Omaha daily bee., 1902-02-17
EXPECTS AN ACTIVE MARKET
Henry CIews Forecasts Good Business
BASED on Prosperity of West
and Farmers.

NEW YORK, Feb. 16.-(Special)-Henry
Clews, head of the banking house of Henry
Clews & Co, in his weekly review of wall
There is every evidence Of strong inside
support being given the market and prices
have shown greater strength I'm conse-
quence. For weeks past 1t has been an
open secret that the big leaders were com,
mitted to the bull side of the market and
were simply awaiting favorable conditions
for assuming the initiative. Unquestionably
the situation is more favorable to their
mer's advance. Since then the market has
withstood all sorts of hard knocks. The
Northern Pacific crisis, the failure of the
corn crop. the death of President Mckinley
and other untoward events have all had
Stock exchange. Such a series of heavy
disasters in ordinary times would have
precipitated a panic of the sharpest charae.
proof of the general soundness of the fnan-
cial situation. These difficulties have i'm
In a much stronger position than would
have been the case had the rise gone on
who wiSno Would have liked to T have sH seem prices
touch a lower level In order to broaden the
market and invite fresh buying. This, Low;
ever, 1t persistently refused to do. A good
deal of quiet liquidation has taken place
since last July, which has been very p1in-
rise. but leaves the situation under stronger
and better control. Weak, holders nave
stubborn resistance to bear attacks has
completely suppressed oil aggressiveness
from that quarter The technical situation
manipulation. Let us see what the condi-
lions are outside of the Stock exchange.
and financial situation, and one which
must enter into calculations for. the fu-
ture, is the gradual recSXery OF the E Sioo
Slight recessions from high-water mark are;
as l have before noted. to be seen here ana
increased demands for products, of which
our merchants will not be slow to take fun
promises to be we'll offset by increasing
orders from abroad. The figures promui-
gated by the bureau OF statistics at WASH
ington, placing the wealth Of The country
at over $500 900. 600. with, a relative public
debt of only "a, per cent. are such as to
well nigh forbid pessimism. The United
Kingdom, our nearest follower. appears
with an approximate wealth Of $1,000, 0OO, 900
and a relative public debt of 6 per cent.
Such a comparison is not one to discourage
the American people. and In our puryiew
Of the general situation We must not allow
setbacks-to dim our vision OF such power
full and fundamental forces. Another ele-
ment OF encouragement I'm the general stu
alton lies in the very appreciable increases
during the past few months. OF gold produc-
tS,nv IN south he efri norma ahe s rHspIrH would
strengthen the markets of the world ana
even the present ratio of increase ought 20
ease the demands for gold upon this coun-
try, especially as recent events strongly
indicate the likelihood of a final termination
of the Boer war within a reasonable time.
Some attention has been given to the re-
markabie expansion of loans during the
past few weeks. AS these are out OF all
proportion to ordinary mercantile demands
the only conclusion is that these loans
mean preparations for important financial
operations OF some kind. Just what these
are Il is impossible to say. There are
abundant rumors of important deals In
contemplation, but nothing definite has yet
been made public. No doubt much OF the
confidence with which stocks are held at
first hands Is due to inside knowledge OF
what is going on. The outlook, however,
is for easy money until preparations are In
order for the April settlements. Those who
are financing these deals are not likely
to- permit any serious disturbance in the
money market which might interfere. The
railroad situation remains satisfactory
earnings continuing to exceed last years
large figures In spite of corn crop damage
and Interruption to trafic from bad
weather. The mercantile outlook is also
satisfactory, the west still being excep-
tionally prosperous and the farming classes
enioying good credit. From all accounts
the prospects are for a good spring trade
in due season. Improvement in the foreign
situation is also likely to stimulate our eN-
port trade in manufactures. At the mo-
ment, therefore,. there Is little reason for
taking a pessimistic view OF the situation,
The market has had a period for rest and
recuperation. and those In control may con-
slider the period opportune for completing
some OF the vast plans which have been
under consideration. II they succeed In theiI
endeavors and nothing interferes We shall
probably see a more active market during
the next few weeks. and Judicious opera,
lions to catch the fluctuations cannot fai
m prOVe DrOntaDle.