The Birmingham age-herald., 1903-03-08
They are therefore much stronger thai their official statements indicate.

They are therefore much stronger than their official statements indicate.
 The Stock Market.
 It is not unusual for the stock market to drag during the last half of February and the. frat half of March. in fact often times well along through the month of March. It Is noted that a buying impulse usually seizes upon investors about the time the landscape begins to turn green. Old Uncle "Dan'f' Drew urgently advised against selling stocks when the sap runs up the trees. Traders in stocks who oper- ate on the almanac have coined a phrase and made 1t a part of their philosophy to buy the market on scenery" during the months of April, May and June. On the-Chieage board of trade and other ex- changes, the professionals sell short in the spring and early summer on scene ry' It Is then that the farmers begin to see the new crops come out of the ground ard nature is full of promise It is at its very brightest. There is no req son to believe that this year will be an exception. to the rule. Broad foundations for a bull market in stocks have been building. Industrial and commercial &C., tivity is at high pressure. Railroads are clogged with tonnage and their earnings are phenomenal. They are making enough to pay their men the best wages ever enjoyed.
 The highest statistical authority in the United States. the Bureau of Statistics of the treasury department, estimates that the domestic commerce of the United States amounts to SEQ, ,000 0OO.000 year It is quite safe to go on the assumption that In good times there is 10 per cent profit on the volume of active business Fixed investments pay to per cent It Is no uncommon thing for manufac- turing establishments to earn 20 per cent and better on the volume of business The net results are, of course, less on the aggregate of mercantile business. but, as above stated, the average may be put down at least 10 per cent
 It will appear therefore, that of late years domestic commerce and industries have increased our national wealth $2000- OOOOO0 a year, to which, Of course, must be added the natural and inevitable in, crease in values of all manner of proper. ties, There is no available data showing what this amounts to. In the case of railroads, best authorities have fixed an annual growth from decade to decade at 2E to 1 per cent.
 That Are Overlooked.
 These are facts which are overlooked entirely by market reporters, financial writers and others who are just now making great ado about the increase in capitalization of corporations In a halt frightened way they dwell much on the fact that within the last eighteen months bonds have been issued against establish ed railroad and industria; properties to the amount of nearly S7O0,0 00000D This in- crease represents In reality only part of the normal and legitimate enhance ment in the values of the properties on which the obligations rest In practically nNF fR.aA 41.
 the bond issues have gone back into the property in extensions and bottermcnts The railroads and manufacturers are obliged to keep mp with the times and to do so they are compelled to spenl money, just as a merchant or hotel keep CT has to do. The money invested ln new bond and stock issues is only a fractl ,r of the income of the people. They can not put all their increasing wealth into houses. lots, fine clothes. rich furniture and travelling. and they have to look around for investment. Some of their money goes into insurance ard some into stocks and bonds. The stock market does not probably get an unfair propor- tfonate amount of the whole.
 Iron Mountain Bond Issue.
 Wall street is much interested in the Iron Mountain bond issue of $50, GOO, ,00O following, as 1t does, sharply on the heels of Western Maryland bond deal for an equal amount. Both of these are Gould properties. The Gould party has been ar enormous expense during the last few months in developing and carrying out projects in connection with the invasion of the eastern trunk line field and also in extensions in the southwest. It is the understanding the funds for these cam paigns came originally from George J. Gould and his immediate family and from John D. Rockefeller. The surinise. Is that these bond issues are primarily to reimburse the capitalists for their per sonal outlays. the remainder to go to the completion of the plans under way.
 A large part of the $7000O 900 left by Jay Gould to his heirs was made by that as- tute financier by running his properties in debt and exchanging their discredited obligations for bonds at low valuation This device became a fixed family policy and has been put in operation a number of times with signal success since the de- mise of the elder Gould. The Goulds now find themselves in quite as much danger in the rear as in the front The consoli- dation of the Rock Island and Frisco systems. and the known friendIlness of the Atchison to the new railroad glants virtually puts Missouri Pacific and other Gould-Rockefeller lines "in a hole" IT, the event of a railroad war in that part of the country, the Gould properties would be at a decided disadvantage Hence the necessity for extraordinary et- forts by Messrs. Gould and Rockefeller along defensive lines
 Cotton and Grain.
 The powers of the street are arrayed against bull movements in cotton and grain. determined drive fs being made at Daniel J. Sully. who leaped into prom thence as the organizer and leader of a deal in cotton. His loans have been cali. ed relentlessly, and the country is being circularized with view to discredit him The alleged unsoundness of his proposi- tion is being pointed out and people are being advised that the markets of the old world are not responding to the bull movement here while on the other hand deliveries are increasing with great rap idity and stocks getting unwieidy. It Is also remarked with emphasis that the money market is against high prices for cotton, and that. therefore, Sully and