The Montgomery advertiser., 1903-08-19
POWERFUL FORCES
STRONG INFLUENCES PERcEPTr-
 BILE IN STOCK MARKET.
Operations by Pools Were Evident And Manipulation De--'- were Detected--Confidence in Flu
 ture Shown.

NEW YORK. Aug. l6.-There is no room to doubt the operation of powerful and infiu- entiai forces in the stock market today. Pro- fessional operators followed the movement and made an important addition to the market Operations by pools were in evidence and manipulative devices were easily detected for market reflected a feeling of confidence over the future that has not been shown for long time was plain to be seen. The feeling was generally based upon he conviction that the necessary liquidation 90 far as 1t affects the securities market has been confuced and that the financial conditions have been greatly strengthened as consequence. The movement Of interior exchanges and advices from interior money markets gave warnings of the earIy approach of the demand upon New York for funds to move the crops. This demand, how ever seemed to have lost its terrcrs. Foreign exchange advanced again and the price of gold was raised again In the London market London is taking protective measures against demands upon her old supply and sold stocks impair the newly awakened confidence that with the outward movement of the crops New York will be able to command gold owing to the heavy reduction of our indebtedness abroad during the recent period of liquidation. In this same connection the bulls on stock made much of the defeat by the Colombian Government to the Panama Canal treaty. The financing of the payment of S4o. 900 900 to the Panama Canal Company and of Sio.ooo, 900 to Colombian Government which would have followed the adoption of dAe tfCaty udS gwen Wdn ctfeeI mucn ulS- quietude. It Is supposed to have been a sub Ject of concern to the Treasury Department at washington also. It is assumed that the freedom from obligation to secure exchange for these amounts will facilitate the import of gold. The fear that the Treasury Depart ment would be hampered in any attempts to relieve the money market by the conserving in- fiuence from these payments Is also removed. The larger political and commercial bearings of the canal situation not considered The payment into the local money channels of Sl,69o. 900 made available by the deposit of newly arrived Australian gold with the treasury authorities in San Francisco also had its favorable influence upon the money and exchange situation. decline in corn and wheat were given favorable interpretations. al- though the Weather Bureaus weekly bulletin was somewhat disqueting as to the chances of an important part of the corn crop. Many of the days movements were attributed to market managers on behalf of controlling interests in the properties and the causes to justify them were the subject of active surmise. The Rock Island authorities were supposed to be prepar- ing a favorable reception for their bond issue old rumors of Southern Pacific divi- dend revived. Higher prices for copper and enlarged dividends on Amalgamated Cop per were talked of amongst the specuiators Larger dividends for various coal carriers both anthracite and btuminous owing to the large current earnings were widely discussed These are but examples of the temper of the days talk, but none of this talk gained au- thoritative confirmation Small purchases of inactive stocks caused wide advances. just as small sales caused violent declines during the period of extreme depression. The selling to take profits was unremitting all day, but was well absorbed until the final. Stock then seemed to have passed on a large scale from strong to weak hands and the profit taking made heavy inroads upon prices. The market closed weak without rally.
 Bonds were firm; total sales (par value). S2.- 500 o00 United States bonds were unchanged call.
 Naw York Sfoclr Hist