The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-12


almost happy in it's misery. 1t has
been passing through a period of such
intense and unusual apathy that the
experience Is to many intensely SEN
sational. Feeling is too deadened to
be much moved by this weeks small
rally The business of an entire week
on the Stock Exchange would have
been compressed into two hours during
the riot of speculation two years ago
The aggregate trading for six days
falls below 100000 shares. In that
halcyon boom season before the col
lapse it was not an uncommon thing
for 500, 900 to 600,0 900 shares to be trad
ed in during the first hour of business.
on one recent day the total dealings
were $1,000 shares.
The theory most frequently advanced
by those trying to ind a reason for
this is that people will do nothing until
they can form a better idea as to how
the crops are coming out, and until
the two national conventions meet,
adopt platforms and nominate candi-
dates.
Wall street still gets round-eyed dis
cussing reports of business contraction
throughout the West, and, in fact, in
all parts of the country. 1t is wonder
ing whether this reaction is temporary
or permanent; whether it means the
beginning of a long period of hard
times, or is merely a momentary re-
cession which will be followed by an
other boom after the fall harvest and a
satisfactory ending of the presidential
campaign. These are the things which
disturb WILL street and discourage
speculative ventures.
In the meantime Wall street remains
the deadest spot in America. Money
is rolling in from every point of the
compass and has become a glut. In
terest rates sag, despite the desperate
efforts of bankers to hold them up.
Money has become so ,superabundant
that lenders are preparing to send a
fresh lot of it abroad, where 1t can be
placed to better advantage than at
home. Conservatives with experience
in Wall street are investing moderate
ly of their surplus in medium grade
bonds and tried dividend paying stocks
The Railroad situation.
The public only dimly realizes the
time and work required in the creation
or reconstruction of a great railroad
system. This remark is inspired by
the many expressions of disappoint
ment heard from impatient spectators
over the failure of reports of railroad
earnings to show reductions in net"
Vast sums of money have been raised
and spent to improve the physical con-
dition of railroads to the end that they
may be operated with greater econo-
my. This work has been going on rap
idly and with concert of action all over
the country during the last four or five
years, and especially during the last
three years. Some of the more impor-
tant developments in the way of ex
tension and reconstruction is still in
progress, notably the mammoth I'M
dertakings by the Pennsylvania and
New York Central in the enlargement
of terminal facilities in New York and
vicinity
Practical railroad men and the finan-
ciers behind them have thorough COM
prehension of the time requirements
and they work ahead with patience in
the unfolding of their plans of devel-
Opment.
Before much money was spent on
the Wabash extension into Eastern ter
ritory. exhaustive reports and esti-
mates were made by the best talent in
the world and the members of the
Gould Rockefeller combination were
placed in possession Of every fact OBJ
tainable bearing on the situation The
closest kind Of estimates of the cost of
the projected improvements were made
and of the business which could legiti-
mately be expected to result from the
new construction and the welding to-
gether of the various lines, as we'll as
the economies which could with safety
be relied upon. These figures were
made three years ago and were supple
mented by exhaustive reports and fur
Their estimates by President Ramsey
about a year ago. Mr.. Ramseys cal
culations were for seven years ahead.
The work of physical construction and
amalgamation will not be completed
for two years or more. More than $780,,
600, 900 will be required to complete the
creation of the system. A large part
of this has already been provided for
by the issuing of new bonds, only
small fraction of which has yet found
Judgment with the public. The remain
der is being carried by the Gould-Roek-
efeller syndicate and it is heavy load,
strong as the capitalists are.
The investing public has looked cold
ly upon the Could Rockefeller invest
nents backed by the credit of the
Wabash Scarcely less chilly has been
the reception accorded the Gould-Rook-
efelfer issues on properties in the
Southwest, of which Missouri Pacific
is the backbone, and which represents