Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-12-28


SO marked that much Of the ground
lost during the panicky year OF
1908 has been regained. Railroad
earnings. bank %clearings, pig iron
production and other Trustworthy
indicators all tell the story OF re-
yiyal, and there are no signs yet Of
the onward movement In business
having reached It's climax. The
outlook for 1905 Is even brighter
than that OF 1904, the only hindrance
to activity being The universal high
level OF prices, This would suggest
that II IL time to call a halt were II
not that owing to the national
growth II industries are still IN.
able TO meet. the demands. We
still need more houses. % food,
more clothing and better transport
alton, and until these demands are
satisfied there can be no serious
recession in values.
Stock market values. IT Ia true,
are exceedingly high; In many cases
too high. But It must be remem
bered that many properties have In
creased In value, not merely because
of improvements and expenditures, but
because Of the country's growth.
There Is, too, an excellent investment
demand, which Is net likely 10 sub
| side until after the increased Janu.
airy disbursements, a~ggfegating over
$3.50. 900, 900, are made. These pos.
sibly have been partly anticipated,
but they are still a supporting fac
Tor, Money continues plentiful, and
while somewhat firmer rates may
rule next year there Ia no prospect
of stringeney. credit being sound
and capable OF expansion equal to
all legitimate requirements. For.
eign exchange showed a hardening
tendency and gold exports might
be renewed; but this Is MOI the sea
son when siich movements are i'm.
Elrtant. Ia any event. we are iitcly
TO make heavy shipments of bread
stnffs and cotton during the next
few months, which will insure a
libeyal supply OF commercial bills,
Should Europe continue to buy u
securities as freely as lately. this
100 VIII discourage gold shipments.
So far there has been an excellent
foreign demand for our railroad
bond issues. and If more of these
are forthcoming a considerable
share win unquestionably be placed
abroad.
For the time being the most In
f~luential issues In Wall street are
the discussions on 'frenzied finance"
and on railroad and trust regulation.
Until the former disappears the mar
kct II likely "a remain either quiet
or unsettled As for the latter prob.
tation for many months TO come,
and the securities of concerns most
likely TO come under the ban OF the
law had best be handled with care by
speculative buyers.
The war between Russia and Japan
has thus far exercised but a slight
disturbing Influence. II should not.
however. be los, TO sight. as with the
approach OF spring both contestants
are likely To again knock at the door
Tor fresh loans wherein To carry on
another, and It is 10 be hoped the
final, campaign. Russia would, OF
course, go TO Paris and Berlin. chief
ly the former. But the best opinion
In that II liz the last time thai Paris
viii open her purse strings to aid
Russia In this war. Japan would
probably depend chiefly upen London
for outside help; but her own re-
sources are by no ean SO tear ex-
haustion as supposed, and the extra.
ordinary spirit OF sacrifice and In
irepidity. backed by already
gained. gives Japan an enormous adj
vantage over Russia. weakened. as
she Is, hy corruption and internal dis.
sensions, ia say nothing of the diff
flcultles and additional cost OF carry.
ing gu the war at such an Immense
distance from home.