The daily morning journal and courier., 1903-08-13
YEsTERDAY's STOCK MAKKET
Closes strong and Active With sub-
 sse siantiai Gains. r..

.ass siantiai Gains. .- New York, Aug. 12.-Wall streets more hopeful views of the outlook were reflected in the comprehensive upward movement of prices with which the days operations began. The advance became so rapid as to overrun the new ly-awakened demand and attract some selling to take profits. which caused some hesitation. A feature of the mar ket was the dullness which developed on reactions, due to the withholding of stocks from the market except at ad- yancing prices The speculative sele- ment made up of professional traders played an important part in the move ment, and undoubtedly buying to cover short contracts was on large scale. Yesterdays market already showed signs of being oversold, the genuine liquidation having failed to keep pace with the bear selling to anticipate it. The fact was demonstrated in to-day's market that there are buyers who will come in on an advance who would re- frain from buying at the lower level. There is large volume of selling which
 
 prices turn upwards. Of course this is especially true of forced sellers by req son of margins wiped out and shrink age of collateral But it is also true that holders of securities are prompted to sell them when the price is declin- ing who will hold when prices begin to advance.
 The selling of collateral out of loans and the contraction of credits seemed to have disappeared entirely to-day. Aside from technical considerations, there was no marked change in condi- tions to account for the larger demand for securities. Rates for time money continue very firm. The continued heaviness of foreign exchange causes active discussion of possible early gold exports. London is buying quite freely #of stocks. The increasing sense of se- curity in the safety of the ripening crops Is an encouragement to offer ex- change bills in the market for long periods to be covered at maturity when the export of the new crop is in prog ress. The weather bureaus weekly summary on corn yesterday added to the encouragement caused by the monthly report published the day be- fore.
 In the generally brighter sentiment of the day hopes were expressed of a good bank statement although there was no very obvious foundation for this in any known developments. Late in the day the market came under the in fuence#of a flood of rumors regarding the disposition of the Seaboard Air Line. It was significant of the change in stock market sentiment that prop |osition which promised large addi- tion to an already large volume of se- curities failed to cause the chill of ap- Iprehension which the market has shown at all recent suggestion of the creation of new securities. The leadership as- sumed by Rock Island in the late strong upward movement foreshadowed the official announcement just before the close of share in control of Seaboard Air Line by Rock Island interests. The days gains reached to points for the principal active stocks and more than that for specialties. The market closed very strong and active.
 The general tone of the bond market was strong. Total sales, par value, s. 900, 900.