Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-08-04
SITUATION.

following the recent furry In Wall
street are likely to be disagreeably
disappointed. Henry CIews. the imam
cial authority takes . decidedly Opt
mistic view. In his weekly letter to
The Optic under the date Of Aug. 2.
he says:
The crisis In Wall street appears
10 have reached IT. climax. and from
now On Improvement may be reason
ably expected, accompanied. Of course.
By the usual setbacks incidental to
convalescence. Experts seem To
agree in diagnosing the ailment which
has attacked the stock market with
such severity as financial gastritis-
the inevitabIe result Of an illadvised
attempt to swallow N immense guam
tity of indigestible securities. Singh
Iarly, the attack has been most 70
we're upon those who took part In the
sumptuous meal: but fortunately, ow'
Ing to vigorous constitutions and he
pic applications Of the hydropathic or
l~luuidation treatment, the disease did
not become suficIently acute to DO
velop symptoms Of hysteria Or panic.
The unhappy patients have suffered
severely BY their underwriting com
mitments; nevertheless = valuable
lesson has been learned. and the OK
p~erience should have its value to OBJ
servers and all interested.
The most satisfactory feature Of the
last few days has been the easier
rates Tor time money. This demon
strates reviying confidence on tho part
Of bankers who are obliged to antici-
rate the future. While the high figure
It which loans continue to stand IN
tne weekly p~sAsAAAAnAnt Ia matter
Of concern to some observers who
have been anticipating . sharp con-
traction as the result Of recent liqui'
iatlon, bankers do not show any anx-
iety In this respect, probably because
they now have their resources unusn-
Ally we'll In hand and probably en-
ployed. There r three factors 40
counting for this high level OF loans
which are sometimes overlooked. viz:
The large Increase Of banking capital
in New York, the large amount Of rail-
road paper outstanding and tho in
creased extent to which big industrial
establishments under the trust sys-
tenn now borrow In New York instead
Of near the mills Al formerly. A good
bank statement Is anticipated this
week, partly on account OF payment
OF the Pennsylvania loans and partly
because treasury disbursements have
been exceeding receipts for some time
past. stock market liquidation must
also have strengthened the banks
much more than has yet appeared In
the weekly statements. Besides these
factors gold is now on the way here
from Australia, and in the present
condition OF the European money mar
kets any emergency here would quick
u start gold imports to this center.
The local money market. therefore.
Il ia much improved condition. Very
soon crop demands will assert them.
selves; but the banks are well pre-
pared for these, and the present out
look Is that no special inconvenience
win be caused thereby. It 10 quito
certain that legitimate trade win not
sufer for want Of proper financial &C
commoiatIon this summer or fall; and
speculative demands are not likely to
be excessive for some time to come.
Now that liquidation has about run
It's course. II IL proper to consider fu-
ture influences. such a. crops, general
b~usIncss. railroad earnings, currency
legislation and political campaigns. A.
to crops, the outlook IL still for more
than average yields Of wheat, corn.
cotton, oats. hay and live stock. There
will be plenty OF wheat at good prices
10 the farmer. Corn promises a 2.00o.-
0o0 600 crop. Cotton Is likely to yield
Z normal crop and is sure Of big prices
to the grower. which means unusual
prosperity in the south for the next
twelve months. This IN one Of tho
most striking probabilities Of today.
1--we stock ralsers are also antIcipat-
ing a profitable season. General bus
has not thus far been disturbed
By the Wall street crash. Possibly
new enterprises. will receive some
check In consequence: but all advices
the interior agree in reporting
satisfactory conditions and fair pros
pscts for another good season with
nstsfbutors. Railroad earnings con-