The Birmingham age-herald., 1903-01-18

five months ahead. There is no unreality about this fact The balances are con crete and it takes something of real value to meet them. During the last seven years the old world has paid over S. 00O.- 000,O00 in settlement of trade balances with the United States. These differences have mainly been paid in stocks and other securities held abroad Supplies of this kind of property have now run very low on the other side, and what remains is in the strong boxes of wealthy investors and will not come out. Some other way must be found to llquidate. Our foreign indebtedness will very soon be wiped out. CT all signs are at fault. Conditions will then be changed and Europe will become in stern reality our de ebtor instead of fussy creditor, nervous over every little change in conditions here and querulous lest American prosperity be on the wane.
 Building Outlook.
 Officials of the steel trust. which is the chief producer of material needed in the construction of sky-scrapers, say that the building outlook for 1903 is very encouraging The prospect is for a great production of structural iron and plates larger than last year. although in two or three cities building will be less than in 1902. This is probably the case in New York where construction has been going on for the last four years at terrific rate and now gives signs of abate- ment, although not serious. It Is simply a case of the supply having measureably overtaken requirements The population of Manhattan is increasing at won derful ratio, however, and activities in the building line cannot halt for long. The erection of high class buildings is proceeding vigorously in almost every inn Orfa 1t off fv in fho season of 1903 promises to be the largest in aggregate on record
 Stock Conditions Brilliant.
 Stock market conditions are unques- tionably bullish and the trend of values Is upward. The bull leaders and ,.ieir fol- lowers are welded to the theory that be- fore the movement reaches its zenith a new record for prices will be established on practically the entire list This pro- phesy applies to railroads. Industrials are not being so strongly urged upon inves- tors and specula tors. The water is not entirely squeezed out of some of the in- dustrial capitalizations, and for that and other reasons they are not in high favor with the rank and file of Wall street speculators, although why Wall street should turn against stocks because they happen to have water in them is not en-
 
 Pauses and reactions occur In every bull movement and the one now on Is not expected to be an exception to the rule. The underwriters and syndicates went into the campaign with big load on. It is natural they should tighten their bur dens on the way up. Sales from that quarter have been in evidence during the last week which accounts for the re- action from the high range established ten days ago on the rally which began three weeks earlier. Important moves in the railroad world are developing. Consol- idations and alliances are being formed between great carrying systems, and every step taken tends to the one point of raising and maintaining rates. This pol icy contributes at every point to the in- crease in railroad revenue and consequent ly to the enhancement of securities values based thereon. The monetary. situation is relaxing right along, and for reasons referred to in a preceding paragraph, Europe is becoming less and less a mem ace or disturbing feature in our finance.