The Indianapolis journal., 1903-08-12
STOCKS CLOSED STRONG
MORE COMPOSED SENTIMENT PRE-
VAILED ON WALL ST. YESTERDAY.
Market Reasserted Itself An the Last
Hour and Closed at About the
Top Level.

NEW YORK, Aug. 1.-THE prevailing
sentiment in Wall street to-day was much
more composed than for many days. The
reassuring effect of the greater stability
for prices established by yesterdays meas
ures of support was seen in the encourage
ment expressed In various quarters that
protection against Democratization would be
forthcoming at need. There was a feeling
that the worst liquidation may be regarded
as completed and that the absorptive power
of the market may be expected to increase
after a period of resistance TO further de-
cline, the dread of which is obviously keep
ing many purchasers out OF the market.
1t is believed that there has been an import
ant absorption of stocks already by capi-
talists 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 Importance was at
tached to reports that recent large with
drawals OF savings bank deposits had been
for the purpose of investment in stocks.
This is a source from which little is ex-
pected in the way of stock buying as
rule. Some of the recent Withdrawals of
savings have been attributed to the demand
for living expenses during the prevalence
of strikes. There was, however, con-
spicuous number OF small transactions OF
| those in odd lots" meaning less than 100
shares, which is the unit for official quota
tions on the Stock Exchange. This buying
| in lots of ten to fifty shares was attributed
to small investment buying and was fairly
we'll distributed amongst dividend-paying
| stocks
| This is a class of business commission
| houses give small heed to in the times Of
ordinary strength In the market. But the
rirf0ar fDl Is Ia
| owing to the differences to be drawn OF
disposition to take up these stocks and
hold them.
Some of the industrials at which the
rate of return is inviting, shared in this
| kind of demand. When prices started up
ward there was pressure developed to sell
which was attributed to those who bought
stocks yesterday for purposes bf 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 dem
| onssrate the existence OF buying orders be-
low the market which served as a prop.
The increase in the dividend rate on
ing rise of iN that stock in which an
uneasy short rest exists. But there
say HE ts sG
faction, as It is feared that anything like
| the working of corner would be dis
composing to the market as violent de-
| cline In price.
| The government crop estimate was a fav-
orable factor in general, especially in the
| slight deterioration shown In the corn
! crop. The corn carriers themselves were
| affected by attempts to market the shares
| on the strength of the crop showing. The
| chances Of damage by frost to late crop
| hre also held in mind in considering this
| factor There were rather persistent rumors
that the authorized st. Paul stock increase
would soon be issued, but there was no
| official sanction for these reports. Encour-
aged by the good resistance, the whole mar
| ket turned strong in the last hour and rose
| to the best of the day and 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 value, 100000 United States
| 5s declined IA per cent on call. Following
| are the days share sales and the recorded
| price changes