The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-10-16
STOCKS WERE MARKED Up
z----- - =
ADVANCE THROUGHOUT The LIST
RANGED RFOM ONE TO
THREE FONTS
Va
DEALINGS WERE VERY HEAVY.
~@@ssr se. Z
over Half Million Shares Changed
Hands, and Rrokers Reported
Orders From Many Out
side HuS ers.
DEALINGS WERE VERY HEAVY
~ Close. Day.
Cali money, New YeElRs. 20 .s@5H -.


NEW YORK, Oct- 15.-There was an
cutburst of large ahdobuoyant spacula-
ton in the stock market today which lift-
ed prices during the course of the day
from to over 5 points. The buying came
from many divergent elements, but the
patent fact was that an enormous num-
Der of stocks were bought in an eager
and confident manner on a rapidly rising
| scale of prices. Forced covering by a
| largely extended short interest had some
/ thing to do with the rise. Full man;pula-
| ton by number of powerful cliques,
| some of them newly formed, aided the adj
vance. e. The commission houses reported
| that they had large orders TO buy from
outside sources. What proportion these
various elements had in the aggregate Of
the days trading it is not possible even
| to estimate; but no merely technical con-
! ditions could have resulted in so con-
siderable a. rise in prices anl in such a
widely distributed strength. The true
basis of the advance evidently was the
| change in the money outlook and the
| promise held out to the speculative spirit
in the general conditions. There, has been
| Steady growth of confidence In Wall
street for some time past in the general
outlook for business. 1t has been firmly
held that as soon as election uncertain
ties were disposed of there would be
renewal of business activity up to the
i high level Of the recent prosperous
Rod. On the other hand, the growing
construction Of the money supply left roo1l
for doubt whether the intervening period
could be safely bridged without such a
money stringency as would be disast rous
to speculative commitments The convic-
ton ,crysta4lized today that the danger
of money stringency was mitigated, and
the expected post election demand for Sc
,curities was discounted. on a very large
| scale. Saturdays banklstatement demon
strated that a. very large contraction ref
loans had been effected without serious
harm to the stock market, thus conserv-
ing the surplus reserve The gold engag-
ed in Europe last week is expected to
arrive. in time to show in next Saturdays
bank statement The Bank of Frances
| announcement through the Associated
| Press of a determination to furnish ex-
port gold to avert a money stringency,
and the expected readiness OF the secre-
tary of the treasury to act toward the
same end, had notable effect in
Strengthening confidence. The large adj
| dftional engagements. OF gold announced
this morning promised further help 10 the
| local market, although the receipt Is de-
ferred 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 re-
sumption of the output from the Trans
vaal mines, but the exact source of the
supply and the channels through which
it is to come were kept shrouded in mys-
terry. The fact that there We're no de-
posits alt the subtfeasury today for trans
fer of currency to the interior can hardly
be without significance as indicating the
future interior demands for currency the
! more SO as New York exchange at Chica-
go rose 10 cents discount compared with
80 cents discount on Saturday The hard
| ening of sterling exchange was due sim
ply to the purchase of bills against the
gold, imports. a The striking. exhibit of
the foreign trade for September. showed
conclusively the continued command of
the international exchange. Not only
was there an increase in exports of near
| 1y 5000, 000 compared with last year, but
| a decrease of=over Sill 100000 in imports
went further to enhance the trade bal
ance in our favoT,1sso that the excess Of
exports over imports for the month has
run up to over sos 008,000e As the increase
in cotton exports did not suffice to off
set the decrease in breadStuffS, the in
crease in the total exports shows the ex-
port trade in manufactures we'll main
! tanned The expected settlement of the
| coal strike was also a factor in the
strength in the market and the special
strength in the group of coaIers Realiz-
ing in stocks which had their extreme
advance early in the, day made the closing
slightly irregular, bdfLprices generally
were well maintained at the top.
There was q decided growth Of activity
n bonds and some notable advances in
prices, but there We're weak spots which
made. the markets irregular. Total SALES,
par value, $1,960, GEO. United States bonds
unchanged on the last call.
STOCK. QUOTATIONS.
Furnished by Charles H F. Smith &
Co, members of the New York Stock ex-
change, Pioneer Press building, who have
direct. wires to Chicago and New York.
Closing prices are bid: