Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1897-06-22
A nANKnR's VIEWS.


NEW York, N. Y, June 18Th, 1897.
AT times during the week the stock
market showed reactionary symptoms.
Pdces have under gone q very substap-
tial advance since the beginning Of the
wear, and nnder ordinary conditions
free realizing might be expected. A
good deal Of profit taking really occur
red, and some OF the more intrepid
bear operators ventured putting oui
fresh short lines. but only with the
eff sct Of strengthening the market and
increasing the buying power.
The present situation, however. Is so
unusual that ordinary standards Of
Judgment must be applied with care.
1t IS true prices have scored n hand
Vsggf hbEiif uARpp tU a9 81 4 a taShs Rft We We have a.;
but Just begun to emerge from very
unusual drawbacks; from o comblnu-
ton of political and economic deraDge-
ments such as are only experienced at
rare intervals. Those who calculate,
therefore, upon a rise of only ordinary
proportions are likely to be agreeabiy
disap pointed. The market has fairly
started upon an upward course, and II
IS likely TO continue SO for ONE time
to come, accompanied OF course by
f~iuctuations and reactions incidental to
any fair degree OF activity.
Thus far, Wall street has merely
DISCOUNTED returning prosperity. The
Improvement in business ct present IS
greater in sentiment than in fact. The
very adoption of a more cheerful tone
is. however, likely TO become o power
full aid TO business revival. Already
there are signs of actual Improvement
New York has been the chief center OF
pessimism, because here the strain
upon credit, resulting from the silver
craze and trade depression was great
est. This strain has almost dlsap-
peared. Our leading bankers are re-
gaining confidence; our most RESPONSE.
Ole railroad managers are very pro-
bounced in their belief OF better times
the coming fall; those who lead are
more willing to take the initiative; and
MANY OF the evils from which we have
been suffering are working out their
own cerrectives. The crop situation is
satisfactory. Wheat, corn and cotton
are somewhat backward, owing to low
temperature and excessive moisture;
but in spite of drawbacks, there is
every prospect of abundance. ln the
agricultural sections Of the country,
trade reports are favorable. Merchants
are in a position to stock up more free
". and the farmers are gradually get
ting out of debt; In fact, in some por-
lions of the west they are in a better
coodition financially than 10 many
years. Cheap freightS have often
more than compensated for low
The industrial situation is also i'm
proving, and this is a factor OF increas-
ang Importance t Wall Street. in view
of our rapid development IN this direc-
tion. The iron trade, generally con-
sidered q fair business barometer,
shows increasing activity; some large
orders for pig iron, bar iron' etc ;
having been placed at the western
markets, where prices are low but hrm.
A better demand IS also developing Tor
e.anle cotton and wooden goods, and
~ some instances . moderate a
In valnes has followed. These two
Dromiuent industries are still IN un-
sat,sfactory condition owing to an ex-
cessive productive capacity; but II is
encouraging to note q urn Tor tne oes-
ter which promises to be maintained:
The tariff question will soon be outoi
she way. and this accounts very large
10 for The better tone 10 business circles
The better prospect Of currency reform
and the abatement of Cuban agitat'on
are also encouraging factors OF I'M
nortance The condition Of our foreign
commerce is satisfactory Exports
continue large; and, as the rush OF I'M
morris to esticIpaie the tariff must soon
cease. there is no prospect OF import
amt gold shipments. The treasury re-
serve IL strong, and before long W
shall probably be importing goid' O.
peciaily ii the foreign demand TOT ou'
securities revives, as seems nor NSeiy
for London ia bare ct our LOCKS On
opinion over there is steadily becoming
more favorable. ,...
Personally, 1 believe 10 o nigne
market. Reactions may be expec.eo
but they will bs light and the trend .
values will be Enthusiastically upward
for some time 10 come, barring .
course unforeseen disaster.
HESaY CLEws.