Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-09-02
49,
WEDNESDAY EVENING. SEPT,
rHe COUNTRY AND WALL sraEEr

THE COUNTRY AND WALL STREET
III his last weekly letter 10 The OPP
tic. Henry Clews, the Wall street A.
nancier takes q most optimistic view
Of the conditions in The country at
large. He thinks that diversions. such
AZ yacht races. vacations, etc, have
materially checked activity In the
stock market. Resides these inter
~ferences. Il IL evident that the big
leaders are p~ostponing operations un-
III crop and monetary conditions are
beyond uncertainty. Nevertheless,
confidence Is steadily reviving, and az
ter . period of sufficient rest IL liz
reasonable to expect both a more ac-
tive and a stronger market II I'M
favorable developments do not inter.
feres 1t Is important to remember
that nearly all the forces now at work
are either conservative or correct;
questionable financing bding at an
end. Recent liquidation has left the
market IN q somewhat lame and ex-
hausted condition. but the injuries
were local and conditions are daily
becoming more favorable to recovery.
MI. Clews correctly assume that
Wall street. In Its final accounting.
depends upon national prosperity; and
this. fortunately, has not been ser
iously interrupted by financial excea-
SEES. Indeed, the Wall street collapse,
serious as Il has been In some quar-.
teri, has had . distinctly beneficial
eject In other quarters through Fore
ing 4 spirit OF conservatism in mer-
camille and industrial circles that was
much needed, and without which we
might have ere long Il into a more
serious setback than Wall street OK.
~perienced.
MI, Ciews finds the brightest out.
look In the agricultural situation which
promises to carry the country safely
beyond any crises. The farmer
whether he grows cotton. corn, wheat,
hay. live stock or dairy products
SIRE Of profitable prices for his out.
put. Apparently this Is not to be a
year q. big crops. but our agricultural
products are not increasing as rapidly
Al the demand for them. the conse-
quence being high prices and good pro.
fits 10 the farmer. Very likely com
bines and speculation have also
been the partial removal Of the con
gestion that has prevailed for some
time past In the mercantile paper
market by large purchases. commence
ed unduly enhanced the costs Of meat
and cotton. but they could moi have
done this were II not for the grad.
ual oyertaking OF supply BY demand,
the effects OF which they simply exag-
gerated 10 their " financial advant.
age. II Is many years since the Amer.
lean farmer enjoyed such prosperity
A. he Is having today. and there Is
every prospect Of his having another
year OF the same sort. This means
much for general business.
With q good corn crop, an equally
good wheat crop and a fair cotton
yield. The producers are assured OF
extraordinarily good prices on account
Of the needs Of Europe for our sur
plus supplies Of all Of these products
This country will occupy thereby on
extraordinary position In obtaining
very high prices for exports rs against
very low prices on record. and which
are now al the lowest prices on re-
cord. and which cannot fail to rive
us a very large international credit
balance for this year.The high prices
which The farmers throughout the west
and south were able 10 obtain last
year for their products have given
them sufficient money to admit of
their opening bank accounts, which
has been an unknown thing with most
of them 1 the past. This should di.
minish the necessity for sending dur.
ing the crop moving period as large a
supply Of actual money for that pur
or them In the past This should al.
pose. and will be . feature Of consld.
cradle consequence in connection with
this winters supply Of money IN Wall
street.