Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-01-27
the FINANCIAL SITUATION.

tendency Of money.
Fortunately. Russia has moderated
her aggressive attitude. owing to the
bold attitude Of Japan and the grow
Ing sympathy among all the great
powers for the Japanese cause. II Is
still premature. however. to assume
confidently that war will be ayerted.
Diplomacy can accomplish much. but
II Will be a very difficult matter for
Russia to yield gracefully after hav-
ing gone to such extremes. No real
settlement can be effected which does
not wipe out all Russia's claims Of
authority In Manchuria. where she 10
nothing but a trespasser. Should Rus
STA yield that much without war, y
will be for the good and advance
Or the whole world, and humanity will
be under obligations to the car,
whose humane purposes are unques
tionably genuine. whatever may be the
ambitions 81 his advisers. No doubt
Russia's inability TO find friends ID
her chief cause OF hesitancy, and not
fear OF Japan. Russia Is In no posi-.
tlon financially or industrially to nm
dertake an expensive war; and the
difficulty that she would incur In rails
ing funds Is another serious obstacle
TO her designs. France, Russia's only
friend, has shown that she al not be
depended on for assistance, and the
fact that war would probably cause
q sharp decline In Russian bonds In
Paris, where they are largely held,
makes the successful placing Of a new
issue somewhat problcmatlcal. War,
however. Is still a possibility. later
II not now, for Russia possesses
strange persistency Of purpose, and Is
exceedingly unlikely to give UP what
her statesmen believe as her destiny.
The easier tendency In the money
market and the more confident feel
ing In banking circles are also among
the satisfactory features. Some sur.
prise Ii often expressed at these con-
Iitions In face OF the present high flg-
nres of loans, which In last weeks
bank statement stood at the astonish-
ing figure Of 1884, 900, 900. Why is It
that In the face OF such a heavy OK.
pansion or loans, time money declines
and confidence revives? The explana.
tion Ii. the bank statement could not
have indicated our immense borrow.
Ing operations abroad for the past
year or two. The heavy liquidation Of
1903 enabled our banks to transfer
many Of these foreign obligations &c
this side; and since these foreign
loans were often OF . better character
than those placed at homo. II follows
that. since recent liquidation. ioca.
bankers view tho expansion OF loans
with little concern.
The Northern Securities case Is Nj
element Of much uncertainty, although
an %unfayorahle decision would prob
ably not have the adverse effect that
was anticipated last year. In fact, no,
a few believe that a decision against
the merger would be a blessing In dis
guise. as otherwise that system
would doubtless SCOT give birth to
many other similar mergers. thereby
causing a large part OF u 100000
miles of railroads to become coneen
trated In their management into a
few hands aud finally leaving Wall
street nothing but minority stocks To
deal In. Such an outcome would sure.
" be followed by political agitation
that would be exceedingly harmful 70
the entire country Concentration. II
n must come, had better BE- d matter
of slow and well considered growth.
rather than as a sudden compact ere
alton. II Is satisfactory to note that
the west and south continue prosper.
Gus owing 20 the good prices received
by the farmer for his products. The
southern planter has sold nearly all
his cotton and did not receive any
thing like present prices. which go
chiefly % the speculator; nevertheless
the south Il enjoying unusual prosper.
lily. In which the whole country re-
%joices. and before very long the rail.
roads Of that section should reflect the
results In increased trafic returns.
r
Colonel Moses wetmore has prom.
Used to leave the democratic party
$4,000 In bis will Az IL II didn't