Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-08-03

ton; then deferred enterprises are
taken up, orders are pne4 and the
whole machinery 81 commerce and III
dnstry in SET in motion At the same
time there Is absolutely nothing in the
situation to warrant e~xtrayagant
hopes. We can boast Of nothing more
than a reasonable recovery from re-
cent depression. based chiefly On
good crops. Pesslmism has had its
day. and the business public needs
70 gel itself into d more hopeful and
better balanced state Of mind than
that in which it began 1904 Draw
backs we have IN plenty. The iron
trade u still inactive. compared with
normal times; orders are scarce. and
the last semi-annual report 81 The
United States Steel Corporation Is
anything but satisfactory. But those
facts belong q The past many de-
ferred orders are nov being placed,
and there Is every reason to believe
that the last quarter Of the year viii
be i better one than its predeees
scr.
Another unpleasant feature Is the
struggle in the cotton industry. Be
tween 40 ana 50 per cent 81 The
spindies III the United States are idle
because Of the Improbable condition
of cotton manufacturing. Buyers viii.
not take cotton goods freely at pres
ent prices; manufacturers. therefore
cannot afford present prices for cot
ton. especially when northern mills,
embarrassed by legislative and la
Dor restrictions, are unable to success
fully compete with the south. TN
~qlestionably the cotton industry is
passing through d serious crisis the
solution OF which seems to demand
reasonable concessions On The part Of
labor. concessions which at present
they seem In no mood TO consider,
Still another unfortunate eireum.
stance Il the packers strike III Chi
cage. where force and not reason
holds sway. This absolutely llnrea-
sonable, unjust and defiant attinde of
labor Ii one of the most unsettlirg
features % the lines; bn1, fortunately.
public opinion Is awakening 70 the. real
merits Of the struggle between capi.
tai and labor, to the rights and wrongs
Of both, and this perhaps Is the one
bright feature III this quarter mas
much as this is the only promise of a
satisfactory solution.
The probability Of gold exports has
excited some concern. Sterling eX-
change seems 70 have advanced part
ly on account OF operations connect.
ed with the Japanese and Cuban loans
and partly owing 70 short sales. No
anxiety is necessary over gold exports.
We have a big end increasing stock
OF gold In the country which might
easily find better employment In Eur.
ope than here. A few millions can
be spared without harm, although a
number of nervous individuals al
ways drop into shivers at the mention
Of gold shipments. The only nnsat.
i%sfactory feature In the monetary sit.
uation Is the continued high lever at
which loans stand and the large
amount Of trust funds held by the
banks on deposit, resulting from the
latter paying 2 per cent and over on
trust company deposits. During the
past year the trust companies have
increased their cash in banks over
20 millions. A firmer money market
resulting from increased crop and
trade demands. or gold exports, might
result In a sharp drain upon the banks
and cause more or less temporary dis.
%turbance In the money and sock maj.
kets. This Is not an immediate con.
%tingency. but one that will bear watch.
Ing.
As 70 the future OF the stock market.
Il seems hardly likely that the bulls
win readily ~relinquish their hold so
long as crop prospects continue 10
brilliant. Strong leaders were at the
bottom Of the recent rise. and do not
seem to have entirely withdrawn their
support especially as stocks are not
sufficiently scattered 10 weaken the
technical situation. All indications
point. however. to a ~fluctuating mar.
ket. The labor and foreign sItua.
lions are disturbing. but Russia seems
both indisposed and unable to precip.
itate serious international complica.
lions. that Is, II her complete back.
down before Great Britain Is any cri.
terlon. The possibilities Of war are
proyerbially uncertain. and the assas.
sinatien OF N. DE Plehye Is significant