The daily silver state. [volume] (Winnemucca, Nev.) 1903-1907, 1903-12-02
Feeling of Pessimism and Ex-
treme Caution Has Given
Way to Confidence
REPORTS ARE ENCOURAGING
Excellent Prices for Farm Pro-
ducts-Prospects Favorable
for Good Holiday Trade

The markets of the country showed
rather more tone last week. Private
and press advices from NewYork stat
ed that the feeling of pessimism and
dependency so long prevailing in that
city is passing away and is being
gradually succeeded by confidence in
the future. 1t is thought that liquida-
ton has about run it's course in Wall
street and that whatever weakness
the stock market may develop from
now on will be merely incidental and
transitory
The good prices ruling for farm pro-
ducts, especially grain and cotton, in
spire confidence and even the indus
tries, which have lately been the sub
jects of much complaint and forebod-
ing, seem to be in rather better con-
dition. The recent decline in quota
tions for crude iron is apparently help
ing the iron and steeel market, though
the improvement is irregular and
slight. Structural goods, however, are
meeting with good demand and cold
er weather has perceptibly stimulated
goods and footwear There is also a
good holiday trade and present pros
poets are that the Christmas retail
trade of the country will be large.
Abundant srops, too, are having their
effect and imports instead of exports
of gold from Europe are doing much
to keep the money market easier than
was thought probable some months
ago, and there is nothing that inspires
there is plenty of money to meet all
necessities likely to rise.
The situation is aptly expressed by
Daniel F. Kellogg, financial editor OF
the New York sun, who writes: Three
great factors differenliate the presen,
business situation from times in past
years with which parallels are nov
commonly drawn. They are, first, an
absence of all troubles affecting the
currency and the presence OF a huge
volume of money in the country, han
OF it in actual gold; second, the Well
nigh total liquidation of the debts o.
the western farming population and d
general condition in the west of imam
cial amuence and social contentment'
third, a foreign trade balance very
heavily in our favor. All this does no.
spell 1898 or anything like il"
The statistical position of the coun-
try does not make bad showing
True, the bank clearings continue u
exhibit a decrease from corresponding
periods in 1902. the loss last week be-
ing 1873 per cent, but it must not De
forgotten that last year at this time
trade was abnormally and dangerous
ly active, with prices high and the
public buying everything in slgh'
without much regard to cost. Ihls
was the state of affairs that caused
apprehension among the level-headeu
fnanciers and merchanS of the coun-
try. They feared the outcome OF TINS
cheerful disregard of money. Ths
land seemed full of spendthrifts, scat
tering funds right and left, buildins'
speculating, expanding, pleasure seek
ing and travelling Predictions OF
panic began to be heard. Anothei
1898 was thought to be impending bu'
thanks to the stern action OF the grea'
banking interests, which contracted
their loans and promptly frowned up
on plunging by their customers th'
descent from the dizzy heights or eN'
travagance to the safer plain or con
servatism. the readjustment to th'
moral normal basis, has thus far beer
attended by little real disaster. Thousi
sundry vast combinations have beer
vivisected TO their grief and the coun
trys edification, that was merely th'
penalty of previous folly and recos
nized as such by the public at large.
A year or two ago nobody though
o. rigidly investigating new project
Continued on Page A.