The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-11-20

New York, Nov. 19.-The stock mar
ket is resting on a broader basis of
restored public confidence than at any
time in four years. The volume Of
transactions is nearly as large as 1t
was during the boom period of 1899
1902. yet it is almost entirely free from
the spirit of mob speculation which
was at once the attraction and danger
of the former bull movement
People Of means are in the market
ON as large a scale as before, If not
larger, but the little people are keep
ing away from the maelstrom. and
what is more. the market leaders are
evincing no anxiety to get them in,
being apparently we'll content to let
the situation develop without mob help.
Later on, when legitimate business
makes inroads upon the capital now
available for speculation and specula-
tive investment the need may arise for
popular assistance in the unloading
process, but seemingly the time for
this has not arrived. Meantime. the
securities market gains in strength and
every important advance is sturdilv
maintained.
Business Outlook Bright.
The business outlook is unquestiona-
bly, bright and a sentiment of hopeful-
ness and confidence pervades every
department and class. Two years ago
money was 10 per cent. and the
shelves were overloaded with securities
which had not been paid for and for
which there was no stable market. To-
day with call money at per cent. and
six months funds glut at 31R per
cent, with the goods on the shelves
paid for and with business conditions
everywhere improved, it is not surpris-
ing that speculative sentiment should
be optimistic and prices on the rise.
There will be no disturbance in the
money market on account of the with
drawal of $2O,OO0,O0O to $3O.OOO.0OO of
government deposits from national
banks, and its transfer into the vaults
of the national treasury. The money
is to be taken out of the banks, be-
cause government funds are running
low with which to pay current ex-
penses. 1t is consequently clear that
the money so shifted will be put back
into circulation with very little delay
The process will be something like taxi
ing money out of one pocket and put
ting it. into another. The public will
degree, and the incident is not likely
10 have more than temporary effect on
interest rates. or in the supply of cash
available for business purposes.
Eventually, however, as trade ex-
pands, industries become more active
and the chariot of progress is propelled
forward with increased velocity the
demand for money will improve and
rates harden. None has been cheap
the last year or two because there has
been no general demand for it. AS
the volume of business swells the funds
now employed in speculation will be
diverted into other channels and the
stock gamblers will have to pay higher
for the wherewithal to conduct their
operations. There will be a general
calling of loans and with automatic
certainty stocks will decline That
turn in the stock market may be
weeks or months ahead. There is no
telling.
Nhe Sugar Trusts Problem.
How to distribute a great surplus
without attracting the hostile atten-
ton of Congress thereto is a problem
which is bothering the management
OF the Sugar trust. The surplus in &C
cumulated properties and unwieldly
cash is said to approximate at least