The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-19
POOLS WORK IN STOCKS
FORCES REVEAL THEIR
PRESENCE.
Days Market Reflects a Feeling of Con-
fidence Such as Wall Street Has Not
Known of Late-Demand for Crop
Moving Funds Loses Its Terrors.

NEW YORK, Aug. 1s.-There. is no
room to doubt the operation OF pow
erful and influential forces In the STOCK
market today Professional operators fol-
lowed the movement and made an I'M
portant addition to the market. Opera
tors by pools were IN evidence ana mali In.
ipulatiYe devices were easily detected Tor
the advancement of prices, but that the
days market reflected feeling or con-
fidence over the future that has not been
shown for a long time was PLAIN 10 De
seen.
The feeling was generally based on
the conviction that the necessary l1qulda-
ton, so far as it affects the securities
market, has been concluded and that the
financial conditions have been greatly
strengthened as a consequence. The
movement of interior exchanges and ad-
vices from interior money markets. gave
warning of the early approach of the
demand upon New York for funds to
move the crops. This demand. however,
seemed to have lost its terrorS. Foreign
exchange advanced again and the price
of gold was raised again in the Lon
don market. London is taking protective
measures against demands upon her old
supply and sold stocks freely in New
York, but this movement did not impair
the newly awakened confidence that with
the outward movement of the crops New
York will be, able to command gold, oW-
ing to the heavy reduction of our in
debtedness abroad during the recent
period of liquidatio
Effect of Canal Treaty.
In this same connection the bulls on
stocks made much of the defeat by the
Colombian government of the Panama
canal treaty. The financing of the pay
ment of 10000, 600 to the Panama Canal
company and of $10,00O00O to the Colom-
bian government, which would have fol-
lowed the adoption of the treaty, has CIV
en- Wall street much disauiet. 1t is sup
posed to have been subject of concern
to the treasury department at Washing
ton also. 1t is assumed that the freedom
oh loot Ton 70
these amounts will facilitate the i'm
port of gold.
The fear that the treasury depart
ment would be hampered in any attempts
| to relieve the money market by the need
of conserving resources for these pay
ments is also removed. The larger politi-
cal and commercial bearings of the canal
situation were not considered. The pay
ment into the local money channels of
81, 100000, 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, although the weather
bureaus weekly bulletin was Somewhat
disquieting as to the chances of an i'm
portant part of the corn crop.
What inspired Them2
Many of the days movements were at
tributed to market managers on behalf
of controlling interests in the properties,
e1iiO lAC CduoCS " JUSTLY tllcl1l WSIc SUI
ject of active. surrnise. The Rock Island
authorities We're supposed to be prepar-
ing a favorable 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 spectators. Larger divi-
dends for various coal carriers, both an
thracite and bituminous, owing to the
large current earnings. were widely dis
cussed. These are but examples of the
temper of the days talk and none OF
this talk gained any. authoritative con
firmation. Small purchases Of inactive
stocks caused wide advances, just as
small sales caused violent declines dur
ing the period of extreme depression The
selling to take profits was unremitting al
day, but was well absorbed until the final
hour. Stock then seemed to have pass
| ed 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 We're firm Total sales, par value
| S2,6000OO. United States bonds were un-
| changed on call.
Closing List.