Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1907-03-26

remarkable collsp." which occurred
q week ago.
As a result, u that decline some
very serious losses haze been incurr
ed BY large holders 81 securities.
Fortunately. the public have suffered
to a very much less extent than. Us
uaI. hence. the remarkable ~abseueel
Of failures. such a debacie cannot,
however. be experienced without Ell
erting a more or less depressing ef.
feet, A temporary rally. Of course
followed. due 10 purchases Of those
who bought for investment or 10 sup
port tLt market. but the latter stocks
were sopn fed out 10 order To take
profits. thus leaving the tone fever
ish and unsettled, After such a de
baueh the market Is likely 20 show
more or Jess inertia and possibly set.
tie down TO a still lower lever. Con
fidence has been rudeiy shaken AMI
only time can make amends. A good
many operators have been seriously
crippled. Added 10 this Is the unsat.
i~sfactory condition Of the worlds
money market. The advance Of the
rate Of the Bank of France from J TO
; l2 per cent Il highly significant
This Ia the first time n change has
been made In the rate for seven
r years. and Is plain notice to London
and Berlin and New York that Paris
will first take car OF itself and that
those In need may have to look else
where for assistance. Our own finan.
ciers have placed more or less Deepen
dence upon help from that quarter In
case OF necessity; and no doubt Ge-.
many. which Ia already suffering
from OVERRIDING In financial and In.
dustrial circles has been knocking at
the doors Of Partisan bankers. We
are also close upon the first OF April,
a period when the money market US.
ualiy suffers more or less derange-
ment. This Is adverse To the stock
market. After the middle OF April
funds should begin to return from
the interior and facilitate the build.
Ing mp OF local reserve. Recent la
! uidati"n and tn" establishment of
stock market values upon a much
lower level ought also TO serve 10 re.
lirve tn" monetary situation. After
"a period of rest and al Improvement
in the monetary outlook, which can
not be much longer delayed, there
should be a fair chance for a recov
cry in the market during the spring:
u provided. however, no further diSas
tiers are incurred during the interval
1t is too early Ia calculate the cf.
. feet upon general business Of the
stock market decline. Our rail-
J. roads are already starting a policy OF
retrenchment which must react upon
the iron trade and upon labor. Many
of our rich men also who are accns
toned to take the initiative will eth
or through necessity or caution fol
!, low on the same lines. With a check
+ 10 enterprise generally and a lessen
I cd demand for labor. II Is inevitable
that business will In time feel these
movements. They may o SHOW
I themselves Immediately. for much OF
the work projected must be finished
] but later on 1t need cause no sur,
! prise IL there should be a moderate
~slackening In the headlong pace at
which business has been going for
the past few years. IL such reaction
can be kept within moderate bounds
, and the country brought back grad.
ually from abnormal conditions to
those which are more normal, the re.
suit would really be beneficial, mas
much as our situation will be strong
er and sounder. This Is going to be a
critical year. IL We have another
good harvest serious reaction may be
deferred, II the harvest should not be
satisfactory. then We must look for
further contraction in all depart.
ments OF industry and finance. The
latest reports concerning winter
wheat are exceedingly favorable.
HENRY CLEwS.
81. Louis Wool.