The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-11-27
STOCK MARKET BEGINNING TO
SHOW SYMPTOMS OF INDIGESTION
Nothing Sefious, Bot Enough to Give the Speculative
Stomach Periods Of Disquiet
By w. G. NICHOLAS.

and sees no good reasons for marking
down the prices of the goods.
II Is OF common expectation that on
any striking decline the inside or
banking element will again come to
the regcue of the market and prevent
unnecessary sacrifice. They have vast
bond hotations In hand, and the pro-
cess Of converting loans into bonds
and selling them TO the public Is as yet
only partially finished. Less than a
year ago more than $500, 600, 900 In new
issues OF bonds were in process OF
manufacture and scheduled for fiota-
ton. Probably one-half of this amount
has already been absorbed by investors
and the rest is being worked off rap
idly and without a hitch. Several
more months, however, will be required
TO finish the Job. and It is, therefore,
assumed that no radical market dis
turbance will be permitted In the near
future.
Wall street and the Cotton Crop.
Wall street takes infinite satasfac-
ton In the latest estimates Of the cot
ton crop although publication of these
estimates was attended by sharp de-
clines in the price Of that staple. 1t is
OF common belief that the cotton rails
ers Of the South are not heavy losers
by reason Of this price shrinkage.
however, and that they were sufii-
GENTLY forehanded to sell their prop
erty at good prices for future deliv-
cry. So far as can be learned the
bull element in cotton has been wide
ly scattered and there is no concern
trated party to stand in the gap and
suffer losses. such as fell on Sully and
others of his kind who tried the i'm
possible q few months ago
The best information which has
come in from the South for weeks has
been in support of the theory Of a
huge yield and large reserves likely
to come into view later on. This has
made experienced operators chary Of
bull commitments, however, much
their inclinations might lead them to
pull for higher prices. Cotton is taxi
ing on some OF the features of a
gravity market. a situation In which
dead weight figures largely.
The Campaign In steel.
The campaign in steel stocks car
ried big Steel" to within 10 points Of
the highest quotations established al
the hight OF the boom two years ago.
The figures ruling lately have been
about the level at which the grand dis
by Mr.. Keene and also by the wisest
of the insiders in the trust organiza-
tion. Widows and orphans and MILL
ners and grocers and BARRIERS do not
appear this time as buyers, as they
did before, and there seems 10 be no
likelihood that they will. The great
army of senh-professionals has taken
the place of the chicken feed" ele-
ment and tin pail" investors, as the
little people are sometimes contemptu-
ously called by the smart boys down
IN the Street. Among these semi-pro-
fesslonals are great numbers Of men
actively engaged IN the iron and steel
business. These people are, AZ a rule,
very bullish on trade conditions and
can only see one side 20 the market.
Advance IA IndustrinIs.
The advance IN industrinls has been
I marked BY the return 20 New York 81
4 hundreds aud thousands 0f mnnufac.
! turoB who hocked here three years