Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-03-01

NSL l1zerS are E@-etdEs ES<zAl
2rstM zbca their coE-EeEs a
1 Ae likely 70 remain 50 E1u4 The iss1-
X war seems Eo-e exrzr Azn :
~ Tbs does nG Imply zny N
= ~ f0reg- tnan
!. laf aHp! is ar,
i arecress for 80 eenz1cs NJ r
! wAsA CIR oSa hansen 40
sE q sx a good 4f4l y lneal
certainly exists resfg IA
staa ii ths Bk wasss Rss
sian Ergns "a TIE pEe lard ana
Tnrk maruse On - oH MYs
tat part D, Europe u Al 81.
Aaspy serneat for years, Ar weak
1sng q Russian poser or prestige
d th Tar east i sure 10 weaken her
lnf Ii the Balkans. and Aenre
stimulate European unrest: n short.
ehecs ID Russian ambitions which
uasf foliox shouIl Japan succeed xiii
Inevitably hare world vide aaassQaan-
os. Kow ferscas the disturbance or
~nfagration mar become 20 mi can
tell: but every intelligent observer
appreciates that The cause N ciyiliza-
ton xii 81 immensely advanced BY
e1rtaiiment Of the standards Of goY-
eminent and progress represented BY
Russia Of today. Il Is quite safe 10
pfecict. therefore. mat the worlds
financial markets will be strengthened
by Japanese ultimate success, because
that would lead 10 the fseer and more
stable government ais well as wider
commercial relations with portions OF
the earth that are ready for modern
IDEAS and improvements.
Local influences have also been det-
rimental to the stock market, SO that
professional operations materially IN
creased the short interest A good
deal os unnecessary apprehension ex-
lists regarding the Northern Securities
decision, which Is shortly expected.
This. It ID generally believed. viii BE
ADVERSE such a result having already
been largely. II not fully, discounted.
Perhaps the nos depressing home in
fnence. however. Ii the immense ln-
crease Of new securities by our leading
railroad corporations. With the GER
tainty that considerable additional
amounts ar still held back for suit
able opportunities. Ii IS not argued
that these new issues are un wise and
unnecessary. in many cases they are
imperative and In the long run will
prove wise but they come al an un.
fortunate time. when investors are
shy. when profits seem likely 70 de
cline and when confidence has not
fully recovered from the sisisitudes
of 1868 No doubt those It the head
or these operations, being men OF
proved sagacity, appreciate the unfa-
sorable conditions which they have to
encounter. and have guided them
selves accordingly Still, an increase
OF several hundred millions OF new
securities at q time Of general reac.
ton or ~readjustment is o a ball
argument, but simply evidence Of the
urgent demand for better ~transporta-
ton facilities that must be satisfied.
II follows. of course. that in cas- 81
pressure on the market the poor Sc
curitIes viii suffer most the better
grades taking care OF themselves.
MI earnings for January and Febrl.
asy are likely to make poor compari-
sons. owing To decreased traffic and
Increased expenses resulting from
the severe winter. which has been
hard upon The rolling stock Of all
Northern roads. The reaction in bust.
ness Is also telling. and Is having its
effect upon rates, causing an out.
break Of cutting on some Of the trunk
Hines, Evidently the eommunity-of-in
~terest idea Ii not as potent as when
traffic "a plentiful. The presidential
campaign as 4 business factor II often
exaggerated. A few new enterprises
may be deferred during the uncertain.
~. but the great mass Of consumption
and production go on about Al usual
and this year the issued do not prom.
ise q be as exciting or disturbing as
those Of 1900 and 1896.
The local money market appears
quite serene. the Panama canal pay.
ments. frmer foreign exchange or dis
tnrbances abroad having no appreci
able effect here Fnads a%respentitul
5ut banks are not seeking borrowers
while conditions abroad are SO unset.
tied Liquidation has been 20 thor.
ough that much less money h tied ~
in speculation than formerly. and this
partly accounts for abundance.
HENRY CLEWS