The Savannah morning news., 1904-11-06
BIG BULL CAMPAIGN
PLANNED FOR BEGINNING OF 1905
otoch movement Manipulated Now With View
10 Getting the Public Used to High Prices.
BY w. G. NICHOLAS.

sew York. Nov. 5.-An Interesting
theory In regard to the stock market
situation is that the bull campaign
thus far conducted has been one chiefly
of education that the real excitement
is to be organized the first of the cal
endar year. 1905. The upward move
ment thus far has been manipulated
mainly under the direction, and for the
benefit of the banking interests and
the great financiers grouped around
the important fiscal institutions and
insurance companies. 1t is further set
forth by apostles of this idea that
prices are to be maintained around
current levels until the public becomes
thoroughly educated to the quotations
and forgets they were ever lower. Aft
er having become accustomed to the
prevailing advanced prices it will then
be an easy matter. it is argued. to,
start great bull movement which
will exceed in volume that of 1900-19O1
when sales on the Stock Exchange
reached daily aggregate of $500. 900
shares, once going above 5000, 900
shares in single day.
Public Had Little Hand In 1t.
There has been much talk of public
participation in the rise which has
already taken place. but in solemn
truth the great public has had COM
paratively little share in it. Profess
SIGNALS and semi-professionals who
compose the followings of the various
banks. commission houses and trust
companies, are the ones who have
been the gamers. The multitudes have
yet to put in an appearance as active
buyers on anywhere near the scale
witnessed two. three and four years
ago. This is proved by the returns
made to the big private wire houses
by their many agents in the hundreds
of contributory cities and towns where
they have offices. The daily reports
made to these wire houses show sheet
after sheet of sellers and comparative
ly few BUYERS. 1t is. therefore, plain
that the public has. in reality. been a
seller instead of a buyer on the adj
vance. Doubtless, in thousands of
cases, the sales have been of actual
certificates which had been carried
down through the decline, and which
had been marketed as soon as the in
Vestment showed anywhere near even.
Politics and War in the Market.
There has been some politics as well
as war in the stock market during the
paign. The animation infused into it
by the Democratic candidates and the
campaign committees proved some
what disturbing to the equanimity of
not only the Republican managers, but
also to certain business interests
which had fallen into that comforta-
BILE state of mind described as lover
confidence" Considerable liquidation
of speculative lines of stock reflected
this mental disturbance in a very pro-
nounced way. The fluctuations in
the betting were watched with in
creasing interest and marked signifi-
cance to the ups and downs Of gam
bling quotations on the result.
New York CentraPs Scheme.
Apparently authoritative announce
ment is made that the New York Gen.
trail is about to change the motive
power on the West Shore from its
terminus in New Jersey, opposite
Forty-second street, New York to
Buffalo, a distance of 432 miles. Elec-
tricity is to be substituted for steam.
To make the change will cost at the
lowest calculation $25, 900, 600, and the
amount may be considerably in ex-
cess of that figure. The reconstruction
is to be under the direction of Mr..
Horace Andrews, an expert who is
given the credit of revolutionizing the
street car lines of Cleveland on the
highest plane of any urban system in
the world. This will be the first de-
parture on a big scale from steam
railroading and is looked upon by
many as a precursor of the complete
revolutionizing of the rail transporta-
ton business. If the move proves to
e be economical, as it undoubtedly will,
then all the railroads In the country
will have to follow suit and that means
practical rebuilding. The iron and
steel interests and the electrical COM
panies hail the movement with in
tense satisfaction. They say 1t
means ten or fifteen years of employ
ment for every mill and electrical ma
chinery factory in America-work at
high pressure and without intermis-
sion.
The Sugar Deal.
There are two versions to the story
OF the Sugar deal One is that H. o.
Havemeyer, autocrat of the Sugar
trust, has finally withdrawn from the
speculative market, and will devote his
whole time in the future to the physi-
cal upbuilding of the property and to
cinching of his hold on the sugar
trade of the Western world. The other