Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-09-14
FINANCIAL SITUATION,

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No great teennesa of perception IL
required ID observe that d feeiaad
Improvement IN confidence has fakhn
piafe during II fnet two d isc
months. This haa ittn due, Of course,
~. To i natura reaction from lie
sxtitfru depression which ushs ai In
hi. turfant year, bui mainly to an nc.
tns. tstttmntt 1T conditions, I'LL II Of
which il the pa ing Of any ieriols
uncertainty i.fmd'ng tho crops. Il
as.ei cai:8e no appointment HAT
this far thr fe1ie hopeful gp' IL
ceal1g developed he's not yet erssttl.
liiei Into Az enlarged volume II. latsi
-. A change 81 feeling must H.
ways rseccde ps.g change of nc | ~.
and there Is agsry reaso to believe
that In due time trade and industry
will experience a reasonable revival.
Impationcc cannot hasten its coming
and there are still sufficient adverse
conditions 10 prevent any too buoyant
expectations.
or all factors In the situation much
the most important is TINT We are now
gathering an abundant and profitable
harvest; not quite so abundant as al
one time expected. vet sufficiently 80
to secure our agrieulturaltsts another
prosperous year II makes one shfint
70 think o. what might have happened
had this been a year If crop failures
succeeding tho series ~ disasters
which began In 1902 and continued
through 1909 The good harsests d
the current year have mol not only
unsud The country from a fresh out
break nf liquidation but have reall,
gone q long way towards restoring
Tho conntry'a finances and industries
10 a position Of normal a~onndness am
Atnbilliy. Another year or profitable
agriculture should afford time ant
meana for better taking care of IN,
mass of ~indlgesttble securities create
during the last six or seven years
There Is still u great mass OF indiges
tihles left, hut these no longer be th
menace they onre were, Some will b
re~nrganiEed ere long. some will sottl
down 10 their intrinsic value. nm
othars will disappear from the marke
ertsreiy thus permitting a gradul
instead Of 4 forced liquidation, .
we'll as a wider and consequently Les
serious distribution Of LOSSES. For a
Of these very important advantage
No arc indebted nj already said,
Ii good harvest.
The most important hinarancos {
further recovery are the war, the Ii
hor situation, the high level Of con
modify prices ana the less fayorabl
tendency If aur foreign trade, Col
corning the war. the e~xtraur1lnaf
successes 81 japan are unfortunate
not conducive To early peace. Med
alton may be attempted by some poy
er with Il view 1T stopping the uwfl
waste Of life aud wealth, but RUSS
Ii least likely 10 thing az peace Will
Inundated and not until tho car Ia
accomplished something towards
restoration Of Russian prestige wi
peace proposals BIZ considered, espcI
tally az japan would probably impos
harsher terms afthr n great victor
than when The score was moro asol
All present therefore. tho indication
arn That the war must drag along Il
nm Indefinite period. and thus prov
a disturbance Of more or less cons,
.alence In tho international markets.
Tho struggle between capital an
labor fortunately shows ums tender
cy to abate Gradually, though onl
through the school of bitter and COS
~ experience. the labor leaders ar
learning their cause II on tho wan,
Labor has extracted all II a u
ont of The total product; the limits !
cost as well AZ Of patience have bee
Preached. and ihe effort u secure