The daily morning journal and courier., 1900-10-16
Etnaucia1.
THE STOCK MARKET.
Outburst of Buoyant Speculation Lifts
 Prices.

Prices.
 | New York, Oct. 15-There was an
 outburst of large and buoyant specula- tion In the stock market to-day which
 lifted prices during the course of the day from 1 to over points The buy ing came from many divergent elements
 but the patent fact was that an enor-
 nous number of stocks were bought | in an eager and confident manner on
 rapidly rising scale of prices. Forced
 covering by largely extended short | interest had something to do with the
 rise. Bull manipulation by number of powerful cliques some of them newly formed this morning aided the ad-
 vance. The commission houses reported that they had large orders to buy from
 outside sources. What proportion these
 various clements had in the aggregate
 of the days trading it Is not possible
 even to estimate, but no merely techni-
 cal conditions could have resulted in so
 considerable rise in prices and in such
 a widely distributed strength. The true
 basis of the advance evidently was the
 change in the money outlook and the
 premise held out to the speculative spir-
 it in the general conditions. There has
 been steady growth of confidence in
 Wall street for some time past In the general outlook for business. It is held that as soon as election uncertainties were disposed of there would be re- newal of business activity up to the high level of the recent prosperous per- iod. The conviction crystalized to-day that the danger of the money stringen- cy was mitigated and the expected post election demand for securities was dis counted on a very large scale. Satur- days bank statement demonstrated that a very large contraction of loans had been effected without serious harm to the stock market, thus conserving the surplus reserve. The gold engaged in Europe last week is expected to ar rive in time to show in next Saturdays bank statement. The bank of Frances announcement cf determination to furnish export gold to avert money stringency, and the expressed readiness of the secretary of the treasury to act towards the same end had @ notable effect in strengthening confidence The icii SC ilbltiollul engagements Ol ROlu announced this morning promised fur ther help to the local market, although the receipt is deferred for several weeks. This is due to the fact that the gold comes from South Africa. The fact was much dwelt on in speculative circles as marking the resumption of tn output from the Transvaal mines. The fact that there were no deposits at the sub-treasury to-day for transfer Of currency to the interior can hardly be without significance as indicating the future interior demands for cur rency, the more so as New York ex- change at Chicago rose to 15 cents dis count compared with 30 cents on Satur- day. The hardening of sterling ex- change was due simply to the purchase of bills against the gold imports. The striking exhibit of the foreign trade for September showed conclusively the con- tinued command of the international exchanges, the excess of exports over imports for the month having run ,lp to over $55,00O,000 The expected settle ment of the coal strike was also a fac- tor in the unvarying strength in the | and the special strength in the group of coalers. Realizing in stocks | which had had their extreme advance | early in the day made the closing | slightly irregular, but prices generally | were well maintained at the top.
 There was decided growth of activ- ity in bonds and some notable advances In prices. But there were weak spots which made the market irregular. To- tai sales par value $1,960,000.
 United States bonds were unchanged on last call
 NEW YORK STOCK MiRKET. opening, Highest, Lowest Quotottons