The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-19
= STOCKS AND BONDS.


New York, Aug. 1S.-There is no room
TO doubt the operation OF powerful and
influential forces in the stock market
today. Professional operations followed
the movement and made an importnt adj
dition TO the neutrality-suspicious. by pools
were in evidence and manipuiative 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 a long time was plai nto be seen.
The feeling was generally based upon
the conviction that the necessary liGuida-
tion so far as it affects the securities
market has been concluded and that the
financial conditions have been greatly
strengthened as consequence. The
movement of interior exchanges and
advices from interior money markets
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 its terrors.
Foreign exchange advanced again and
the price of gold was raised again in the
London market. London is taking pro-
| tective 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 theh
cops New York will be able to command
gold. owing to the heavy reduction OF
our Indebtedness abroad during the re-
cent period of liquidation. In this same
connection the bulls in stocks made much
ment of the Panama canal treaty. The
financing of the payment of $40 100000 to
the Panama canal company and OF &c.
100000 to the Columbian government
which would have followed the adoption
Of the treaty, has been giving Wall
street much disquiet. 1t is supposed TO
have been a subject of concern 10 the
treasury department at Washington also.
1t is assumed that the freedom from OBJ
legation to secure exchange for these
amounts will facilitate the import of
gold. The fear that the treasury de-
partment would be hampered in any at
tempts to relieve the money markets by
the need of conserving resources for
these payments is also removed The
larger political and commercial bearings
of the canal situation were not consider
ed. The payment into local money chan
nels of S1,e90.00O made available by the
deposit of newly arrived Australian gold
with the treasury officials at San Fran
cisco also had its favorable influence
upon the money exchange situation. a
decline in corn and wheat were given
favorable interpretations although the
weather bureaus weekly bulletin was
somewhat disquieting as to the chances
of an important part OF the corn crops.
Many of the days movements were at
tributed to market managers on behalf
OF controlling interests in the properties
and the causes to justify them were sub
jet to active surrnise. The Rock Island
authorities were supposed TO be prepar-
ing for a favorable reception for the new
bond issue. Old rumors Of a southern
Pacific dividend were reviewed. Higher
prices for copper and enlarged dividends
on amalgamated copper were the talk
among the spectators. Larger dividends
for various ccal carriers, both anthra-
cite and bituminous owing to the large
current earnings were widely discussed.
These are hut examples OF the temper Of
the days talk and none Of the talk gained
any authoritative sentiment All pIr-
chases of inactive stocks caused vide
advances just as small sales caused
violent declines during the period OF ex-
IRENE depression. The selling TO take
profits was unremitting all day, but was
well absorbed until the final hour. stocks
then seemed 10 have passed a scale from
strong TO weak hands and the PROFIT tsk
ing made heavy inroads. The market
closed weak without a rally.
Bonds were firm. Total sales. par
value 81, 500 coo.
United States bonds were unchanged on
call
Closing stock quotations were as fol-
lows: