Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-09-20

mination?
During the past week or ten days
the market resumed much Of its for
mer activity transactions running IN.
10 the nelghborhood OF d million
shares a day This activity could
hardly be attributed TO outside buy
ing. for while the public has been op.
lcrating with rather more freedom
than OF late the bulk OF buying and
selling was for professional account.
and unquestionably has strong banlo
ing support. The market Is conse.
qeuntly still in competent hands ana
controlled by the big leaders who have
plenty OF stocks TO sell, and who would
probably like to put themselves In
good shape 10 handle some Of the i'm
portant new Issues which arc Enown
to be in contemplation and which
have been held in allegiance since the
setback Of 1903. II the investment
demand proves sufficient 10 relieve the
market OF It's present surplus Of securi
ties all will go well and The upward
movement win continue. For once
self interest has brought all the mar.
ket leaders into harmony; and, as
there are no disturbing deals on hand
TO threaten the entente, the prospect
> 'air IL. their holding together IN.
r." tie n"y:ng pos C. 1. exhausted
LAT the mon ent the buying il
provirs Ihrgn su' s ave gene
Into bonds and hisI class scclrctics
hnd pubic confiisncc IL growing at
, Lace witch sueses mp.c activity
IN general specula ON. N hor'. The
market Is Il excai'.l ii teSlainal cor.
fitlon, and IL Is likely 10 10 stlll high.
er provided the big insiders hold to.
lgether and provided there are no m.
toward disasters to interfere: but
hereafter the fluctuations will be wide
and frequent, admitting of profitable
quick turns an making it the safer
way 10 operate from now onward.
mere are however, certain ele.
ments o fdoubt In the situation to In.
ldnce a very cautious policy. The fact
that active shares have risen fifteen
TO thirty points Is the very strongest
possible inducement for selling among
those who have been carrying stocks
ior any length Of time. The less
active shares have, meanwhile. %
eu advances Of ten to twenty points.
ana even the industrials have risen
from five To fifteen points In spite of
geherai neglect. The market. there.
fore, stands exposed to heavy ~ealIz-
ing on every good rise, this risk In.
Icreasing materially as prices go IN.
wards. The wheat crop has been a
disappointment, showing a decrcase
|of about 100, 10000 bushels and he
ing the smallest since 1897. This ia
anything but a bull argument. for
while the farmer may secure co,n3en.
sation through better prices. tho conn.
TRY at large win lose through bigb.
pflceh bread and a d~iminution of ex-
potts. A corn crop approaching ,
oo,0O0.0 900 bushels and a cotton ,ron
oi il.60o,0oo bales. together with bet.
ter erops Of rye. barley. hay AMI ro.
%tatoes. will, however. more Than ,n,ta
good the deficiency In whea IN
creased exports OF cotton shout also
counterhalance the probable lnss IL
Wheat shipments. The money ,,af.
ket may easily fall into a condition
tthai will discourage bullisA sneoula.
ton though there are at present 10
sisns OF disturbance in that ouarte..
Yet an expansion Of $4,000 n0e IN
loans in two weeks, when Thar item
4 already at record figures. and a 10.
Icreasc 81 s15 900. 000 In surplus reserve
~ the same perlod-and thar nefJfe
Icrop demands have begun In earnest
are facts that should commall more
%Iattentlon than they have received
FThe situation Is further complicated
by an increasing treasury deficit
which may compel the government Il
~lsadraw Its funds from the ceposi
Rory banks; so that while bankers
profess confidence In the situation aft
show no conccrn over monetary con
EDITIONS yet It Ia well to .emembeI
tlat ~steeu'ative accounts woull slite,
an1 Lot legitimate trade IN event Q
lag stdden calling in of loqus. III,
money market remains in very easy
condition, although the same parties
/ who have been conspicuous in support
ing the stock market can exert a pow
, erful control Of The money marke'
if they so elect and stranger thing.
{ have happened than artificial strln
+ Igency when It suited the purpose q
! speculative leaders.
Cham, v.ag.F-.r- 49, 4