Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1905-10-04


Of the floating supply of securities
are using every possible means TO
prevent a severe recOil during the
season of monetary activity from the
high prices to which they have ad-
vanced the general list OF stock ex.
change securities. The outside public
in contradistinction to the profess.
sional manipulators and speculative
interests--are not In the market as
investors and have not been interest
ed as such during the recent advance.
Their only activity has been that OF
traders to catch fluctuations; and
the burden. therefore. of maintaining
the market at its pres mt high level
lies with the cliques and other pro-
fessional interests already mention
ed. Their efforts TO support the mar
ket. or their efforts to scientifically
unload In the face of the money sit
uation that is o at hand, promise a
period OF active fluctuations for some
time to come, and suggest the neces
sity of extreme caution In operations
on the buying side and the advisable
ity Of taking quick profits. Extreme
conversation can hardly at this time
be too strongly recommended In trad
ing, especially in stocks that are now
at record-breaking prices. as the
thigh and mighty" may fall like 9TH
err mortals. S~peculatively held stocks
at abnormally high prices-at prices
not warranted by dividend disburse-
ments-are for obvious reasons par
ticularly susceptible to the adverse
influence OF difficult banking accom-
mediation.
There have, 1t is true. been active
and successful bull campaigns when
money has commanded a much high,
er range than that now c-irrent. At
the same time is is hardly probable
that a readjustment Of accounts to q
higher money level a be accom-
plished without a period OF active
liquidation marking the progress Of
such readjustment. The immediate
outlook certainly does not favor a re-
turn to the redundant money condi-
lions that have been current thus far
this year. 1t would not be surprising
If a still higher call money rate
should obtain during the coming
week. The Bank. OF England, as was
expected, advanced its minimum dis
count rate on Thursday to 4 per cent,
which figure has not been current
since September. 1909. This acton
may be regarded a further handicap
on the gold movement; ct any rate
1T will need q materially higher
money market here TO attract tie
metal. The negotiations that are re-
ported for a Joint loan at Paris and
Berlin of s150.000 .000 to Russia will
necessarily influence a cnrtailment OF
outstanding French and German
funds. and while it is quite true that
both these centres were more or less
prepared for financing an indemnity
payment bv Russia of considerably
greater magnitude than the loan now
proposed, tire significance CT the IT.
rent negotiations from a money out
look standpoint is that funds that
were considered released when the
indemnity was waived must again be
accumulated. In addition to the check
upon gold relief. the local money
market during the immediate future
must experience The contraction re-
CURED for the regular OCTOBER div.
dend and interest disbursements. OF
which something like $4,000. 900 to
$4,000. 900 are payable through New
York financial institutions. In this
connection II IL of interest to note
that the dividends payable by dis.
tinctly industrial concerns this Oc-
tober exceed those Of last year by
something like 1000, 900. Another
source Of contraction Is the payment
which Is due today Of 325,O00.0 900 on
account OF Pennsylvania convertibles,
and a similar payment Of $4,000. 600
on account Of the Atchiscn. The
third installment Of $780, 900. 900 on &C.
count Of the japanese loan will De-
come due about the middle Of De-
tober, and there IL reason to believe
4, vtry considerable part Of this pay
rtnt will promptly tind its way 10
London. which will naturally have the
effect OF putting up exchange rates as
well a. the money rate here. Our
banks are already severely extended,
and there Is little In sight to suggest
any immediate relief from current
forced liquidation Of Wall street
loans, which Is a factor sufficiently
powerful to curtail operations on a
large scale by any Of the associated
manipulators or large individual op.
orators. The western demand for
crop money in which there vas q lul'
last week has been renew on a
large scale. Still another mon ~ u
iuence that is becoming and
mor apparent is the drain resultin;
~ the covering of customs duties In
10 the treasury consequent upon the
large importations Of Injuries and
other classes of merchandise so nat
ural In times OF general prosperity
such as now exists Throughout tne
country. During the month Of Au
gust, for instance. the customs du
ties covered into the treasury at New