Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-01-06
Financial Review
For the Past Year
Concluded from pass -

of labor. Here. too, q resumption
may be expected when more normal
conditions are reached.
The next chief uncertainty 10 the
situation In the far east. With Russia
steadily pushing her en~croachments
toward the Pacific. ami the uncertain
~ that she cannot maintain her com
mercial status In competition with
other nations, the crisis Is rapidly
reaching q most acute stage. Japan
alone appears to be opposing these
encroachments, because they make
Russia d close and undesirable neigh
Dor. Upon Japan, therefore, In case
or conflict, will fall the task Of check.
Ing Russia, a struggle To which the
United States, Great Britain and Ger
many are vitality interested. Should a
trial at arms result in Japanese de-
feat, enabling Russia to 6 her
grip on Manchuria. then France and
Germany will each demand Its share
Of Chinese territory and the dismem-
berment OF that great empire will be
q certainty. No nation has q greater
interest III the destiny OF China than
the United States. We are bound to
be, II not already, the dominant pow
err In tho Pacific, and the future prom
ises ali immense commerce for our
Pacific states. Consequently no pow.
er has an interest In the preserva-
ton Of the open door equal to that OF
the United States. although the fact
Is not yet thoroughly appreciated by
the American people. The outcome Of
the struggle between Slay and Anglo
Saxon principles nj n is willing TO
predict; but indications strongly
point TO an early rupture and war is
sure to temporarily unsettle the Euro.
pean Bourses. It's effect on the Uni
ted States would be chiefly reflected
from abroad. or possibly stimulate the
indirect sale OF food products to either
beliggerent. Both sides are under
stood % be well prepared for war; 80
should the struggle be short as many
expect, there would be no heavy bor-
rowings In the international money
markets and consequently no serious
financial arrangements. Should the
war be prolonged and other powers
involved, the effect would be marked,
but those contingencies are still re.
mote. The effect OF a declaration OF
war would probably be confined to a
temporary decline In stocks, a break
In the cotton market, and an advance
in food products. Beyond these prob
abilities Ii Is unsafe TO calculate.
Our foreign trade statistics plainly
reflect domestic trade conditions. Dur.
Ing the eleven months ending Novem.
Der 30 we exported $1,2Sf,000,0 900 Of
domestic products. a sum $97, 000, 900
larger than last year and only twice
exceeded for that period Id u his
tory; that a In 1899 and 1900. Our
imports during the same eleven
months were the largest on record. az
gregating s917. 100000. or nearly $40,
900, 900 In excess of the same time last
year. Our Increase In exports, II Is
proper to note. was almost entirely due
TO the high price OF cotton, that item
alone causing an increase Of over 500,
DOC. 900 In the value Of our exports, m
increase likely to be greater when re-
turns for the full twelve months are
made known. These changes gave lis
an excess OF exports reaching 1892.
900. 900. which Is smaller than in the
record years Of 1900 and 1901 for OK.
ports. but nevertheless a very consid.
cradle sum, the effect Of which Is seer
hi recent imports OF gold and an i'm.
portant reduction of our foreign In.
~debtcdness. The outlook for foreign
trade during 1901 Is as satisfactory as
could reasonably be expected. Flu.
roreneedsand will freely take our food
products and cotton at good prices.
Trade conditions abroad are somewhat
better than for the past two years.
which will encourage foreign buying
OF American products, provided the
international markets arc not serious.
~ dcrangel BY war, While our agri
cultural products are likely 10 be ship.
ped freely, U exports Of manufactures
AFRO also likely Ii Increase; easier
prices and cessation OF the rush at
home inducing American manufactnr.
ers % cultivate the export trade, for
which they have become eminently
qualified.
Prosperity is not confined 70 the ag-
riculturai classes. Consumption of
merchandise is still going on at nm
unprecedented rate. There are few
signs 81 oyerproduction, except where
high prices or speculation have arrest.
cd the natural flow Of business. as In
Cnaa ~ tho afnaf .n1 r.ttoc sraJao