Las Vegas optic., 1914-11-24

ton pool VIII be less ana less urgent,
1.-THE less artificial regulation there is
the better Demand and supply are
the best regulators. The blow 10 the
south is only temporary, the resour-
ices OF that section being in no sense
Icrippled, and before long arrange
Iments will undoubtedly be effected to
carry the surplus over till next year
meanwhile, the south will be stimulat-
led into still further diversification
of its crops whenever feasible. Cur
trent railroad returns are anything but
satisfactory, although by severe econ
Iomies the roads are able to a consid-
cradle extent to offset the shrinkage
in revenue Later on the results,
gross and net, should prove more sat
isfactory Clearing house returns are
lshowing smaller decreases than In
previous weeks With the resumption
of various exchanges the comparisons
are bound to be more favorable as
time progresses. Our monetary situa-
tion is decidedly better. The new re-
serve bank was launched without any
difficulty, and a sense of relief already
exists owing to the increased credit
facilities which will result under the
new system. The surplus reserve ur-
der the new system will probably
touch $1OO,OO0,OOO this week. Both
clearing house certificates and emer-
gency currency are being rapidly re-
tired. Commercial paper is in good
request, but the demand is not large
owing to the general slaekness of
trade.
Our foreign trade returns for Octo-
ber were remarkably encouraging
The total exports for the month were
$195 900, 900, or $39, 1000, 900 in excess
of September; but $76,OOO,Oo0 less than
a year ago Our imports for the
month were $13S,000,00O. or $20OO,00e
less than in September, but $5,000,000
in excess of a year ago. Hence the
excess Of exports over imports in Oc-
tober was $57,OOO,0O0, compared with
$16,OO0,000 in September; but in 1918
the excess was nearly $l39,0OO,OOo. |
Considering the shock of war and the
suspension of trade with Germany, Aus
tria and Russia, which demoralized |
foreign commerce in August, this re-
covery is highly significant and en-
couraging.
The outlook for gilt-edged and the
better grade securities is very favor
able. There is sure to be a large de-
mand for this class Of investments, |
especially bonds, short term notes,
guaranteed stocks, etc. Investors will
be obliged to discriminate owing to
the many uncertain conditions, and |
will naturally take the best, especially
when these are offered at attractive
PRICES. For months to come there |
will be huge flotations Of government |
securities abroad which will absorb |
foreign funds. At home new Issues
have been comparatively light for sew
eral months past. There are no safer
investments today than Americans,
and while purchases must be made
with careful judgment, there are many
issues available at prices which win
return good interest at once and good
profits later
AS for the war, that seems destin-
ed to continue its appalling sweep for
months to come. No signs Of exhaus-
ton are yet visible on either side.
Misery and suffering are sure to in
crease with the progress Of winter,
and SO far there seems to be no force
in sight able to cope with the mad
carnival of blood which is now drench-
ing the battlefields of Europe Amer
lean sympathy goes out freely to the
suffering in the form Of practical aid
which must be continued with patient
and increasing generosity, American
optimism is desirable, even necessary
and well-founded, but it must be
strictly on guard. 1t is our good for
tune to be free of entangling alliances.
Yet the unparalleled destruction Of
life, property and capital which is now
going on cannot be of permanent va
Iue to any nation, and the after-effects
Of this colossal catacIysm VIII be felt
for generations to come.
HENRY CLEWs.
--------------------
awv m anvN~wxauv