Omaha daily bee., 1902-05-27
STOCK MARKET IS PUzzLINC
Psrplsxing and Uncertain, Owing to Com
binatiOn-of Conflicting Circumstances,
LARGE CAPITALISTS ARE OPTIMISTIC
Exert Powerful influence for Promo
tion OF higher Prices that Cannot
BE IEnOred-No Decided
Move Pending.

NEW YORK, May 26.--(special 1.-The
banking house Of Henry Clews & Co. says:
Ions distance views OF the stock market
Just now are exceedingly perpleNing and
ton of conhlctipg circumstances. Amongst
the. large capitalists there Is a distinctly
markably powerful control over prices and
are vitality Interested in promoting a higher
market. this influence cannot be Ignored,
although crop uncertainties and suspicious
that insiders are anxious to tighten their
loads enectually discourage the develop
ment of a large outside support. Between
casion at the moment to look for any de-
cided movements I'm either direction. There
Is little or nothing in the situation TO war
rant expectations of any important reac-
ton; nor is there basis yet for any genuine
cfal means or some radical Change not yet
anticipated. On the other hand, there are
enough, interests at work to warrant con-
siderable trading, and the opportunities
for profit in stocks bought and sold with
discretion are likely to be numerous.
of conseouence, ali a part of the great con.
centratioh movement which we have re-
peatedly alluded to as being one of the
most important underlying features of
strength In the stock market. The appar-
entity unreasonably high prices at which
tirely due to these. movements; good earn
ings and increased dividends having been
long oyer,discounted. insiders are, Of
their stocks are withdrawn or held far
above present market value, and the scant
n az q Se SUPPLY ieayes priGes a. the mercy
operators who make a dash for this stock
aEd then for another, compelling timid
through fear OF losing control, Needless
to say. movements Of this sort are ex-
stocks on margin Is highly danserous IN
spite of the excellent character of the Sc
eurity. Chicago g. Northwestern is a strik-
month ago IT sold at 271, and reports were
that 1t was going considerably higher,
the Vanderbilt p STnsTths.iS n m mUyemehf tba M
is extremely slow, but nevertheless con-
sldered inevitable. This week Northwest
20 points within a month in one of the most
SUBSTANTIAL stocks for. no other reason
eas9 e e6e One be c3It Ss5f II referred 6srGsd. to T,,. Similar sgsrer
cation OF American railroad systems, In
which ,Messrs. Gould and Hartman are
portant factor in the market for months to
come. such, transactions are likely to pro-
woke rivalries, not always conducive to
improbable that the various systems can
be unified without inviting more or less
friction In the final divisions of territory.
Mr.. Gould's intention of connecting his
southwestern roads with the Atlantic sea-
board, which will soon be an accomplished
fact In spite of the opposition of Pennsyl-
vania, Is a speck on the horizon that will
bear watching. Mr.. Gould does not seem
to be included in. the community-of-interest
plans, and with his power uversrates in the
far west, as well as southwest, his opera
lions and extensions have a special inter
est. So, while the movement toward con-
centration means ultimate stability to rail-
road Investments, the progress of such
plans is not likely to be always smooth;
and there need be no surprise II occasional
disturbances occur In the local struggles
for supremacy. Railroad destinies, It should
be remembered, are now In the hands of
giants, who are alive to the consequences
OF disagreement, and fortunately they are
largely dominated by a resolute master
hand whose constant policy is harmony.
The immediate situation is chiefly con-
trolied by the strike. An early solution of
at this writing 1t looks as IL no settlement
was In sight until after a further trial OF
maintain a silence as to the main points
at issue, which renders II difficult to ar
rive at the real merits of the dispute. The
demands of the miners are for better pay
and shorter hours: The accumulation of
fabulous fortunes, largely through specula-
mate enterprise and ability, naturally slim
ulates the desire for better conditions in
the ranks of labor; where the fact that
larger share of their fortunes from the
smaller capitalists rather, than from the
other hand. in the case Of the coal strike,
the operators very naturally feel that this
is a question Of whether the union or the
is the issue there is but one position for
the operators to take, and that is to fight
recognition of the union is an issue or not.
is not made pdblic, but here also is a
point which the unions must some day
concede; Responsibility must go hand in
hand with power. At present the unions
exert tremendous power and practically no
responsibility. Contracts with them have
no binding force, and redress for violation
is impossible. The unwillingness, there
fore, of. the unions to take on the cor
porate form and assume responsibility is
an element of weakness in their cause
which only they can rectify, Very likely
his is an issue which will play a part in
future labor controversies. The outcome
of this struggle Is of vital interest TO the
stock. market, and an unfaVorable issue
would probably depress other than the coal
shares.
The monetary situation shows further
Improvement. Too much importance cam
not be attached to the aid received from
London. last week. 1t shows in a most
emphatic manner that the strain at the
chief point of tension for months past has
been relieved; that London is able TO lend
and will not be forced to borrow. AS Lon
don would have come here for help I'm case
OF necessity, the removal of that con-
tingency is of the highest Importance to
the American money market. n crop
situation certainly shows Improvement
hence the strike is the only impeachment to
a more active market. Excellent trading
opportunities will be in evidence for some
time to come.