Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-07-21

toAiS up uInt" nuHlSIHdi dH1 Idli-5
road bonds, which found exceptional
favor among conservative investors
and trust institutions. Yet, in spite
of these past demands upon the money
market. there is still a great abun.
dance Of loanabIe funds, and bank
reserves have risen TO unusual pro-
portions 80 that bankers, in face of
large crop demands, show no concern
about the future Of the money mar
ket. Usually this II the season when
preparations for the crop movement
are In progress. ana In ordinary times
no n calculates upon d bun move.
ment In the stock market until the
more imperative demands of business
and crops are satisfied. This year
promises to be an exception In this
respect, owing, as above stated, 10 the
extraordinary, plethora Of loanable
funds. With all doubts on this point
removed, there is nothing to prevent
the market from responding to bet
Ter crop, business and political condi.
lions, and this fact II daily becoming
more generally realized.
The outlook now Is for big corn and
cotton crops. These are facts Of the
greatest Importance. Our corn crop,
II 1t reaches $500, 900, D00 bushels,
should yield the growers about ST..
900, 00o. 900, 70 say nothing Of Its added
value In the shape OF pork and beef.
Our cotton crop, II It reaches 1000
900 bales, will yield about $500. 000,-
900 70 growers, to say nothing Of the
profits 70 railroads. exporters and
manufacturers; so that from these
Two crops alone the cOnntry's wealth
will be augmented by more than 1900
million dollars. Other crops are doing
fairly Well, and there are no import
ant reports Of shortage In any direc-
tion. OF course, damage from drouth.
now and frost later Is possible, even
probable, for cotton nearly always de.
teriorates In August and September.
Yet all the crops have made such good
progress and attained such strength
as to be able to Withstand ~unfavorable
conditions exceptionally well. The
only exception Is In wheat. Kansas,
Missouri, and Nebraska having suf-
} fered injury by excessive rains esti-
! mated at about 25. 900, 900 bushels. Bnt
! a GOO. 100000 crop Ii expected, which
! Is only 81 millions below last year.
and the price. II should be noted, II
! about 20 cents higher than a year
ago.
Good crop prospects are already ex-
ertlng a stimulating effect upon bus
mess. and distributors in the west
and south are looking forward to a
satisfactory fall trade. Having pur-
sued an exceptionally conservative
!, policy during the past twelve months,
the yenter the season In good flnan-
cial condition, with no heavy stocks
OF merchandise carried over. Even
In the east, where depression has been
keenest, there Is d more hopeful Iee..
Ing. This Is most noticeable In the
Iron trade which has just emerged
from six months of stringent curtail.
ment In all sorts OF iron and steel
products. As a result, producers now
show more confidence, and the feeling
grows that prices have finally touch.
!, ed rock bottom. As soon as this fact
!, becomes recognized among consum-
ers. orders that have been long held
back will come In and recovery must
become more apparent than It now IA.
There Is already a feeling that a turn
for the better has taken place IN the
iron trade, and the indications are
that this feeling will extend. Rail.
road earnings and bank clearings are
also making more satisfactory records,
inasmuch as they show fewer declines
and more gains than during the nrst
/. nix months of tho current year.
) It Is perhaps as well TO say there is
|. no occasion for entertaining the or
binary anxiety concerning the presii.
DENTAL election. and now that Bryan.
! Ism Ii d dead issue, there Is less diff
ference between the two great Pc.
litiacl partys than usual Both canal.
dates are men Of u~nimpeachable char
. acter and safe. sane and sound on vital
n public questions. The chances favor
Q close contest. with Mr.. Roosevelt
tho winner: still for once the financial
community can ciew the possibility OF
i 4 democratic president without 4 shnE
Q der. In short, the financial situation
|. Is likely TO be slightly affected by po.
litics, II at all.S
Q Indications point 20 a more active
/ and higher stock market, We hays al.