Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-10-19


| ease here an outflow Of gold might
be expected. Even this does not
cause any immediate concern. for
very soon the supply OF produce bills
! will Increase, and We have. besides.
| such an ample supply Of gold In this
country that We can easily send a
norton TO where IL will do 0 good
for mutual benefit. Europe Is more
! directly affected by the Russo-Japan.
ese war than the United States,
| though indirectly We must also share
! the waste OF energy and capital
which that deploable struggle IN
wolves. II is estimated that II the
war lasts two years 1t will cost Rus.
STA $1,000. 900 900 and Japan $1,000
o00, 900, and that the two powers will
have to borrow. combined. ccnsidera'
bly, more than $500, 900. 900 next year
With such demands as these In pros
pect upon the worlds spare capital
IL is easy TO see that European bank
ers who must furnish the sinews OF
war view the situation with more
conservatism than do our own finan'
ciers, who are somewhat removed
from the influences Of such waste.
Nevertheless, American bankers who
take long distance views Will not %
obliyious 10 the effect here OF any
strain upon the European markets
which would strongly increase the
probabilities of exporting gold. just
at present, however, gold Is coming
TO this country via the Pacific. ana
another favorable factor affecting
the money market is the increase OF
government receipts and a decrease
OF expense. A month ago the tendency
was in the opposite direction, and
there was talk OF a treasury deficit,
which would have compelled a with
drawal Of funds from the depositary
banks.
The speculative outlook Is some
what conflicting. Outside conditions
are excellent, and Wall street ap-
pears TO have amply discounted such
Improvement. But the market Is In
very strong hands, and the big hold
ers and big bankers who bought Sc
curities ON the last decline are COM
mitted to a bull market In order TO
| distribute their surplus holdings. Ev-
| identity their operations are not com
pleted. Unless all signs fall they
| intend to carry prices still higher.
and having succeeded in awakening
| the speculative spirit their chances
| Of success have correspondingly I'M.
proved. We have had days OF con.
siderable realizing, yet the market
| always showed good support, and
public confidence seems TO be grow
Ink daily as the evidences Of business
] Improvement multiply, Traders thus
find the situation much TO their lik-
Ing. and the public IL entering the
market more freely than at any time
this year In the absence of other
nnfavorable developments the adj
vance seems likely TO continue until
some serious break occurs between
the bull leaders. and Of this there IL
no present indication. Some lmpor-
tant deals may be on, resulting from
the shifting OF ownership during last
years depression. and IL remains TO
be seen what effect these would have
upon values. II Is quite likely also
that as the situation improves ar.
rangements viii be made for renewed
~secnrity flotations. especially In view
OF the millions of short term railroad
notes made In 1903, which will even
tually be turned into fixed form, Sue
cesscs or failures here would produce
important market consequences,