Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1905-07-26
FINANCIAL AMER RIGA.

Henry Clews. In his weekly letter
to The Optic, says In part,
As has been repeatedly pointed out
In these advices, many Of the stand.
ard investment stocks are on such a
high basis that quotations ian hardly
be said TO be justified either by their
present dividend distributions or by
any distributions their directors may
consider II conservative finance TO de.
clare within the next year or so.
There are. OF course, the lower priced
stocks that are susceptible OF marked
Improvement should they be placed
upon the dividend paying list or
should their small dividends be In.
creased. Except for the latter class.
II seems fair TO assume that any fur.
Their material advances must be de-
pendent. not upon the value Of the
securities as a source Of investment,
but upon the development OF a period
Of arbitrary imitation such ms fre.
Quently accompanies pronounced and
general prosperity and activity among
the Industrial. commercial and agri.
cultural classes Of the county at large.
Indications are not lacking of n trend
towards such imitation - indications
that might almost be considered prom.
fses were 1t not for the single adverse
threat contained In the international
monetary outlook. Our country Is es-
sentially an agricultural country: and
II the present promises OF the haryests
are fulfilled we may look for one OF
the strongest buying movements, In.
d~ustrially. that this country has ever
witnessed. II In true that the wheat
cror Of 1904 was a short one. but to
the farming industry It was neverthe-
less a profitable one. In view OF the
high prices received from our domes-
tic mills. which. It will be recalled.
not only bought at high prices all the
available domestic wheat they could
secure. but purchased large amounts
1t Manitoba wheat and reimported the
American article from the other side.
Therefore II seems safe to assume
that the small harvest was compen-
stated for BY the high prices. The
1904 corn crop was an abundant one,
and was also a particularly profitable
one to the farmers because OF the In.
creased demand resulting from the
scarcity Of wheat: and the cotton
production was both large and highly
profitable. We may therefore assume
for all practical purposes that the re-
cent record Of favorable crops remains
unbroken and that the farming com.
muntties are already In a particularly
prosperous condition at the beginning
OF n Of the most prolific harvest
periods In their history. From the
agricultural standpoint. consequently.
the outlook for a period Of imitation
OF exuberant prosperity--is certainly
favorable. And Investigations BY
usually conservative authorities indi.
cate a hardly less favorable outlook Ia
the commercial and industrial fields.
Probably the bes, ties. OF the CONNER.
cial situation Ia the great dry goods
distributing machinery OF the country;
and a thorough inquiry among these
distributors indicates particularly OPP
timistic conditions. The dry goods
jobhers Of the country almost without
exception report that for the irst half
OF this yea their business has shown
distinct Improvement both In volume
and In profits over the corresponding
months OF 1904: they also report their
stocks In good condition and prepare.
tons for = decidedly improved fall