Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-12-23
THE FINANCIAL SITUATION.

fMM& 1
According to the weekly advices OF
the banking house Of Henry Clews
no important change was noted in
the financial situation at the close o.
the past week. The general undertone
Of the market Is good and shows evil
dent Improvement. More rapid rec.
every might have been expected but
for the still unsettled condition in the
steel trade. Iron and steel are the
best business barometers as they are
most quickly affected by any new en-
aterprises Of Industrial expansion and
growth. Prices for these produces
remain low. but the demand Is notice.
ably increasing and Improvement In
prices Ii sure to follow.
III New York City, for instance,
many millions of iron and steel will
be used during the next four or five
years for improved transportation fac
Titles. The same Is true also In other
large cities. American railroads. must,
too, continue heavy purchases OF steel
} for their modernizaiion, which Is still
] incompleted, Al new railroad across
/ the continent IS projected in Canada,
] and other great works such as the
s Panama and Erie canals must be
4 completed, which will impose a cons
tinued demand upon our constructive
energies. There is plenty Of bust.
ness In sight for the steel trade pro-
1 yided prices are not too high; and as
= soon as values become settled and
i nearer normal we are likely to wit
ness a revival of activity In the steel
d trade, without, however, the abnormal
4. and unwholesome profits that foster
If ed the boom that eliminated a year
Is ago. One reassuring feature Is the
evident willingness OF labor to accept
u Its share 81 reaction In this important
~ industry, Wages had been unusual
I'd ly high, and II was impossible to re
is duce costs without imposing a share
~ npon labor, which had enjoyed excep
tional advantages. a moderate dc
q. cline In wages seems likely to b,
accepted without the friction an,
~ hindrance that were feared, whicl
Z&& YAK N4I
promises well for the future Al
soon as materials and wages in III
iron trade get upon a reasonable leye
A. the mor stable will business condI
~; tions BIO.
General business Is fairly active 70
-, the season. Clearing house return
~ and railroad earnings show only sligh
''u reactionary tendencies, generally Il,
~ plained In the first case by lessene
ns speculation and In the latter by small
or iron shipments. The west seem
10 BE- enjoying uninterrupted pro,
perlty. and the south is particular
eSnherant over the high price of,co
o. and the consequent prosperlt
", Of The planters. The burden Of doa
MI cotton falls with special severity u
=. on the mills. some Of which may
forced into temporary curtailment, b,
" the south as a whole Is likely 70 ha,
,,a more money II spend In 1904 tina
ever before.
Cotton also proved 20 be an impor
be. AMI factor In onr exports. Last mont
Oh. November. our merchandise expor
lii. aggregated $3.50. 900. 900. or sS5. 900. 0l
les. more than In the same month la
rty year. Nearly The whole Ct thii /
II crease S32, SOC, 900. was Iii cotton, III
wa due 10 high prices and backwar
ness OF crop. While our Noyend,
exports wste only twice eyceede
Ihe onr imports amounted 10 only S7T,of
. 900, compared with $4,000. 900 Il
year This left in excess of ,
am perts this year Of sss. oo0. 900. again
ost les than sio,noo. 900 a year ago,
favorable 4 trade balance easily !
~ plains the ecent influx Of gold ii
suggests It's further continuance for
period. the present tendency bel
III diminished imports rtgaFdless
Tho export movement although I
latter promises rood results fer I
ntc. current month.
ii the close Az The ygar dra'