The Indianapolis journal., 1903-08-19
BROKERS MORE CHEERFUL
DAYS STOCK MARKET REFLECTED
A FEELING OF CONFIDENCE.
Operations by Pools i'm Evidence and
Manipulativc Devices Were
Easily Detected.

NEW YORK, Aug. 1s.-There is no rooEi
to doubt the operation Of powerful and in
fiuential forces in the stock market to-day.
Professional operators followed the move
ment and made an important addition to
the market. Operations BY pools were IN
evidence and manlpulative devices were
easily detected for the advancement 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 neces-
sary liquidation, so far as ii affects the
securities markets. has been concluded and
that the financial condition has been great
ly strengthened in consequence.
The movement of interior exchanges and
advices from interior money markets gave
warning of the early approach of the de-
mand on New York for funds to move the
crops. The demand, however, seems to have
and the price Of gold raised again
in the London market. London is taking
protective measures against demands upon
her old supply and sold stocks freely in
New York. but this movement did not i'm
pair the newly awakened confidence that
with the outward movement of crops will
be able TO command gold, owing 10 the
heavy reduction of Indebtedness abroad
during the recent perioi of liquidation. In
this sarne connection the bulls on stocks
made much of the defeat by the Colombian
government OF the Panama canal treaty.
The financing Of the payment of $4,000 600
to the Panama Canal Company and of $10.
200 To the Colombian government, which
would have followed the adoption of the
treaty, has given Wall street much dis
quiet. II is supposed to have been subject
of concern TO the Treasury Department
| also. 1t is assumed that the freedom from
obligation to secure exchange for these
amounts will facilitate the import of gold.
| The fear that the Treasury. Department
would be hampered in any attempts TO re-
| lieve the money market by the need of
conserving resources for these payments is
| also removed. The larger political and
| commercial bearings of the situation were
not considered; The payment into the local
money channels Of 81, ,s90. 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. A
decline in corn and wheat were given fa-
vorable interpretations, although the
| Weather Bureaus weekly bulletin was
somewhat disQuieting as to the chances Of
| an important corn crop.
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 subjects
| of active surmiae. The Rock Island au-
| thorities were supposed to be preparing a
favorable reception for their new bond is
| sue. Old rumors of q Southern Pacific div
| idend were revived. Higher prices for Cop
per and enlarged dividends on Amalgam-
ated Copper were talked of among the spec
| uldtors. Larger dividends for various coal
| carriers, both anthracite and bituminous,
| owing to the large current earnings, were
| widely discussed These are but eX-
| amples of the temper of the days talk, and
| none of this talk gained any authoritative
confirmation. Small purchases of inactive
stocks caused wide advances, just as small
| sales caused violent declines during the
| period of extreme depression. The selling
1
but was well absorbed until the final hour.
! Stock then seemed to have passed on large
scale from strong to weak hands, and the
| profit taking made heavy inroadS on prices.
| Ine market closed weak without a rally.
| Bonds were iirm. Total sales at par value
| were $2,6O0.O0O. United States bonds were
| unchanged on call.
| Following are the days share sales and
! the recorded price changes: