Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-09-17
THURSDAY EVENING, SEPT. II.
GENERAL CONDITIONS.

|MS
Henry CIews stills continues to say
~reassuring and hopeful things about
the general conditions III the country,
though when his last letter TO The
Optic was written the heavy frosts
OF the last night or two had not been
considered. Stili the conditions seem
generally satisfactory.
Midsummer conditions which IA
yored inertia are beginning TO show
evidence Of gradually passing away,
hence the stock market Is entering a
period when Increased activity may
be reasonably anticipated. Vacations
are about over, and the alllmportant
uncertainties regarding the crop and
monetary outlook will soon be q mat.
ter Of history. A good many operators
will shortly return reinvigorated and
much less p~essimistic than when they
left Tor rest and regeneration; and
they will also find a better undertone
70 tho market than witnessed for many
months past. The change Ia. Of
course. due to the fact that tho mar
ket vas severely tested by the great
break In July and August, which *.
posed the weak spots. shifted stocks
from weak into stronger hands and
forced a more wholesome though pain
ful REIMBURSEMENT TO new conditions.
Such readjustme1ts invariably drive
prices below the normal level and tho
better class OF securities usually sui
fer severely because they bert pro
tect the weak stocks. Unqueation-
ably. therefore. there are 4 number
Of good railroad securities which are
selling below intrinsic value. v . at.
ter making fun allowance for tho dif.
ferenccs between conditions now and
two years aso. Nobody will deny that
\ shrinkagc Of 80 to so per cent in
values, involving losses OF over 5000
millions. during that period ID far be-
yond any changes. present OF pros
pectIye. ID the business or industrial
situation. Such . decline represented
absolutely nothing but the extrcmi-
Ties OF Che financial community. and
now that those seem to have been
reasonably adjusted there 10 nothing
TO prevent values recovering their
normal level but money, crop and
business prospects. Should those
prove favorable. we arc likely to see
. good rally in prices during tho next
few months. though on The other hand
any diSaster IN these quarters would
probably force = renewal Of the de-
cline.
Just now the harvest Is the chief
confederation. The bulk Of the corn
crop Is now free Of danger from frost
and In another two weeks the en-
tire crop will be safe. The septem-
Der report Of the department Of &c.
rIculture, just issued. indicates . yield
Uf z.2ss. . 1900 bushels, against .,
52s. $780, 900 bushels, last years record
harvest; and substantial crops are In
dicsted all around. Cotton also has
thus far been fortunate in escaping
from frost damage. This Is not a rec.
ord breaking crop year, but there is
promise Of plenty for home and for
export ut good prices, which means q
profitable season 10 the farmers. and
that u vastly more advantageous TO
the country as a whole than excess
lively big crops at Improbable figures
All adyices from both south and west
Indicate that the farming classes are
exceedingly prosperous.
How will this anect tho monetary
situation. which has been q source Of
anxiety throughout the YEAR, Expe-
rience shows that dangers as Ions
foreseen as this are usually much d.
minished when they arrive. II not
wholly preyented by anticipation. The
west. IN spite Of its growing indie.
pendence. will unquestionabiy make
large demands upon the east for funds
TO move the crops. but this movement
has already begun. II is unfortunate
that recent liquidation did not result
In any material strengthening Of bank
reserves, and 1t ID quite likely that
sharp fiurries may be incurred In the
money market before the return cur