Omaha daily bee., 1901-02-18
SLOW TO REALIZE PROFITS
Holders Of Large Blocks Of Stocks Show
No Haste to Dispos Of Them.
NEITHER ARE THEY TIMID As TO PRICES
Speculative Market Ccnters Around
the Grent Industrial ana Railroad
Dcais-Rccovery Quickly Fol-
lows Each slump.

lows Each slump.
NEW YORK. Feb. l7.-Henry Clews,
head Of the banking house of Henry Clews
& Co. in his review of Wall street, says:
The general aspect OF the stock market
does not vary materially from the conul-
tons prevailing for the last three mOniths,
Althoush prices range IRON 2, 10 lsyeI sy and
might, according to usual experience, pe
expected to exhibit now some decided re re
dictionary tendency, yet holders OF lhrs,.
blocks Of stocks show no tlmidity about
prices nor any haste to realize profits me
market Is an2ss almost sertiSg SntrGi'y .pecuation
t center almost wholly around the great IN
dustrial aud railroad deals now IN process,
or contemplated or rumored.. The dealS
barometer rs the chief indicator OF the
market; and when It falls there is enough
Iealzng TO show ,bS how arssis iarsiGY condi1ione
Still. there are always plenty of sanEulns
buyers ready to take the securities mus
parted with and each slump Is Followed oy
The predominant sentiment seems to be
that the current remarkable run OF INDUS
trial development is forcing on the coun-
try an era of concentration or mamnoIn
capitals. destined to administer our larscs 80
material interests Men OF speculative bent
do not wait to consider the economic meflts
or dement's Of these new cOndltlohs, 70
them II is sufficient that n movement ot
such breadth and prominence, and barkea
by the foremost financicrs ana cHpitdlls,s
OF the country. affords material iSr speJI" sp}Ity
lation of unprecedented breadth. actlNiy
aud expectancy. They perceive that uoni
the extent of these operations they mus
require time for their contamination n ana
see at least "a possibility that the cons99ih.
dntion movement may run on to lengths
not at present definitely foreseen
Boom Likely to Continue.
Thus. the general conclusion Is reached,
fairly rcasonabie speculative probability
that the present boom will be kept Hp ,tt2,I. tt2r
come considerable time with Poss,D,yy os PAM
stocks than have yet been reached. fIainIy
this is the controlling sentiment underly
Ing the present extraordinary situau9n. ~
Is adhered to with great tenacity and with
very sanRuine hopes, ana Ns atIractiuna a
are drawing Into the marRee hRee rarSlv rus Ven,
tured on speculative operations. Wills WIN, NY NY
a sort of necessity II is drawing even CON
societed with the deals. but wider tiuctu;,
etions for the balance of this month anu
during March may be expected; . as;,,r.tio, 90
calculated TO excite the optimistic spirit OF
speculation has never before existed IN WaiI MAI
street; indeed. may not alone say WI,
street for like furore has dominated
London, I'm spite OF the many pearlsn Ia Ia
tors that are now strrn,mg 'HS state Of af.
fairs presented by the new condltlohs lI
politics, trade. industry and nnanSSe; aSr we we
sult than that which now appears In rise
of one third I'm the market value OF neails
all corporate investments. NOT Caii We w
pure that this great enhancement or pricets ~
has yet reached it's elimination. certain II
is however, that the point has not YET neen @
tuTed on A tentative test of the inherent
strength of the market. The pessism,,sos ,s.
are lying low until higher tad state %, OIL are
even lending their help as buyers TO preSnp
ltate the breaking point for II Is hhsan,,ss hsSnns
educated into familiarity with this new
scale of values.
Turning Point Comes Later.
or course. n turning point must sooner OF
later arrive when the structure OF specuI
tests, To an important extent this boom
has taken for granted the opumisuc Claims
of the friends and promoters OF .ne rnnSh gruSh,
may be fairly conceded to the various
forms of industrial or other compiin,at,oas,,
will give It's final endorsement to scare
OF values one-third above the former nor
that that this class OF securities will retain
n very much advanced range, OF prices ~
the face of duplication OF the volume 2I ,'
their paper issues without any increase IN
their true capital? II cannot be denied
that. for the most part. the pending boom
Is n speculation based upon an experiment.
an experiment which, among other
dubious things, aims to accomplish through
water what hitherto has been procuraoie
only through gold.
Financing the New Deals.
Inc money ~ IL pOlui Nilu' W
bear watching. Financing the new deals
will require funds in considerable quantl-
ties, and these are likely to be with,dsraw,n
from the market at any time. Should such
withdra walls come at an inconVenient
period they might readily form the basis
OF sharp bear attacks. There II little pros
poet. however. of any but spasmodic string
ency until the April settlements approach,
when a frmer money market may he, ex-
pected. On all sharp reactions the best
class of railroad shares will probably be
n purchase for quick turns. The ratlronds
are not only doing an enormous traffic. but
are obtaining better rates and the COM
munity OF interest plan is sure to prevent
cut-throat competition for n long time 10
come As a result, roads which under
former conditions had no prospect or a
dividend are now ON the verge. II not at
ready within the ranks of dividend-p payers
and are likely to permanently remain there
The simple stoppage of rebates alone means
n respectable dividend on some railroads
to say nothing OF increased traffic and bet
ter rates. Values seem high for many OF
our best stocks, but II should be remem-
bered conditions have greatly changed. and
within a few years many of the speculative
favortes of the past decade Will have dis
appeared into strong boxes.