Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1905-08-30
WEDNESDAY. AUG. 80, 1sD5,n7,
FINANCIAL CONDITIONS.

Henry Clews says: The financial
situation remains substantially that
of a week ago. except that despite sew
eral additional spectacular advances.
such, for instance. as a. rise to above
1875 In Reading, general speculative In
te.est las further conferred In tic low.
er-priced securities. This Is a de.
velopment that promises to increase
as time progresses. many OF the old
favorite st0cks--market leaders--hav-
Ing now reached a point where they
have become Injuries. available as in
vestments or as q speculative basis
only to the highly wealthy classes.
When stocks are selling at, say, $50
to 200. and are contributing dividends
on a bond basis, the capital require
ment for a speculative account is al.
most prohibitive from the standpoint
Of the trader Of moderate means: he
naturally seeks a more conservative
and q safer class Of securities in which
to operate, and during periods Of con-
fidence like the present scans the list
Tor securities Of value that have not
yet felt the speculative impulse. 1t
Is these lower-priced stocks that con.
stitute the broadening stock market
OF today. Within the limits named the
weeks transactions have shown
much further expansion, and, II no
further substantial advances, at any
rate no Indications OF substantial re-
actions. To this extent the market
Is merely rejecting the extreme op.
timism existing throughout the
try ~ = result Of the probably anprec-
edented grain Notwithstanding them
as q whOle-and the additional fact
that instead Of the farmer staggering
under the load Of his enormous crops
because of the low prices at which he
must sell, he has today the assurance
Of highly satisfactory prices because Of
indifferent crop conditions abroad.
The war and the internal troubles
have greatly interfered with farming
operations In Russia, and the subsist.
M department requirements Of both
the Russian and Japanese armies are
still factors connected with the de-
mand for American cereals, or what
amounts to the same thing, for pack
ing-house products. Probably one OF
the best tests Of the foreign demand
for the new crop American grain Is
the fact that exporters are already en-
gaging In a large way accommodation
for grain shipments on the transat-
lantic iners-especially those serving
continental ports-well into the new
year. This Is In distinct contrast with
the policies Of the last few years. ex.
porters having been well content to
leave their freight engagements until
the elevtelth hour and then drive
sharp bargains with the steamship
lines. Experience has, speaking broad.
ly, proven the wisdom of judging the
prosperity Of the country. and Of which
the stock market may be considered
the standard gauge Of measurement,
by the value OF the corn crop to the
farming industry. Corn today Is kim
OF crops and its uses are constantly
growing. Its food value. as well as
Its value as feed for livei stock, is
getting to be more and more thorough
ly understood abroad. wlGh. m1eO
that the day is disappearing when a
large crop will bring about conditions
Of a few years ago, when farmers
were forced to the somewhat doubt |
ful expediency " burning their corn.
. |