Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-06-28

the last two years. Gilt.edged stocks
are firmly held in strong boxes from
which they do not seem likely 10
emerge, so that current demands from
Investors had TO be satisfied by new
issues, the floating supply of older
securities being exceedingly limited.
At higher prices and later on these
may come on the market TO some ex.
tent, but the big owners are not likely
to lessen their holdings at anything
like present figures. Should events
prove favorable during the next two
months, the technical position OF the
market Is such as 70 favor an advance
movement. This, however, will not be
accomplished without manipulation,
and as at present the outlook does
not promise any active public sup.
port, the heavy Operators will be oblig-
ed al the start 10 put up the market
on themselves In the hope that a slow
but sustained advance Will eventually
create more activity.
Crop prospects lust now are as good
as could be reasonably expected. The
promise az present II for d wheat crop
Of about 100000, 600 bushels, d III
crop Of nearly 300, 100000 bushels
ami q cotton crop Of 1000, 900 bales.
corn Is The only backward crop; hut
nearly all the other crops have had 4
good start, are In good condition and
have reached d degree Of maturity
that will enable them To Withstand
ordinary adverse conditions of wea-
ther. which, of course, must be count
ed upon In all calculations. Abund.
ant hargests will furnish much ~.
licf 10 the country at large. not only
by lnsiring another season Of pros.
perity 70 farmers. but also by keaoing
down the prices Of food products,
which have had much To do with the
recent high cost Of living.
The monetary situation Is quite SAT.
isfaetory from the stock market point
Of view. Loanable funds are plenti-
ful and bank reserves much higher
than for several years at this period.
AZ present rates Of interest d nun.
Der 81 good dividend-paying stocks
Yield much better returns than cash.
the inevitable result Of which mus.
he 4 preference for the former nntil
such differences are more nearly
e1ualized. II must be remembered
that our currency SUPPLY has been i'm.
mensely augmented during the last
seven Of eight years by additions 10
our stock OF gold and the heavy IS.
sues OF bank notes. Business has
contracted, but our stock of money
cannot be correspondingly reduced
under the present inelastic system;
hence funds must accumulate and
seek employment In new channels.
Crop demands have not yet asserted
themselves, though money will no
doubt soon be sent south to handle
the cotton crop. Western require
nlcnts should be less than usual, be.
cause money Is already more abnnd-
ant than usual at western centers,
II Is impossible 70 predict what effect
the war will have upon international
movements, but gold Is stlll arriving
from Japan and Klondike shipments
will soon arrive, all Of which would
facilitate gold exports should Europe
50 desire. Al d better supply Of com.
mercial bills will soon be available,
however, the prospect Of gold ship
mcnts grows and more remote.
There Is still a good demand for
bonds. which remains unsatisffed in
spite Of ecent liberal issues, This
Is significant. and Is excellent proof
of q better feeling In financial circles.
In this connection Il Is Of interest 10
fcrail the heavy shortterm loans
made last yearN BY the railroads.
These win III due season mature. and
no doubt 4 large proportion viii BE-
into fixed capital IN the shape
nl bonds thai would have been IN
marketable when the original loan
made. This. too, Is convincing
evidence ''of better conditions. The
steel industry Is stu suffering from
lonression, but the worst in this 10.
beet has probably been discounted,
Ind the last six months NJ the year
,ughi 10 show better results than the
irst, The presidential campaign is
IardIy a factor IN the market. Ger. I
ainly little anxiety Is shown concern.
ng the result. and d hopeful spirit Il |
huwn In neatly all lines Of business, {
EotN outstanding expectations OF a I
uiet summer. Very soon the July
lsbnrsements. which last year reach T