The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-03-30
Stock Market Prices Not All
Due to Manipulation.
Prosperity Returning Despite
Gloomy Labor Outlook.
OPPOSITION is DISAPPEARING
People and Corporations Seem
to Understand Each Other.
Z. S. Pre-eminent as Money
Market, Holland Says.

New York, March 30.-Various are
the explanations which are given for
the fact that the securities market
has seemed to be inspired, since
March 1, by tOnic-like influences. For
some time the suspicion prevailed
that this might be due to certain ma
nipulations carried on by those who
have the capital and the experience
necessary for work of that kind But
as the quotations have been reported
from day to day, showing an upward
tendency all along the line, and as
there have been days when the rec
ord of the entire list of stock ex-
change securities contained plus
marks showing appreciation of prices,
carefully observing the movements
that they cannot be explained wholly
or in great part by manipulation.
The common explanation which has
now for some days been given is in
accord with a statement made by
President Theodore n. Vail to his as
sociates of the telephone company a
few days ago. President Vail is known
to be one of the most careful observ-
ers, gifted to an unusual degree with
a sort of prophetic business vision, a
man of sanguine disposition who, new
ertheless, does not permit that quality
to impair his judgment. He is brought
in touch with business developments
and conditions throughout the entire
country. Moreover he is known to
be free from the disposition to specu-
late or IN any way to take advantage
by dealings in the stock market of
information which he may have OBJ
tanned.
President Vail is quoted as having
said that the prevailing conditions
can be explained by general DISPOSE
ton to enlarge business activities and
by the feeling that the day for dis
trust, lack of confidence, doubt or
fir17i1 1r Il,
ceeded by an era characterized by
hope, expectation and gradually but
surely restored confidence.
This statement, however, merely
gives the superficial reasons for the
improvement noticed in the securi-
ties exchanges. During the week now
ending there have been a number of
factors which. a year ago, or even as
to the view taken by business men
here, have greatly increased despond-
ency and considerably depressed bust
ness. Certainly these factors would
have been of depressing influence in
the securities market. For the most
part, they have to do with the labor
situation. All through the present
week the view has prevailed that the
their implements on Saturday night. |
There will be a suspension of anthra-
cite mining. So, also, it is the pre-
sumption here that the differences be |
tors are likely to be followed by
strike. The railway engineers and the
managers of the eastern railways are
in a deadlock. neither side at present
being DISPOSED to yield or to offer any
hints which may lead to compromise. |
The labor situation in Great Britain
is presumably alarming. The friends
of Whitelaw Reid, ambassador to the
court of st. James, report him as
having said when in this country that
he most earnestly hoped that some
satisfactory means could be devised
for adjusting the differences between |
the English miners and the operators; |
otherwise, he was afraid that the sit |
uation in Great Britain would become |
very serious, probably more serious |
than was that which followed the re- |
cent strike of railway employees.
Not at All Disturbed.
Yet in spite of these adverse factors |
our. securities market has gained |
and, according to all prece- |
dent, this condition should prevail for |
some time, for it is the belief that our |
own labor troubles will be speedily |
ended.
The underlying reasons for these en-
couraging symptoms are thought by
some of our business men TO be, hrst,
the passing away of much of the un- |
reasonable antagonism which has pre-
vailed between the big corporations
and many of the people The belief
is very strong here that the hySterical |
features which formerly characterized |
the opposition to the trusts are now
about eliminated. The public and the /
have a better understand |
ing each of the other. The public |
realizes that it is impossible for the |
United States to maintain its prosper !
ity and to increase it unless there are |
large concentrations of capital and |
ability. The corporations. on the 9TH
er hand, are for the most part in |
agreement with public senti- |
ment which demands wise and ade- |
Lat I, TO-
and sufficient publicity so that their
doings may be we'll understood by the |
people.
That better feeling is given as one