Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-09-09
THE FINANCIAL SITUATION.

letter he calls attention TO several
sources Of anxiety ON the Stock Ex-
change which are either disappearing
or have become much less acute than
at any time this year. Among these
are the monetary outlook, the crop
situation. the supply Of nndigested 80
furlties. he labor agitation and the
cotton corner. II is perfectly correct
TO say that all of these problems are
much less perplexing today than a.
Il time since their creation. and the
probability Is that the dlstrust which
they have e~ngcndered will gradually
disappear In the absence Of further
n%nfavorable developments. Ractiol
airy forces have already led TO some re-
covery, undue dependency Is passing
away and values are gradually rising
to a level more commensurate Win
presont conditions. Speculative nc
tiyity continues limited. partly because
OF holidays and partly because conf
dence Ia not fully restored, but chiefly
because The market lenders are not
vet prepared for an aggressive cam
paign. Many Of the large operators
are still absent, and those who control
big lending institutions very properly
wish 10 see a satisfactory outcome 81
money and crop uncertainties before
withdrawing thoir restraint upon mar
ket operations. Such restraint GER
tainly exists. and SO long as such
power ia conservatively exercised the
| community at large will benefit.
Also Mr.. Ciews believes the money
outlook Is much better than anticIpat'
cd d few months ago. Crop demands
are now commencing and will expand
for some weeks to come. The west
may be better able to finance the
crop than usual, but the drain upon
New York will nevertheless have % %
faced, and from % on no surprise
need be expressed at declining re
serves. While the reserve Is mol
large. Ii liz about double that OF THU
period for the last two years. Spec
ulatlve requirements have been much
reduced and the willingness Of thu
secretary OF the treausry to deposit
$40, 900. 900 OF internal revenue re-
celpts iii an emergency makes tht
monetary prospect reasonably assur
Ing. A further source OF relief Is Flu
ropes readiness to renew her credits
10 good American borrowers, thus
leaving lenders here more freedom y
providing for home requirements. Mer
camille borrowers need have no alarm
The banks are sure to give ample &C
commodaiion To all legitimate mer
/ camille wants, and though rates ar
{ likely to be high no Inconvenience
need be anticipated In this quarter
especially as many merchants or
pursuIng d hand-tomouth policy as
simple matter OF prudence. In fac
the conservative spirit displayed In a
classes OF business operations Is like
iy to materially relieve the pressnr
upon the money markeet and ult
mately strengthen the general situs
tion. Later on we should be lmpor'
Ing gold In payment for u ~agrlcnlt,
raj products, for which we are cel
tain OF q good demand during tn
! next six months at profitable prices
! In short. there Is now little. II an,
cause for anxiety concerning "a
money market for the remainder .
the year. the worst that a happe
. from present indications being tempo
: rary nurrIes when the currency NOV
ments Or dividend preparations ~
al their climax.
The New York banker always lay
much stress upon the crop outlool
lie says, contrary to general opinion
! II seems. that this Is not going TO b
: n year of large crops. but no seriou
5 deficiencies are to be expected, nearl
7 all agricultural products, the henef
. clal effect Of which upon general hu'
mess need not be enlarged upon. Al
other source Of anxiety In this conne'
tIon that 9 TO have PRACTICAL
!, disappeared IL the cotton corne'
This movement appears 20 have bee
an exception 10 The rule Of failure !
corners. and It's managers are unde'
stood TO have closed out the bulk
their holdings at handsome profits an
10 be In no danger By carrying VIII
, remains.
/ The only unsatisfactory feature
i the supply of u~ndigeated aecuritie
which has long heon d menacc y y
market. but II must be remembers
; that many OF these are now sellir
b nearer their intrinsic value than
any time since their creation, and q
borrowings against them having bee