Omaha daily bee., 1902-04-14
STEADY GROWTH OF MARKET
Unbroken Advancement in Stocks stimu-
lated by Clever Manipulation.
WESTERN MEN STIR UP WALL STREET
Consumption of All Manufactured
Products Goes at Unprecedented
scale and High Prices DO
Not check Demand.

NEW YORK, April 13.-(Special)-Henry
Clews. head of the banking house of Henry
Clews & Co. reviewing conditions in Wall
street, says:
the stock market has exhibited greater ac-
tiVity and strength. Each day witnessed
fac TiliiftSo WIN p TS1SS ans, 6 market stdct and md s The
vanceu and then another showed a high
degree of manipulation, which excited more
ent movement. Manipulation was Of course
the chief factor in the sharp advances,
though no extended movement in the mar
ket is ever successful without stimulant Of
some sort. and much depends upon the cir
c~umstances on which the manipulation Is
based, as well as upon those VINO assume
the lead. Wall street is just now being
treated to some new experiences I'm leader
ship: a bold and wealthy clique of western
capitalists has stepped into the speculative
arena and created more or less sensation by
the. methods which they adopted to create
activity. These. gentlemen have amassed
large fortunes through the great Industrial
combinations which they helped promote
during the last three years. Having large
sums of money at their disposal, and con-
trolling lending Institutions that add TO
their resources, their power In the market
however, upon the sort Of leaders they
prove to be. Thus far they are compare
lively untried; the public does not implicitly
follow them, as yet they have not the full
naturally commanded BY tried generals.
Wall street would gladly welcome. these
they show steadlness and sincerity of pur-
pose, and no doubt II in addition to these
power they may enlist an important follow
Ing. 1t is possible even that the big capt
talists would give them moral If not actual
support: but until these parties have proved
their fitness as leaders their statements and
operations will doubtless be criticised, and
more likely to hold aloof for tine time being.
Aside from these conditions. the market
shows a decidedly better undertone. Peace
nrOEDpCtg in South Africa are an important
relief in London that will surely be reflected
here. Money has ruled firm and bank re-
serves are low. but currency will soon re-
turn from the interior and easier rates and
rising reserves may be anticipated until the
of money In the west, and considering the
large increase in the domestic production
of gold the shipment of a few millions to
Europe should cause no real concern. There
is fair reason to hope that in spite of oc-
c%asional signs of reaction We shall have
another year of prosperity. Consumption
Of all kinds of manufactured products is
still going on at an unprecedented scale,
and high prices do not yet seem to have
checked demand. Railroad earnings con-
tinue TO show liberal gains over the phe-
nomenal returns Of last year, and II the
harvest of 1902 should prove to be an aver
age one general business Is likely to con
tinue on a liberal scale. While the winter
wheat crop report shows a considerable
in condition, compared with Deem;
Der, the indications are still for a good
sized crop. Very likely the first real set,
back will come in wall street, which Will
and the first to anticipate any reaction. 1t
is perfectly true, however, to say that Wal
street does not feel any apprehensions on
that score; on the contrary. there is a feel
ing of reasonable optimism In the street,
which is quite likely to be reflected in q
higher range of prices. As We have said
before, good investments are exceedingly
scarce and there is plenty of money to
invest, SO that while prices are high II is
impossible to say they cannot go higher
under favorable conditions. The market
has had fully six months of rest, during
which tho uvaaE Cnnta n va hnpn nrpflV
we'll eliminated, and legal uncertainties af-
fecting the merger deals are not likely to
receive much attention for some time to
come. With good crops there would be
little wanting just now to give us a better
market than confident leadership. Whether
that will be forthcoming or not remains to
be seen.