Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1906-03-07

been 4 noticeable d~windiine OF num-
beers in the bull ranks, and a waning
courage on the part OF those who
have been conspicuous on that side
of the market, The impression that
the top wave Ia the securities mar |
ket has been reached. for some time
to come at least, il steadily growing.
and from day 10 day 1t becomes in-
creasIngly evident that the technical
situation has been materially weak
ened by liquidation quietly effected
when the market al III it's best In
December and January A prices de-
cline there Is a singular absence Of
inside support. even from prominent
leaders or Insiders who are popularity
supposed 10 be on the bull side Of
the market. As a matter of fact. many
Of these gentlemen are convinced that
the market must seek q lower level
before any substantial Inducements
can be found for reinvestment or for
the conducting OF u fresh bull cam
paign.
Al the moment the market ID spf-
fering somewhat from absenteeiSm;
a large number Of wealthy operators
taking the respite from business re-
sponsibilities which Is becoming NO
customary at the end OF the winter.
| The absentee list. moreover. has been
considerably swelled by the uui;e dis
appearance Of numerous individuals
| who wish to avoid testifying before
the various investigating committees,
which are not confined to New York
alone but are at work In Washington
aud other political centers. The In
y~estigstion fever has had not a little
10 DO with the present reaction In
Wall street. II has not only caused
d good deal of personal anxiety among
many OF the responsible heads of
corporations, whose doings would not
stand the glare OF sensational pub
licity: but 1t has also made more diff
| cult the promotion OF new financial
operations and IL breeding q spirit OF
pessimism and personal anim0slties
IN the financial district. which more
or less threaten the spirit Of har-
mony that has prevailed during the
last three or four years. New lines
Of cleavage are being formed and an,
~tagonlsms created which sooner or
later must show themselves In mar
ket operations. II IL unnecessary to
cite the friction and animOsity which
have been created by the insurance
investigation. none OF which was an
ticipated in the remOtest degree Q
year ago. Nobody foresaw the con
sequences OF disputes which began
Ia the Equitable last summer: and,
while the results eventually are Ger.
tain to be beneficial to the public and
Will unQuestionably raise managerial
standards. still the intervening period
OF agitation and reimbursement Is q
disturbing one; impairing confidence
temporarily and necessarily having
an adverse effect In higher financial
circles. Fortunately, our largHN cor
porations will In future be conducted
upon more rigid lines. and the me-
salliances between our big corpora
lions and INSCRIPTIONS politicians
should become more difficult OF &C.
coinplishmeMt and less likely To be
repeated. Already our large insur
ance companies, upon which great
bankers have frequently largely de-
pended In their syndicate operations,
have withdrawn for good from all
transactions Of that character. In
future these great syndicates will
have to look direct to individual pur'
chasers for their market. and will
lack the support Of these great organ.
izations which has always been high
Is important IN times of stress. The
effect will probably be to make such
syndicates careful In their fu'
ture commitments: a change that
will prove beneficial, and which has
fortunately taken place during a
favorable period,
. The money market situation is
still a cause Of apprehension. Last
week the surplus reserve was down
to about 5000. 000-the lowest at
this period In sixteen years. The
loan account CONTINUES to show
much expansion, and apparently moth.
ing but enforced liquidation in the
stock market will strengthen reserves.
The interior demands for currency
are large owing 10 the acti 5ity III
business. while farmers beth south
and west are holding on 10 their crops
longer than usual. The result is fund !
are Q returning with their accus-
toned freedom. Very shortly the de-
mands incidental to the April settle
ments viii be enforced and the money
market IL in no sense prepared. The
chief difficulty is not the supply Of
money. for that has been largely aug.
msIted during the last few years, but
IN The large sums locked up in specu.
latlte operations and Ia the financing
OF various deals. or course iiquida.
ton in such quarters is vert unwel.
come and might be disturbing, hut ii
enforced gradually and with discre.
tipn the effect in the ipuN run viii