Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-09-14

At49AAAElH4E III F'&f ~ tff'% 49, 49,
surely as the failure to establish al
monopoly Of capital The entire draft
III economic tendencies 10 once more
back to the open shop. the open mar.
Iet and the open door, In which all
shall have more equal opportunities
and more equal protection under the
law.
Az for high commodity prices, the
tendency Is ~downwards. except when
speculative operations interfere, as in.
the case Of cotton and wheat, But
here, TOO, the drift In the long run
Il away from the excessively high
prices which have prevailed Lower
prices are needed. not only TO stlmr-
alte exports, but to reduce costs OF
production and lessen the cost Of liy-
ing. Speculation Is responsible for
most OF the high prices OF late, and a
lower level IL not at all Incompatible
with good profits to the farmers. The
decline In steel products In a distinct
advantage to both producers and con.
sumers, since prices had reached a
prohibitiye level, aud at the new fig.
nres the industry in general will have
an opportunity OF returning to a more
normal basis.
The tendency OF our foreign trade
II one Of the most unsatisfactory
features In the entire situation, Elk,
ports and Imports have both declined;
the former with the greater rapidity.
High prices were once again the
chief difficulty, though short crops
were To some extent an inevitable
cause. Had IL not been for very
heavy cxporta Of copper, a consider
able Increase IN petroleum shipments
. and Il very encouraging and aignlfi'
can't expansion OF exports Of manu-
features, the balance Of trade which
we are accustomed 10 watch so close,
~ would have made n much worse
exhibit. Our imports have also been
! falling significantly because Of trade
reaction here. causing an important
s~hrinkaEa Ill national revenue which
: cannot be lightly ignored, At the
:. present rate Of loss In customs thcrt
= will BIO a deficit Of $40, 900. 900 or more
II continued during The fiscal year, q
unless there Ii a decided curtailmenI
In national expenditures. Facing /
deficit nov that the gold standard Il
established H. a much loss serious
" matter than when We were facing
silver crisis; but X Is worth watching
Speculation Jagged somewhat dnrinl
the week. partly owing 10 the holl
!, days, but there IL an undertone q
confidence which gains ~perceptihi.
each week, This is shown by tn
steady absorption OF bonds aud bel
ter class Investments. The Improve
j, mCnt In top grade securities win IN
!, evitably extend 10 those lower dow
In tho list, and better grade railrea,
SHARES seem destined for still highe
prices, While railroad earnings ma.
not immediately sufpass former ret
/ ords, the best managed and hos
!. equipped roads are Ia a position t
II effect important economics aud thu
/. maintain dividends. Moreover. il
creased trade activity should result 4
]. ut least n partial recovery of rccen
! losses; aud this IL what railroad mar
Il ayers evidently anticipate. Tho hes
i, indication thus far Of business rcvlru
:, &c The August elearlugs. Fer month
past these figures have shown d
!, elines OF 10 TO rs per cent, Return
for August. however, from 100 elite
in the United states showed n gain d
over 4 per cent, The only districts no
: showing an Improvement being III
New England and middle states TIL
western and southern states shove
gains u Z to IL per cehh Thig
certainly encouraging.