The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-12
WALL STREET IN HAPPIER
MOOD THAN FOR MANY DAYS.
BROKERS FEEL THAT THE
WORST Is OVER.
Substantial support by Large FL
nancial Interests Is Still Fac
tor in Market.

New York. Aug. 1.-THE prevailing senu-
rnent in Wall street to-day was more conf
posed than for many DAYS. The NOR" re-
assuring effect OF stability Of prices eststb-
lshcd by Yesterdays measures of support
was seen in the encouragement expressed
in various quarters that protection for The
market against Generalization would be
forthcoming j; nee cd. There was icei hS
that ;he worst LIQUIDATION may he regarded
as completed and that the i:hsorptivc power
of the market may toe expected TO increase
after a period of resistance to further dc
cline the dread of which is obviously Keep
ing many purchasers out OF the market
1t is believed that there has been an I'M
portant absorption OF stocks already ~
CAPITALISTS OF LARGE means, VINO pursue Inc
policy of buying mt intervals on scal'-
down those stocks of whose value thtN arr
satisfied Not 80 much Importance MAS at
tacllsd to reports that recent large win
drawals Of savings bark deposits had been
for the purpose OF investment IN STOCKS.
This is a source from which little Is *
pcctcd in he way Of stock buying as Il RUE
SAVINGS WITHDRAWN.
Some of the recent Withdrawals of saw
ings have been attributed TO the demand
for living expenses during the prevalence
Of strikes. There WIS. however. con-
spicuous number of small transactions. or
those in odd lots meaning less than 100
shares, which IS the unit for official quota
tons on the Stock Exchange. This buying
in lots OF 10 T. 81 shares was attribute9 10
small investment buying and was larry
well distributed among dividend pawn.
stocks. This is 4 class of business that
stock commission houses give small heed
to in times of ordinary strength III the
market. But the sentimental effect at
present is considerable owing To the m
ference to be drawn OF disposition TO
take up these stocks and hold them.
Some ui the irdH'-i.lIs on wren thS rue
of return is inviting shared in TINS hlnu e.
demand. When l,lc2s started Upward there
WAS prcssur. developed 1" sci. which was
attributed to those who bought stocks yes.
terday for purposes of supper, and VIA had
no desire to hold them. But tn" downward
movements failed 10 awaken Tia" Alnd ui
NERVOUSNESS hat has been the 'ule ~ So!nt
time past and they served I" u"npn$uhl.
the existence # buying orders tclow III,
market. which ScrTnd as a prop. In" IN
crease in the dividend cate on Canadian la
cfic was shown ~ the opening riS'; N ~. II
that stock. in which IN Uneasy short H.
tcrcst exists. 6ut there was clearly IL
present intention 20 squeeze the shorts
This was accepted Win satisfaction. IS I Is
corner would ne is disCDiur'~inS 10 M
market violent decline III pr'c'.
CROP ESTIMATE.
The Government cop estimate was a IA
vorable factor ~ gen2 II, especially III th'
slight deterioration shown in the corn ctop
The corn carriers themselves were aifcr;ct
by attempts to market shares on tht
strength of the crop showing. The chance.
of damage ly frost to a late crop lIc a'st
held in mind in Cunsi iet.rs this factor
There were rather persistent runprs tha
the authorized ST. Paul stock ;ncrease w"u!,
soon he issued. hu- there was no otiicia
sanction for these reports Encouraged b!
the good resistance. the " hole man sc
turned strong in the last hour and -. I,
the best of the day. closing strong at aLaI
tho top level
There were some sharp advances in bond!
late i'll the day. bIt other issues failed {;
share in the late recovery Total sales. pa
value sl.9oI.0d0. United States IS u,cIlr.l
Il per cent on call.