Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-02-03
TIE FINANCIAL SITUATION.

" h6 ~ EiAt
offered on call at easy terms also the
absence OF any strong and substantial
leadership In the manipulation OF
stocks was very marked. Several
factors are Just now lending some de-
gree OF uncertainty TO stock opera
tons. namely. the possibility 81 war
in the far east. the pending decision
in the Northern Securities case, cot.
ton speculation and the approaching
presidential election The effect 81
these factors Ii. however. not unwhole-
some az they serve TO hold specula.
tIon within safe limits.
The condition OF the country. a. q
whole. ia both satisfactory and sound
Our farming classes are exceptionally
prosperous, because demand generally
has oyertaken supply. High prices
are being obtained for nearly all agri.
cultural products. and the situation
Is such that the American farmer
seems assured of another prosperous
year. As for our Industrial classes
they are certainly better on than ever
In their history, The only difficulty
here is that wages have risen ~ an
almost prohibitiye point, and enter
prise Is consequently checked until
necessary concessions are made. con
c%essions which would mean no hard
ship 10 labor but simply diminish the
number of unemployed. Among the
mercantile classes the situation Is ex-
ceptionally sound In this quarter
there has been little o~yertrading, D
our merchants. as a class. have been
~singularly conservative and fortunate
In avoiding too rapid expansion. Of
course. they have been highly favored
by the wonderful growth Of the conn-
try in population and resources; 9 y
ertheless the comparative absence OF
the speculative spirit among our trad.
ing classes has been a wholesome and
encouraging feature. When We come
Ia the manufacturing situation we
touch the weakest spot In the nation,
our great Industrial combinations may
be the best ever made to do he
worlds work; but they have been Sc
riously handicapped al the start by
the financial abuses which are TOO
which familiar to everyone. In many
cases they are too big and cumbersome
10 adjust themselves readily 70 chang
ing conditions, and in nearly all cases
they are so weighted down with wa
tered securities as To make their M-
ture still the most serious financial
problem 81 the future. Some day the
reimbursement here must be made more
complete. but that contingency viii
probably be postponed 70 . later date
should the country continue otherwise
prosperous, and in all probability will
then come SO gradually as TO avoid
stock or panic. Further, y must not
be forgotten that. as said above. the
situation In this respect has been I'M
monsely strengthened by the forced
~liauidation OF 1908. which efectually
removed many of the weakest spots.
There has been a surprisingly GOOD
demand Tor bonds. and many OF the
recent new issues have been readily
taken. onr railroads show . iisposi-
lions 10 20 slow in their improve
ments. owing chiefly To the unsettled
condition OF the iron and steel mar
.ketn AZ steel comes down. however
to j, more normal level orders are like
tn 10 Increase and the railroads VIII
no doubt continue their OUTLAWS y
4 Inter period therefore II would cause
Ia surprise If their demands upon the
money market we're 10 expand
rht eject IT war would un,
auestlonabIy 81 temporarily depress
lnK. because IL the strain which any
neN var loans wouid impose upon the
International money markets. Amer
lean shares III common with others
wonll i sold ID provide funds Tbs
decline. however. would not be scrt
oas. aud might as usual az discount
eli in advance Just aow the presi
acntial campaign does not, cut much
81 4 figure. fhis Is probably explain
III hy thc belief tha, a revival ct ths
issues etthe last two campaigns Is i'm
possible ana that in comparison viii
them Il viii te a quiet affair
The general outlook FER the marke'
IL consequently. favorable. There arr
some impcrtant uncertainties, how
ever. and prices have already had al
important rcroyery. 20 that unfayor
ahie Developments might easily pre-
cipitatc sharp reactions. This means
q good trading market and 4 profit o.
goed stocks purchased IN the sharI
breaks.
soldiers of Fortune tonight. Duncai