The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-08-28

New York Aug 27-At every dis
play of reactionary tendency in the
stock market the bear contingent
starts in peImeu to sell everything on
the list. Thus far the reactions have
not been important and on each occa-
sion have been followed by a sharp
recovery. There is, nevertheless a very
strong element in the street which be-
leves the Improvement in general
business conditions has been fully dis
counted by the rise which has taken
place in securities prices and that
there should, at least be a halt of some
duration in the market.
The advance in stocks has been
marked by fragrant manipulation. Ar
tificial stimulation has been most con-
spicuous in Union Pacific and Southern
Pacific. These stocks have been
marked up $50 and SIS a share respect
lively Whether or not there has been
important distribution at the high
range is problem. The burden of
opinion seems to be that the insiders
are still in possession of immense
speculative lines which will not be sold
out until the first output of $40 600, 900
of Southern Pacific preferred stock
has been subscribed and paid for The
grand purpose of the manipulated rise
in the Hartman stocks was to make
the fotation of this new issue easy.
That purpose accomplished the next
move of the insiders naturally will be
10 reduce their speculative holdings.
An alert contingent is on the lookout
for that distribution to begin. The
signs of the market are being studied
carefully and every move is analysed
by the shrewdest traders in the street
with a view of taking advantage of
the unloading process to get on the
short side of the market Already the
street is talking of the huge Hartman
Schiff line of stocks as menace to
the market The phrase. hanging
over the market is used when discuss
ing these stocks, which has "A more or
less ominous sound when applied to the
speculative situation. The resources
of the Harriman-S chiff faction are APP
parently ineXhaustible, however, and
as ii is aided by glut of cheap money
there viii be no need of haste in I'M
loading Possibly. general conditions
strong that the distribution can be
completed without seriously affecting
the market as a whole.
The wild speculation in wheat on the
Chicago Board of Trade has more or
less disturbed the stock market lat
terly. There continues to be an open
expression of skepticism with regard to
the reports of experts. although it is
now acknowledged that material dam
age to spring wheat has actually oc-
on 7taasf fr L.
thing like a famine, however is an
absurdity. and there is a feeling that
nothing short of a famine can ex-
cuse the extravag giant prices to which
the cereal has been pushed by the Chi
cago bulls; $1.15 wheat is cat
alogued in the trading mind along
with 20-cent cotton. Nevertheless, the
fact exists that high prices are being
paid for wheat in the greatest grain
market in America, and this fact is
not without it's influence on traders in
stocks. That the damage to wheat will
be more than offset by the bumper
corn and cotton crops and agricul-
tural abundance in other particulars is
certain. But wheat as the leading
speculative commodity in the cereal
line commands more than its rightful
share of attention. The corn crop this
year will be double the cash value Of
wheat, even though the latter sells
throughout the season at 81 a bushel
Cotton at $50 a bale will represent
this year more than $500 900, 900 of
wealth added to the total.
There is a promise of a larger ag-
gregate agricultural production than
any year in our history-larger i'm
quantity and worth more i'm dollars
and cents. Indications are that the
total will be very greatly in excess of
that of the census year, which is Off
cially given at SAIL, OO0. 900. With this
for a basis there is a growing feeling
that times will continue to improve,
and that there is not likely to occur
further serious recessions in the stock
market, except such as may result
from the dumping of manipulated spe-
cialties.
The price of manufactured articles.
particularly iron, steel and allied lines.
seem destined to undergo further
shrinkage, although possibly not to the
extent anticipated by many. Should
this theory prove correct there may be
an accompanying shrinkage in wages,
but there is general hope that this
latter may be averted. The thing most
likely to occur will be a still further
cutting of dividends on watered Sc
curities issued by industrial corpora
tions. This would seem TO be fore
Swallowed to a degree by the dullness