Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-04-26
THE FINANCIAL SITUATION.
PRICE eAxiNo POWDER 90.
oHioAoo.

According to the weekly letter from
the banking house OF Henry Clews,
the security market for the week just
past has been dull and the drift in
values has been downward. Activity
on the stock exchange has been large
~ confined TO a few specialities. This
state Of affairs Is chiefly attributable
to complications arising from redis-
tribution Of the merger stocks and the
unusual backwardness Of the season,
the latter exerting an ~unfayorable In
fiuence upon both crops and general
trade. While considerable injury has
been done to winter wheat, the worst
that can be said regarding the crops
Is thai they are fully Two weeks late
There Is, however, abundant time for
Improvement, SO that II Is a little too
early In the game ID begin crop guess
Ing. IN It's bearing on trade a late
season always means a poor season,
because much trade is actually lost
and cannot be regained. Further than
this. evidences multiply that general
business II undergoing more Oh less
.of Il reaction; nothing serious, stillit
exists. Clearing hanse returns have
aeen showing decreases ranging from
10 10 90 per cent less than last year
Tor som weeks past. and the latest
railroad earnings are running not less
Than bin cent below last year. III
our previous adyices We have also
called attention to the decline III both
exports and imports. The cotton
goods trade has been seriously derang-
ed by the late disastrous speculation
In cotton. and, In spite of lower pri-
Iccs and curtailed production, manu-
.factnrers are unable 70 flnd d salts
factory market for their products. In
the iron trade, always an excellent
barometer, a very conservative feeling
prevails. and. though a very encourag-
ing improvement followed the depres-
sion Ut 1908. still the recovery has
very decided limitations.
a careful survey of the business sit
uation reveals no unsound features.
A great deal OF REIMBURSEMENT work
has already been done, and weak spots
have been pretty thoroughly eliminat.
ei, especially Id financial circles,
where the situation Is really sounder
than for many months. In spite Of
this fact. however, ii is evident that
The readjustment process is incom.
plete, and the real turn cannot be
expected until values have declined
In other than security markets. Wall
street has suffered all and and more
than IL should In the form of a shrink
age in values; but enterprise Is still
held In check by the extreme high
cost Of everything that goes into fixed
plant Both materials and wages arc.
often " q p%rohibitiye level. and until
these have undergone their inevitable.
share Of tho general REIMBURSEMENT
there can be no genuine and perman.
revival Of industry. This will call
for 9 more reasonable attitude on
me part Of organized labor, and pos.
sibiy some concessions before long.
which Z resisted VIII simply resultoin
adding 70 The number OF unemployed
Another. factor which adds 10 the
ryative feeling in Wall street
immense borrowings by rail
M. >. other corporations on
ads 40 Some estimates put
Iort.timc ny ,ocn ms during the
e amount Of sbont s3oo.Ooo,oo o
.st six months at .ty explain the
'hese figures probab. New York
record loans OF the vel sat.
anks. who are exceedingly '.sble
sacd ID md such safe and prom.
employment FOR their funds when ora,n
y business requirements are dimih,
lng. These loans vii probably y
cd into ixed capital when ,ne
market Improves. but durlns
bH1E @3#@#M taQEtnK III
in pe'sa' an ,.na 10 dis
suci iaise suu .n.ra,s,,on. other.
,uraso nigh, see q plethora Of loan.
Bile funds -rsn.ncl., condi.
i, SUN ,bably the most sa'isiac-