The Birmingham age-herald., 1903-08-19
POOL OPERATION
 IS IN EVIDENCE
ManipuIative Devices for Ad- vancement of Prices
MONEY DEMAND EXPECTED
Banks of New York Will Be Called on for Funds to Move Crops, But the Situation Is Not
 Feared.

New York, August 1S.-There Is no room to doubt the operation of powerful and influential forces in the stock market to- day. Professional operators followed the movement and made an important addi- ton to the market. Operations by pools were in evidence, and namipulative de- vices were easily detected for the ad- vancement of prices, but that the days 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 the conviction that the necessary liquidation, so far as it affects the securities mar ket, has been concluded, and that the financial conditions have been greatly strengthened as a consequences
 The movement of interior exchanges and advices from interior money mar kets gave warning of the early approach of the demand upon New York for funds to move the crops. This demand, how ever, seemed to have lost it's terrors. For eign exchange advanced again, and the price of gold was raised in the London market. Lndon is taking protective meas ures against demands upon her old sup ply, and sold stocks freely in New York, but this movement. did not impair the newly awakened coahdence that with the outward movement of the crops New York will be able to command gold, ow ing to the heavy reduction of our indebt- edness abroad during the recent period of liquidation. In this same connection the bulls on stocks made much of the defeat
 
 Panama canal treaty. The financing of the payment of $40,O00, GOO to the Panama Canal company and of $100O00O0 to the Colombian government which would have followed the adoption of the treaty has given Wall street much disquietude. It is supposed to have been a subject of con- cern to the treasury department at Washington also. It is assumed that the freedom from obligation to secure eX- change for .hese amounts will facilitate the import of gold. The fear that the treasury department would be hampered in any attempts to relieve the money market by the conserving influences from these payments is also removed
 The larger political and commercial bearings of the canal situation were not considered. The payment into the local money channels of $1 69O, GOO made availa- ble by the deposit of newly arrived Aus tfalian gold with the treasury authorities in San Francisco, also had its favorable influence upon the money and exchange situation. Declines in corn and wheat were given favorable interpretations all though the weather bureaus weekly bull letin was disquieting as to the chance of an important part of the corn crop. Many of the days movements were attributed to market managers on behalf of con- trolling interests the properties and the causes to justify them were the subject of active surmise. The Rock Island author ities were supposed to be preparing a fla vorable reception for their new bond issue. Old rumors of a Southern Pacific dividend were revived. Higher prices for copper and enlarged dividends on Amalgamated Copper were talked of amongst the spec ulators. Larger dividends for various coal carriers, both anthracite and bitum- inous, owing to the large current earnings, were widely discussed. These are but examples of the temper of the days talk and none of this talk gained any authori- tative confirmation. Small purchases of inactive stocks caused wide advances, just as smalls were 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 large scale from strong to weak hands and the profit taking made heavy inroads upon prices. The market closed weak without a rally.
 Bonds were firm. total sales par value S2,6O0000 United States bonds were un- changed on call.