Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-12-29

cd stringepcy dld not appear during
the crop-moying season. Like near
~ all forseen disturbances 1t was
arerted BY anticipation. Funds are
now returning more freely from the
interior; so that, barring any furry in
cidental To dividend and other dis.
bursements January lst, bank aver.
ages ought to rise for the next two
or three months. Gold imports have
also been on a fairly liberal scale, and
International trade conditions indicate
that this movement has no ended,
although easier money ate here
would quickly stop The influx. Our
bank loans continue AT a high figure,
this being n OF the least satisfactory
features of the situation. Bankers,
however, show no "uneasiness over the
loan situation, being amply protected
by good collateral. No doubt the loan
account Is considerably expanded BY
syndicate borrowings, several OF the
stronger Of these organizations having
been continued beyond their original
time for the purpose of liquidating at
more favorable opportunities. Weak
syndicates, however, have been effect
ually closed out, and there is no doubt
but that borrowings Of this character
have been very largely diminished and
that the money market situation is
much stronger than for years past;
the contraction Of loans being chiefly
In the foreign account and therefore
not appearing in bank statements. Sec.
rotary Shaw's indisposition to con-
tinue bond redemptions, owing to the
small offerings under circular Or Sep
teInber %, IS practical demonstration
that there is now no anxiety concern
ing the money market in either official
or banking circles,
One OF the most satisfactory features
of the week Is the more settled con
dition5 In the iron and steel trade.
Since the decision of the billet pool
10 maintain prices d distinctly better
tone has developed, and now the pros
pect Of q further reduction is that re
moved orders heretofore held back are
likely 10 be gradually forthcoming.
The full benefit Of this act will prob
ably not appear until the new year
has fairly started Should money
market conditions favor and labor
troubles be avoided. We may see a
partial revival 81 Tie iron trade; not
on the feverish scale Of 1902-o3, but
upon q more reasonable and stable
basis Of profit. There il plenty Of
work In the iron trade To be done al a
price; though such a rush Of orders
without regard TO cost as was <
p~erienced last year will not be seen
again for many d day. Many Of our
recent difficulties can be traced TO the
steel boom, a return of which would
not be prosperity but calamity In the
end. There Is enough business n
sight 10 keep the mills employed al
present prices for months TO come.
The speculative situation Is GER
tainly brighter. and q very fair rise has
been established. but the short inter
est considerably diminished, SO that
while the outlook is promising buyers
will soon begin 10 acquire fresh slim
illus in the form Of new favorable de-
yelopments. Stocks are now concen
trated In strong hands and evidently
held for higher figures. standard rail-
road shares being a purchase on all
recessions OF Importance. Rumors
OF war between Russia and Japan at.
tract attention, but the effect upon
this market has hitherto been slight,
Neither o. these powers is likely 70
borrow here for the reason that they
can do better in Europe The prob.
abilities Of an outbreak are yet too
uncertain 10 cause serious uneasiness
sin the contingency should not be
oyerlonkoi