The Savannah morning news., 1904-07-31
BULL LEADERS SET
TOO FAST A PACE
put Up Prices Too Quick, and a Reaction Has
Been the Result.
By w. @. NICHOLAS.

New York, July 30.-The pace was
Zoo fast. The bull leaders in their
anxiety to put up prices and enlist pub
ii. support put on too much speed and
the inevitable reaction has taken place
IN the stock market. The immediate
contributing causes were the sudden
cIouding of the old world political skies,
the further development of bearish SEN
timent among local professionals and
the publication of a series of expert es-
Inmates on the domestic crop prospects
somewhat discouraging in character.
Ii IS at this season of the year that the
crop killers" are busiest and when
they thrive best. They have been I'M
usually industrious this year. 1t would
appear also that the breed has been do
ing business in other parts of the
world, and from the tenor of many re-
ports it is very clear that ruination
has overtaken the wheat growers of
Argentine and the larger part of E,u-
rope 1t is always this way. Every
year the wheat crops all over the world
are destroyed, and every year there is
enough to so round. Starvation is
merely recurring mental processes.
The universal human stomach con-
trives to get its nutriment just the
same and without the prevalence of
famine prices.
PIunger Gates Luck.
The most active bull cliques in the
stock market were organized and man.
aged by Western operators, with John
w. Gates being the most conspicuous.
There is an intensely hostile feeling in
the street against this picturesque Chi
cago plunger, due primarily to the fact
that he came into the street and got
away with $25,000,000 to $50, 00O 900 in
real money which he insists on retain
ing. This is regarded by the native
element as being a very unsportsman-
like proceeding and contrary to the
rules of the game. Wall street some
times loans money to ambitious out
siders, but expects that it will be play
ed back into the game. Several 9TH
er Westerners besides Mr.. Gates ac-
CURED immense fortunes in Wall street
during the last five or six years, and
held on to what they made. Some of
these fortunes are larger even than
that acquired by the gentleman named,
and they are all more or less under the
ban of the displeasure of the local
crowd. 1t so happens. however, that
none of the so-called Western contin-
gent has been as perniciously active in
the speculative market as Mr.. Gates,
and therefore opposition to the rest of
the invading army is not so outspoken.
A story of Gates.
1t is the story of the Street that
Mr.. Gates and his party were loaded
up with a great mass of securities
which they were unable to dispose of
at profit and that they are still
carrying large line which represent
loss. This theory may, or may not
be, correct, but belief therein gives
great pleasure to the talent" of the
Street who gleefully proclaim that
Gates and his friends were landed
with a car load of stock at high
figures the same as last January when
the combination ran the bull market
for four or five weeks and then ran
to escabe the avalanche. The willy Mr..
Gates, however, may not have been
caught after all. He is nimble and
very much awake. Besides, he and his
intimates began bulling stocks very
low down and they could stand a con-
siderable shrinkage without facing a
loss.