The Montgomery advertiser., 1903-08-12
WALL STREET REVIEW
PREVAILING sENTrArENT HUGH
 MORE COMPOSED.
Feeling That the Worst Liquidation May Be Regarded as Completed. :. Small Investment Buy
 ing in Evidence.

NEW YORK, Aug. ii.--The prevailing sen- tment in Wall Street today was much more composed than for many days. The reassurins enecf Of the greater stability for prices es- tablished by yesterdays measures of support was seen in the encouragement expressed in various quarters that protection for the market asainst demoraiization would be forthcoming ht need There was feeling that the worst liquidation may be regarded as completed and that the absorptive power of the market may pc expected to increase after a period of re- s,s.snce , 70 further decline, the dread of which is obviously keeping many purchasers out of the market It is believed that therc has been an important absorption of stocks already by capitalists of large means. who pursue the on those stocks of whose value they are satis- hed. Not so much importance was attached to reports that recent large withdrawals of sav- ings bank deposits had been for the purpose of which little is expected in the way of stock buying as a rule. Some of the recent with drawais of savings have been attributed to the demand for living expenses during the preva- fence of strikes. There was, however q con- spicuous number of small transactions of those odd lots" meaning less than 100 shares which Is the unit for official quotations on the Stock Exchange. This buying in lots of 10 to % shares was attributed to small invest ment buying and was fairly well distributed amongst dividend paying stocks. This is a class or business that stock commission 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 disposition to take up these stocks and hold them. Some of the industrials on which the rate of return Is in- viting shared in this kind of demand When prices started upward there was pressure de- veloped to. sell, which was attributed Co those who bought stocks yesterday for purposes of support and who had no desire to hold them But the downward movements failed to awaken the kind of nervousness that has been the rule for some time past and they served to demonstrate the existence of buying orders be- low the market which served as a prop. The increase in the dividend rate on Canadian Pa- that stock in which an uneasy short interest exists But there was clearly no present in- tention to squeeze the shorts. This was &C., cepted with satHfaction and 1t Is feared that anything like the working of corner would be as discomposing to the market violent decline in prices. The Government crop esti- mate was a favorable factor in general. es- pecially in the slight deterioration shown in the corn crop The carriers themselves the strength of the crop showing. The chances of damage by frost to late crop are also held in mind, considering this factor. There were rather persistent rumors that the au- thorized St Paul stock increase would soon be issued, but there was no official sanction for those reports. Encouraged by the good re- sistance 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 the day. but other issues failed to share in the late recovery. Total sales (par vaIue), Sl,so0. 900. United States 5's de- clined < per cent on call.
 New York Stock List.