The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-07-24
THE WORLD OF FINANCE
As Seen Through Mall Street
Eyes.
Eyes,
By w. G. NICHOLAS.

New York. July 23-There never was
a great bull movement in Wall street
that did not beat the talent" during
it's early stages. The professional
spectators and traders are a skeptical
set. Their horizon is narrowed to the
four walls of the Stock Exchange and
their news sense does not extend be-
yond the immediate environments of
Wall street. BY force of habit their
study is given up largely to the cur
rent technical conditions. They culti-
vate a sort of sixth sense, that of
intuition which tells them almost
unerringly the daily movements and
motives of the street. They uncon-
sciously lose the faculty of judgment
of large affairs and when a tidal
wave gets in motion up or down and
carries prices with it. for any consider
able period, they are entirely at sea.
They accustom themselves to the narrow
swings of two or three points and
combat anything beyond those limits
In the present instance they have
been fighting the market for the last
two weeks and suffered a loss of to
III DOlIIS. Ibis lney NOllAlQCllblg
pect to get back, for they are still UNI
believers, and, while possibly willing
to admit that the big situation is work.
ing for a general up-lift in business,
they contend that the time is not yet
ripe for the grand movement to-
wards permanently higher levels. 1t
was precisely the same way in 1885,
and 8. during which years the broad
foundations were laid for the greatest
nra1
the greatest speculation in stocks ever
known in American history. The pro-
fessionals and the talent of Wall street
either lost money fighting the market
or else made nothing through their
failure to take advantage of conditions
patent to the rest of the world. Eventu-
ally the talent did get back its money,
because the public overstaid or over
played its market.
The low ebb of business depression
was reached three to six months ago.
Since then the Wall street barometer
has beeen steadily marking improve
ment The highly trained sensitive
ness of the money heart of the country,
usually reflects changing conditions
for an advance ahead of the actual
occurrence. These signals are not al
ways needed, but in the light of his
tory they are found to be almost in
we're still reactionary and the indus
trial outlook uncertain, Wall street be-
gan some months ago to show percep-
tible recovery. The great interests
which had been going through two
years of contraction and liquidation.
changed front. The leaders Of finance
recovered their nerve and prepared
themselves for the improved times,
which must bly, follow a return
OF confidence, the signs of which they
were the first to detect and appreciate.
General confidence is most certainly
returning. In many quarters OF the
business world II has already arrived.
II is here and better feeling is every
where prevalent.
IL does not follow that there is going
TO be an immediate and vehement bull
movement which will carry prices to
former lofty attitudes. but there is No
gainsaying the fact that the outlook Is
substantially better than II has been
for two years. There is a solidity about
the situation now which appeals to the
conservative sense Of every commun-
ity. IL would be surprising II the specu-
lative market did not witness sharp re-
actions and periods OF depression dis
hcartening 20 those who play stocks on
margins, but these phenomena are In