The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-08-21
THE WALL STREET OUTLOOK
THE RISE IN THE PRICE OF
STOCKS SINCE MAY.

The Condition of the Crops Watch
ed-CapitaIists That Let MisIead-
ing Information Leak Out-Tips
That Generally Prove to BE IncOr-
rect-Other Matters of General In
terest.
BY w. G. Nicholas.
New York, Aug. 20.-The almost con-
tinuous advance in the stock market.
which began in May and has been go
ing on ever since, carried the general
list of railway shares up about $11 a
share on an average. The Industrial
list has experienced an average ad-
vance of from SO to S. a share. In
railway stocks there have been some
exceptional advances of $40 a share
and over. Northwestern rose % points
and Union Pacific 20 points. Canadian
Pacific advanced 10 points, Atchison.
1871; Louisville and Nashville, 10; ST.
Paul, 10; Reading, IL, and Southern
Pacific Is. Among the industrials.
Smelling leads with a rise of Is points.
Amalgamated Copper advanced 11B
points and Sugar IL, while Steel pre-
ferred only improved 91a points, and
Steel common 4. The group of New
York fractions also shared in the ad-
vance, Brooklyn Rapid Transit gaining
II points, Manhattan IL and Metropoli-
tan 20 points.
There has been some reaction from
the outside figures established but the
shrinkage has been far from important
and down to date fails to give especial
an 4,rnn ant 80
The professionals in Wall street and
that class of traders included in the
description "the talent" have steadily
lost money all through the upward
movement. They refused to recognize
the fact that there was general bull
sentiment behind and under the mar
ket, and have paid the penalty of
their skepticism in reduced bank ac-
counts.
Wall street was first to discover signs
Of reaction in business conditions
more than two years ago. 1t was in
a position to first see and realize the
significance Of inside liquidation Of Sc
curities. 1t is first now to see and
appreciate the changed conditions for
the better. Two years ago Wall streets
foresight or cunning was reflected in
steady depreciation in value Of stocks
and bonds for which the public roundly
cursed the New York Stock Exchange
and its allied interests. The public
persistently declined to believe that
there was anything wrong with the
country and held that Wall street was
traitous to the general welfare. Wall
street then only mirrored conditions
and the reflection was an exact image
OF facts-facts the country was reluct-
ant to admit, but which were none the
less true A two and half Uaapet
era OF contraction followed Wall
streets first alarm. The dangerous
phase Of the liquidationg period having
passed Wall street stopped to draw a
breath. A process of slow recovery
set in. The interior Of the country
was not so quick as Wall street to de-
tect and understand the symptoms. The
liquidation which began IN Wall street
extended all over the map. II was
something in the nature Of a scare and
was In reality more sentimental than
actual. Nothing happening 10 accen-
tuate the alarm. people began once
more to look about and analyze the
situation Meantime the people had
been practicing economy in personal
expenditures TO such an extent that
the volume OF mercantile and Industrial
business had diminished. This result
was extremely healthful in the main.
II checked extravaganza IN every
quarter and gave a needed chill TO the
overheated blood Of speculation.
For months past conditions have been
improving. IN some Industrial lines
there may be still further shrinkage
and depression before bed rock Is
reached, but the enormous agricultural
prosperity will more than offset this.
Huge crops OF everything that is pro-
duced on the farm VIII stimulate afreah