Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-05-05
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IuNfY HttDtD AND fxpttTtD
YORK, May 5.-WalI street
restful and generally hopeful
II Is not making any supcrfiu-
splay OF energy just now. many
leading spirits being absent or
ke at the moment. but II Ii calm
tting It's furniture IN order, cheer
accepting the inevitable and
hg ready to adjust itself before
to the known favorable and unfa-
Able situations which may have to
faced between now and the close
he year.
(hlef Of all Influences Ii the under.
nding that next fall an active
bney market may be encountered.
nth such = contingency prudent men
. careful about entering into dis
Int financial engagements: bankers
hre unwilling to uniuly lock up their
|~raaOurccs, and all through financial
circles q spirit Of moderation prevails
that promises well for the future and
h the sureat safeguard against subse-
quent dihlculties. Behind this dis
position to caution there is a feeling Of
reasonable confidence. inspired Of
course by the numerous tests values
have successfully endured, and by the
probability Of another good business
season should the harvest turn out sat
iKfactury.
Bank reserves are rising as usual at
this season, so that II speculative ex-
cesses are prevented easy conditions
seem likely to prevail until crop de-
mands begin. The construction OF
trust company reserves will necessari-
iy make some demands upon the
money market, but these have been so
carefully anticipated that no derangc-
ment should follow. Some slight I'M
exports, though these need occasion
no alarm. Gold usually goes abroad
at this season: but. II the precious
metal Is required here. it will proba-
bly, stay, for our credit abroad IA
improving and we can undoubtedly
borrow in Paris or elsewhere. II need,
ri, without difficulty. Fortunately our
exports continue heavy, and the crop
failures In Europe coming when our
own wheat crop promises to be mnnsu
ally large make II almost certain that
we VIII enjoy another season Of large
exports. There is. therefore, nothing
adverse in our international trade or
financial relations to cause anxiety,
and moderate gold shipments would
do no harm so long as bank reserves
continue TO rise.
The franchise tax decision Of the
court Of appeals had little injurious
effect. This was because the verdict
bad been partly an~ticipated. while
other financial conditions were gpner.
ally sound. Following 80 close upon
the decision against The Northern Sc.
curities company, CHS was cnnhntlc
Testimony nf the strength ~ the scn-
eral MARKET Tfat values have lately
me- q whole series Of adverse events
without hlaching ean only he AK.
plaluda is me facts that stocks are
IN strou4 haads. tha' aa had conli-
lions have been amply discounted by
the fail since i;s3i ungaer. aifl NV
the contiAne6 larse volume ~ stHerHi
b~usiness Nothing but easy money Is
nov REQUIRED Az ail8w ahe pendulum q
gwing rs aha anHnsite difagti3n Rail.
roai earnings show gratifying IN.
crease. ia8icaiias the Growth ani ae
tivity az trade; labor agitation though
still prevalent II less rampant than
formerly the masses afe We'll en-
pIoyed NJ good wages; immigration is
SURPRISING all records. there Isl plenty
of work III sight for All ana should
the harvest prove satisfactory ono
more season Of large business Is NJ
most certain Another GOOD feature IS
the subsistence Of the consolidation
craze In the industrials. Schemes Of
this class now find announcement in
Wall street. unless financed 81 the
s0undest and most conservative lines.
and even then bankers are more anx-
ious to close out existing deals than to
enter upon fresh nes II Is quite like
ly that the winding up of some Of the
older syndicates will afford more re-
lief to the money market than any
other source.
All things considered, the market
offers safer and better trading OPP
portunities than usual. For some
weeks 10 come good stocks are likely
20 be a purchase upon all sharp de
clines, or equally good sales upon pro-.
nOunced advances. II is evidently the
policy Of the big leaders to allow the
market to harden itself by natural
processes and thus establish a new ga.
sis Of confidence. There are no indi-
cations OF an extreme bull market In
sight. but good support is noticeable
against all bear attacks. The pros.
poets. however. favor increaiei actiy.
fly and a higher range OF prices. A few
individual stocks show exceptional
strength; the indications POINTING to a
specially market for The present at
least as the most feasible present
conditions.
The building and completion ~ the