the advance evidently
was the change IN the money outlook onn
the promise held out 20 the speculative
spirit IN the general conditions. Ihefe
has been steady growth OF confidence III
Wall street for some time past ~ 'h'
general outlook for business. II has neen
armiy held that as soon as election un-
certainties were disposed Of there would
be a renewal OF business activity up "a
the high level of the resent prosperous
period on the other hand, che gro" ing
construction of the money supply ieit
room for doubt whether the Intervening
period could b. safely bridget without
such a money striugency as would De us
astrous 10 speculative commltmt MS ne
conviction crystallized to-day that tho
danger OF the money stringency ~as mt
igated. and the expected post-election de-
maud for securities was discounted on 4
very large scale Saturdays bank state
ment demonstrated that very large con-
traction OF loans had been effected WIEN
out serious harm 20 the stock mAfke''
thus conserving the surplus rcsorve The
gold engaged in Europe last week is eA-
pectel to arrive IN time 10 show ~ next
saturdays bank statement. The larse
additional engagements OF god an
noupced this morning promised further
neip 10 tbs. local market. although thu re-
CENT Is deferred for several weeks. TINS
Il due TO the fact that the gold cofnt :
from south Africa. The hardening OF
sterling exchange was due simply 20 the
purchasc OF bills against the gold i'm
ports
The striking exhibit Of the foreign trade
Tor September showed conAuslN'y inc
continued command Of the internaiional
exchanges. Not only was there an in
crease IN exports OF nearly N0pooo COM
pared with last year. but decrease Of
over sii 10000 IN imports went further
10 enhance the trade balance IN our
fnvoh 80 that the excess Of exports over
imports for the month has run up TO over
100000 The Increase In cotepn exports
did not suffice 10 Offset the decrease IN
breadstuffa. the Increase In the total eN-
ports shows the export trade 10 nanuiae
lures well maintained. The expected set
clement OF the coal strike was also iae-
tor in the unvarying strength Ia the mar
ket and the special strength 60 the group
OF coaierF. Realizing In stocks which had
had their extreme advance early m the
day made the closing slightly Irregular
hut prices generally were wen man
tanned at the top.
There was q decided growth Of activ-
ity m bonds and some notable advances
ln prices. but there were weak spots
which made tho market irregular Total
sales par value, N.@oo COO.
L. s bonds unchanged.
The total sales OF stocks to-day were
SOS 600. including Atchison 1920 Atchi-
son preferred 1855. g. & o. $50 G.. -
& Q. 1895. l.. & y. iQ,o60. Manhattan @-
gs5. Metropolitan Street Railway 6Ss''
Missouri Pacific fiG95. New York Cen
trail $40. y & w s.+5j, Pennsylvania
p SIS. Reading frst pfd. Hio. 81 PAU
$50 Southern paclhc 1880 Southern
RAILWAY 1000. do pfd 1850. Union Pa
cine 7.i05. Unlon Pacific pfd. G.a9J. Amer
lean Smelling 1905. American steel and
Wire 1870 American Tobacco 1905. y.
r. r. - 2so p Continental Tonoceo t.lo9,
Federal Steel $50. Peoples Gas h,iN'
Sugar g. 5s5. Tennessee Coal $50
New York Stock List
Atchlson ....... 2sA do do prfd. .. 75il
do pref. .......7ifs Wabash ........
BALTIC a Ohio b. 72f. do prfd ...... 49,
Can. Pacific -. So. Wheel a. +. T. -
Can. Southern 81 90 DO 2nd prfi 25h
Ches & Ohio o. 2sit' Wis. Cen. .... llA
Chi. CT. Yves o.. l0i. Third avenue liza
G. b. a. q. ......lZii4 Adams ..........iZ9