Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-10-17
TIE FINANCIAL SITUATION

THE FINANCIAL SITUATION
Powerful m%anipulations and good
supply OF favorable news are the fac
tor, says Henry Ciews In his weekly
financial letter, (which combined TO
stimulate the market into greater ac-
tiyity, the only check to a further
rise being the out pour Of stocks from
both inside and speculative sources,
which caused more or less errat.c
fluctuations, History Is once more
repeating Itself In the stock market.
and al last the confidence so INrsist.
entity displayed by insiders for
months Ia extending 10 the outside
public, simply because current duyel,
opments prove that this confidence
had been based upon actual condi-
tons OF which the leaders naturally
possessed previous knowledge. Fhe
week has been fruitful In favorable
developments. A number Of very
satisfactory railroad reports were
forthcoming. some Of which showed
gratifying gains In gross earnings.
others Important reductions in opcr
ating expenses, while Others lave
joined or promised TO join the rank.
Of dsvidcndpayers. All Of these MS
closures prove that the railroads Il.
a whole, are enjoying continued pros
| perity, Nor Ii this all. Traffic man
| ayers appear very confident In a con
tinuance Of this prosperity for anoth
or season, and It must be conceded
that such views are well supported
All doubt about the crops Is o a
an end, and this remove a very i'm
| portant restraint upon bnllish enthu
siasm. We are finally assured OF al
abundance Of corn. and this, eve |
the expected 2.500.000,00 crop is no
quite realized, Is one OF II most i'm
portant sources OF national prosperity
W. are sure, also, OF a big cotton crol
| some estimates now reaching 10000.
900. and while early frost might Gu
off ie0, 600 to 200. 600 bales, It coult
not do serious injury, Even tn,
wheat crop Is threshing out bette
than the r killers We're willing tc
,let us believe, and In consequence o
these developments the prices Of corn
cotton and wheat are receding from
the excessive high prices which the,
| not long ago commanded. II lis now
demonstrated beyond u doubt thai
American farmers-East, West aic
South-are TO enjoy another pros
porous year. which is the all impor
tant fact In the business situation
They and their dependents form sc
large a proportion of our total popu
lation that good times with them
mean better times for everybody
DtLttI tiittS tVt Hi'i1 tldiiNNs A3NtfA
times for manufacturers, better times
for transportation interests, and ulti
mately better times for the Investor
The u~nreasonably high prices fol
these three staples which lately pre-
vailed were beneficial to no one ex
cept spectators. since producers die
not secure these prices and consum
ers will not pay them very long
Their final effect would have been
TO injuriously check exports and sti
mnlate overproduction in the next
crop. In fact, the prosperity of the
farmer and the country at large is
best promoted when speculation acts
simply as a balance wheel and Is not
devoted TO creating destructive corn
ers. The recent declines, therefore
in wheat, cotton and corn are an en-
~couraging feature. Without dimin
ishing the profits of farmers. they
viii permit n revival of the natural
outflow of domestic products and
save US from an injurious derangc
ment Of our foreign trade. which
would certainly occur II reckless grain
and cotton operators had their way
The rise in the market has now
been carried to a pitch where sharp
reactions are inevitable. and yet the
situation at this writing appears 80
well Id hand that the leaders are
INVITE likely IN resume the upward