Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-11-08

speculative opinion, and In place OF
a one.sided blindly optimistic and
dangerous bulr market, we now have
a healthy division OF opinion that
promotes both activity and strength.
The market was rapidly becoming
topheavy and extremely hazardous,
but the creation OF n bcarish element
sufficiently strong TO search out the
weak spots and bring In a fresh buy
ing element materially improved the
undertone Of the speculative situa'
lion. giving the market a breadth and
strength which was previously lack.
Ing,
AS 10 the future Of the market,
granting all that has been claimed
regarding the effects OF a profitable
harvest, Of business improvement, Of
easy money. OF increased railroad
earnings and other favorable features,
such as the activity In iron and cop
per, II must be recognized that these
have been amply discounted. On
their merits the majority Of good
stocks are really high enough, some
In fact are too high. and bargains are
scarce II not entirely absent. AT the
same time the speculative spirit has
been thoroughly aroused and Is being
skilfulIy nursed by those who still
have stocks In plenty to sell. The
big banking houses are also interest.
ed In preventing any serious decline.
There Is an excellent investment de.
mand for good securities, demonstrat-
ed by the rapid absorption OF recent
bond issues and affording bankers a
desirable opportunity for carrying out
long deferred plans. The next few
weeks may consequently witness the
flotation OF a number OF new issues
II conditions continue favorable. so
that the operations OF our leading II.
nanciers naturally make them as
much aversc TO any important reac-
tion as 10 any rampant speculation.
The market thus seems in an excep.
~tionaliy satisfactory condition, having
the double advantage of national
prosperity and the restraining power
OF powerful bankers who are more
vitaily interested in legitimate and
successful national development than
| II hazardous speculative enterprises.
, Some nneasiness vas caused by the
renewal OF god shipments. SO far
AS the actual loss Of the metal u
concerned there Is no cause for anx
iety. Our present stock Is unusually
large and we produce about $50, 900.
900 annually. to say nothing OF re
ceipts from the Klondike and Austria
LA. The worst that could be antici
pated would be a temporary reduction
Of the bank reserves and a hardening
OF money rates, the latter contingen
cy n that would not meet with
much dtsapprovai In conservative
banking circles, There 10 another
view, however. Of 80 unusual a move
ment at this season. when the suppl,
Of produce bills ought to be iarg,
enough to prevent gold shipments
and that IL the strain imposed upos
the Paris and Berlin money markets
by the Russian war loan. Paris 1,
already loaded up to the brim Will
Russian bonds. and extraordinar,
measures have been made to proven,
panic there In case of Russian defeat
Government regulations now prohibit
future or short sales In order to pre-
vent a decline. but this operation ma,
easily prove an element OF weakness
inasmnch as there will be no pur
chases on the short account to sup
port the market In case Of a break
The foreign situation IL one shat re