The Birmingham age-herald., 1903-08-12
SENTIMENT NOW
 MORE COMPOSED
Wall Street Feels Greater Sta
 biIity of Prices
IS FINISHED
Operators Think Worst of, the Panic Is Now Past-Downward Movement Fails to Awaken Nervous
 ness in the Market.

New York, August 1.-The prevailing tentiment in Wall street today was much more composed than for many days. The measuring effect of the greater stability Tor prices established by yesterdays measures of support was seen in the en- couragement expressed in various quar- ters that protection for the market against demoralzation would be forth coming at need There was feeling that the worst liquidation may be re- garded as completed and that the ab- sorptive power of the market may be expected to increase after a period of resistance to further decline, the dread of which is obviously keeping many purchasers out of the market It is be- lieved that there has been an important absorption of stocks already by capital lsts of large means who pursue the pol ley of buying values at intervals on scale down of those stocks of whose value they are satisfied.
 Not so much importance was attached to reports that recent large withdrawals of savings bank deposits had been for the purpose of investment in stocks. This is a source from which little is expected in the way of stock buying as a-rule. Some of the recent withdrawals of savings have heen attributed to the demand for living expenses during the prevalence of strikes. There was, how ever a conspicuous number of small transactions, meaning less than lOo shares, which is the unit for small trade. This buying in lots of 10 to 50 shares was attributed to small investment buy Ing and was fairly well distributed amongst diyidendpaying stocks. This IS Rkclass of business that stock commis" sion houses give small heed to in times of ordinary strength in the market But the sentimental effect at present Is considerable, owing to the inferences to be drawn of a disposition to take up these stocks and hold them. Some of the industrals, on which the rate of return is inviting. Shared in this kind of de- mand. When prices started upwards there was pressure developed to sell which was attributed to those who bought stocks yesterday for purposes of support and who had no desire to hold them.
 The downward movements failed to awaken the kind of nervousness that has been the rule for some time past and served to demonstrate the existence of buying orders below the market which servedsas d prop. The increase in the ulV1utHu rate on Oanduldn GdtluC WAS shown in the opening rise of 1ls in that stock, in which an uneasy short interest exists. There was clearly no present in- tention to squeeze the shorts. This was accepted with satisfaction and it is feared that anything like the working of a corner would be as discomposing to the market -as a violent decline in prices.
 The government crop estimate was a favorable factor in general, especially in the. slight deterioration shown in the corn crop. The corn carriers themselves were affected by attempts to market shares on the strength of the crop showing. The chances of damage by frost to a late crop are held in mind. considering this factor. There were rather persistent ru- mors that the authorized St. Paul stock Increase would soon be issued, but there was no official sanction for those reports Encouraged by the good, resistance, the whole market turned strong in the last hour and rose to the best of the day. closing strong at about the top level.
 There were some sharp advances in bonds late in tne day, but other issues failed to share in the late recovery.
 Total sales, par value, $l900,000; United States 5s declined 14 per cent on call.