Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-08-05
Many Stocks Today Reach the Lowest Price OF
The Year
A BIG FAILURE ON STOCK EXCHANGE
Big Flood in ChnaA WelToDo Farmer Brute Lynched By
An Angry Mob

PHILADELPHIA, Aug. 5.-Domes-
tic wool is steady and quite firm,
Notwithstanding a temporary stock
market panic.
Wool has been hardening in price
even under these conditions, and at a
time when values for similar wool
abroad had begun to fall. This won
derful strength of our sea-board mar
kets was shown at a time when a
stringent money market prevailed,
which induced caution on the part Of
many, and forced the withdrawal from
market of some who were dependent
upon bank accommodations.
In view Of the enormous shrinkage
in values Of stocks, bonds and some
kinds OF merchandise. Marshall Field,
Of Chicago, may claim to have estab-
lished a reputation for foresight,
when some weeks ago he declared
that "as the crest of the wave of pros
perity that begun in 1896 has been
reached and passed, his store would
restrict its purchases" Yet, taking
all in all, we fail to see any evidences
that general business has passed the
high tide of activity, while there are
many evidences that the tide Of gen.
eral prosperity has reached higher
level than ever before, and continues
to expand. There is certainly no ev-
idence that business activity Is on
the down grade. Railroad earnings
during the past month eclipsed all
previous records, and they are an un.
failing barometer Of the extent Of
business.
The shrinkages in values of stocks
and bonds manipulated on Wall street
do not prove that business is on the
down grade, and they are at worst but
enforced liquidations by stock gam
blers, owing to tight money market.
This is shown by the fact that loans
which merchants were solicited to
take last year at 4 per cent. when
money was abundant, are now taken
at per cent because Of its scarcity.
1t is surely time for congress to re,
consider the Aldrich bill of last ses.
sion or some other financial measure
The aggregate bank clearings Of the
cities outside of New York last week
were greater than those Of the same
week last year. This should accu
rately express the situation as to gen
eral business, for Wall street stock
operations are not reflected In the
bank transactions of other cities. Re
duced business and falling values In
cities outside Of New York would in
stantly be shown in the reduction Of
bank clearings; but they have expand
ed, showing that the rising tide ol
general and widespread business pros
perity continues.
The immediate and greatest obsta
Gle the wool trade has to contend
with is the lack Of demand for tex
tiles. The American Woolen com
pany at their initial opening recog
nized this when they offered theil
new goods at last years prices, al
though fine wool is now I per cen
dearer and coarse grades IA per cen
dearer than at this time last year
The mill managers are offerinl
their goods at prices current at thii
time last year in the face Of world
wide higher cost for wool.
The total wool supply Of August 1st
1903, including the clip Of this year
was 465,00O,0O0 lbs, as against 400,
10000 lbs, at the same date las
year, decrease Of 25.OO0, 900 lbs. TIT
advance figures Of the new depart
ment Of commerce indicate an in
crease Of over per cent in the i'm
ports Of grease wool for the fsca
year ending June 30th. which mean
. still greater increase, II cleal
secured wool alone Is considered, o.
the increase Is all in the coarse
grades Of light shrinking qualities.
There has been some decrease II
domestic production In sections eas
Of the Missouri river, although tn
total clip is believed to be nearly, !
not quite, as large as In the previou
years. The increase is exclusively II
some Of the territories.
As an Offset to Q decrease In produe