Omaha daily bee., 1895-04-22
BOOM In PRICES Is AT HAND
Stocks Seem Inclined 10 Follow Commodi-
ties in Their Tour skyward,
ERA OF OPTIMISM DAwNS BRIGHTLY
Henry Clcws Says tho Turn in the Long
Drcary Lane Has Como and that
Business viii Hum from
This Time Forward.

NEW YORK. April 21-Henry Clews.
head Of the banking house Of Henry Clews &
Co.. writes of the situation in Wall street:
After lull of two weeks following the
ceived a new upward impulse The revival
during the last half of March was a real
test tat Of the intrinsic condition of the mar
So and the outcome of that second stage
mas been equally satisfactory. 1t was
shown no exhaustion OF either the invest
ment or speculative spirit no disposition
to rest on the profits realized upon the rise
ana none to force a downward reaction in
order TO make lower basis for new up
ward movement. There seems to have been
a lack of confidence in the success Of any
policy. and holders have held firmly to their
stocks on the conviction that they are still
undervalued and susceptible of a further
advance.
Under these conditions, all that was
needed to a fresh upward spurt was some
new conspicuous stimulus to the already
existing confidence. That has been forth
coming in the form of a sudden and re-
troleum, wheat, corn and beeyes-five arti-
cles which supply fully 40 per cent of the
entire 6ntn sod value of our exports. There has
far these advances are due to speculative
influences and to natural causes. There
can be no question that in the case OF each
article, there are Legitimate causes at work,
and there is as little doubt that those
causes causes, have been turned to account for
sons on the facts thus-that so far as the
influences producing the rise in prices have
been natural, they show that the downward
tendency In trade values has spent its
force; that diminuton of production has
gone as far as low prices will permit and
that demand is gaining upon supply so as
to foreshadow from this time forward an
upward movement in commercial values.
on the other hand, so far as the rise in
staples is connected with SnpCnlatiDn. If
evidences in the first place that speculative
operators have been expecting this change,
and that they are prepared to follow it,
while the readiness OF speculation to under
take large operations in the leading staples
among this cass Of OF The
sion of renewed vitality in speculation
naturally encourages the Stock exchange
interests and suggests the probability of an
increasing activity in the movement of
securities
TURN OF A DREARY LANE REACHED.
1t begins to be realized even by the here
tofore most rampant bears that this country
has turned its back on pessmism, and that
the. only way to prosper hereafter is to be
optimistic. 1t has been a long and dreary
lane for business people to wade through,
as It's starting point was really the Barring
panic in November. 1890 over four years
ago. The energies of the people of this
country have been crippled more or less
since that time, especially during the last
TWO years. If | mis- take not the impetus
has now legitimately started on it's upward
movement and VIII gain strength from now
onward until II reaches extremes in many
channels. one excess usually follows an
other The improvement thus far is GER
talnly of a substantial nature. 1t Is visible
not only in the oil market the iron market,
the cotton market. the grain market. but
also in the security market, and last, but
not least, in the silver bullion market. AS
an evidence that the advance in the white
metal is considered permanent, the silver
goods manufacturers have just decided to
tured articles 20 per cent. The suScessfEI
hunt for gold all over the world enters into
the the, situation This years product of the
yellow metal is likely to be the largest on
record There are evidences of a gold craze
IN Colorado equal to the former silver craze
velopment Of the mines in Colorado; the
climate Is perfect the mines are ali ac-
eeSsIbie Iasitaes by . railroads and the greatest
country, which are equal to all emergen-
cieS.
The real extent of improvement now 60
ing on among our manufacturers is not
generally understood or credited The most
'bullish" class in the country at the pres
ent moment are the manufacturers. They
are better situated than any other class to
feel and measure the first throbbings of a
new impulse of demand and it is their tes-
tmony, in almost every branch of trade,
that the outlook is most encouraging In
many eases they have the courage to de-
mand higher prices and to wait If neces-
sary. until they can get them. Their or
ders are on larger scale than for the last
purchases of raw materials in expectation
that they may have to pay higher prices
for them The feeling, in short. Is general
that. providing the steadness of the flnan-
cial situation be depended upon, this
country IS on the verge of an era of very
unusual prosperity.
STRONGER THAN EVER BEFORE
We are in a position to produce at lower
costs than ever before. In this respect we
| have. within the last two years. made very
| important gains upon other manufacturing
countries. The pressure of the new tariff
has to. some extent contributed to this.
| partly by compelling manufacturers to i'm
prove their methods and pcODOmiZp ~
| costs of production, and partly by the
| cheapening of some of their raw materials.
| In one article or another. they are tread
| ing close on the heels of England and Ger
many in the foreign markets. and one of
nkely to be a material increase in our ex
| ports of home manufactures. While the
| conditions for production stand thus, favor
! ably. there is an arrearage OF fully two
years in the supply of wide range of
wants. Since the great spring alarm of
| 1898 it has been as much as most people
could do to supply the common necessaries
| of life-food, clothing, shelter and comfort
repairs. new outlays and luxuries have
| things after such an experience is to com
| pensate for these omissions of ordinary
expenditure. 1t is not merely in domestic
hfe. that these comPensations are waiting
| to be provided for. 1t is equally so in our
| industrial system, which calls for repairs
| and requirements Of machinery, and in our
| transportation system. whether of rail or
water. In the railroads construction has
since 1892, We probably need little in the
way of new independent lines, nor does
| much of such work seem to be contem-
| plated. But all over the country work is
much needed in the way of extensions
/ double tracking and the creation of con-
| Meeting links between existing lines. If all
| the legitimate work of this kind could be
| done within one year 1t would far exceed
| the largest annual construction in our his
! tory. 1t will thus be seen that there is
| enough waiting work to call the full en-
/ ergy Of the nation into early activity.
! London remains steady support to our
| financial markets. England has recently
! taken quite an important amount of our
| securities. nor has she shown any DISPOSE
| tiun to realize on them under the recent
| advance in prices. Under the rise of the
| past week London follows our market, and
| shows confidence in the maintenance of
' values.
| Taking the situation as a whole 1 cannot
but regard Il one warranting increased
confidence and steady progress towards
1 higher prices on the markets both for
goods and Investments.
| LONDON WEEKLY STOCK REVIEW.