The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-12
WALL STREET TRANQUIL
SENTIMENT is MORE COMPOSED
THAN FOR DAYS.
Greater Stability of Prices Established
by Mondays Supporting Measures Has
a Reassurins Effect-Worst Liquidation
Is Regarded as Having Passed.

NEW YORK. Aug. 1.-THE prevailing
sentiment in Wall street today was much
more composed than for many days The
reaSsuring effect of the greater stability
for prices established by yesterday s
measures of support was seen in the en-
couragement expressed in various quar-
tiers that protection for the market
against demoralizati ton would be forthcom-
ing a need.
There was a feeling that the worst
liquidation may be regarded as complet-
ed and that the absorptive power of the
market may be expected to increase after
q period of resistance to further decline,
the dread of which is obviously keeping
many purchasers out of the market. 1t
is believed that there has been an i'm
portant absorption of stocks already by
capitalists Of large means, who pursue
the policy of buying at Intervals on a
scale down those stocks of whose value
they are satisfied. Not SO much impor-
lance was attached to reports that recent
large Withdrawals of savings bank depoS-
its had been for the purpose of invest
ment in stocks. This is q source from
which little is expected in the way OF
stock buying as rule.
Where Savings Went To.
Some of the recent Withdrawals of saw
ings nave been attributed to the demand
for living expenses during the prevalence
of strikes. There was, however, con-
spicuous number of small transactions. or
those in "odd lots meaning less than
quotations on the stock exchange. This
buying in lots of 10 to so shares was at
tributed to small investment buying ana
was fairly we'll distributed among dlVl-
business that stock commission houses
give small heed to in times of ordinary
strength in the market But the sentl-
mental effect at present is considerable,
owing to the differences to be drawn or
a disposition to take up these stocks and
hold them. Some of the industrials.
on which the rate of return is inviting.
shared in this kind of demand.
When prices started upwards there was
pressure developed to sell, which was at
tributed to those who bought stocks yes
terday for the purpose of support and
who had no desire to hold them. But the
downward movement failed to awaken
the kind of nervousness that has been
the rule fer some time past and they
served to demonstrate the existence of
buying orders below the market which
served as prop. The Increase in the
dividend rate on Canadian Pacific was
shown in the opening rise of u IN that
stock, in which an uneasy short interest
exists. But there was clearly no present
intention to squeeze the shorts. gr1
Corner as Bad as Decline.
This was accepted with satisfaction, as
it is feared that anything like the working
of a corner would be as diScOmpoSing to
the market as a violent decline in price.
The government crop estimate was ia
vorable factor in general. especially IN the
slight deterioration shown in the corn
crop. The corn carriers themselves. were
affected by attempts to market shares are
on the strength of the crop showing. The
chances of damage by frost to a late crop
are also held in mind in 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 these reports
Encouraged by the good resistance, the
whole market turned strong in the last
hour and rose to the best of the day. ana
closed strong at about the top level.
There were some sharp advances In
bonds late in the day, but other issues
failed to share in the late recovery
Total sales, par value, $1,90O,000. United
States IS declined a per cent ON call.
ClosIno List.