New-York tribune., 1903-02-05
BONDS.
THE DAYS OPERATIONS IN STOCKS

rEF DAYS OPERATIONS IN STOCKS.
Stock market trading exhibited an expaholiis
.,,6encv ,n the volume Of dealings and an ad-
-,.rcinF level OF values. Buying orders were
-enorted for the account OF substantial market
s+.rse+s while expressions Of bull sentiment
were heard in quarters where TRANSACTIONS rep
-.ssrt the movements Of powerful capitalists
announcement regarding alliance between
s.be Rock Island and Union Pacific systems mao
M escecisl effect on values. but It gave imasl-
native traders an opportunity 10 express thel'
opinions relative TO ideas OF 'helr '""
regarding the chances Of A fight neI"eel
she Hartman and Morgan interests ana
.he Goulds People who know anything al al
sho,+ the railroad situation in this country
and the vast area Of the United States are nor
worried over the disposition of the various
,-silroads 10 enlarge their territory. as for in
s4enoe. the progress of the Gould system from
coese TO coast and Of the Rock Island from
chicago to the Pacific. From reading much
cf the current literature this subject poorly
Informed people might imagine that present
railroad growth would bring the big Western
roads 10 parallel lines few inches apart Inc
West is a huge country that is already sup
rlving more traffic than existing roads can
handle and people who imagine that the build
fnE Of Gould lines TO the Atlantic and the eX-
tension and consolidation Of other systems will
upset the railroad business in the United
States would better study their railroad maps
and then travel throughout the length and
breadth Of the land. obseT irs the miles that
separate one railway line from another and the
trrlrnense territory that still remains unopened
70 the benefits Of railway facilities
Further good buving reported in United
States Steel in yesterdays market, and holders
who were induced by the advance TO sell found
ready purchasers. The speculative position Of
Steel common is favorable for a considerable
advance while the actual position Of the trade
ought naturally to make this issue attractive
81 its current level Reports from iron and
.reel circles encourage confidence in further
business expansion in this country. Iron is the
barometer OF trade. There is sign in this
trustworthy indicator that q setback in bust
ness prosperity Is near at hand while there is
ample evidence that industrial activity will con-
rinlle for a long time ia come. The demand for
structural material is enormous, evidence of
Y E1ich may be gathered in the buildings under
way and in the plans for new buildings in this
and other cities The United States Steel Cor
Forstfon earned S132G62617 net in 1902. and
after paying dividends of S56ee1o9o il had
cash surplus Of S33 81. go an extraordinary
record. that viii. however. from current indica-
tions. be exceeded I'm 1908. 1t is not surprising
she cheap prices at which they are selling. In
addition 10 Steel common activity reported
IN Anlalgarnated Copper, Atchison. st. Paul the
Erie issues Missouri Pacific. Ontario and West
ern Pennsylvania, Reading, Rock Island, South
ern Railway. Tnicn Pacific and United States
Leather. Erie second preferred gained ? points;
Reading. Ia points: St Louis and San Fran
cisco. point. Anaconda. 2Si points. and Chi
csEo Great Western stock. 12s points Else
where final gains were generally fractional
q Call money ruled at "a per cent. while sterling
exchange vas again strong. demand closing at
zs704s7lk
According 10 the official figures Of the Treas
rry Department, the amount Of money in circu-
1stion in this country increased I'm January
s. 7.933. while total circulation for the twelve
months ended January 81 showed a gain of S9J.-
1S7.125. This increase, which was made de
rpte the absorptions Of money from the chan
Iles Of trade by the Sub-Treasury system was
Que in great part n new gold production in our
own and the Klondike mines gold holdings ex-
randing upward Of S50Ooo0o0 The gain in
general circulation Of money in the world in
the current year viii he extensive owing 10
the expected larger output Of the South African
mines and 70 normal increase in the produc-
iion of the United States. the Klondike and
Australia II South Africa returns III 1863 TO
the normal output before the recent war, and
al ~ her sources produce more than they did
III tho last wear. the gain for 1903 1902
.,fl 30 upward Of S52.060000 There is a strong
argument for strength in investment securities
sn the remarkably favorable productive capacity
of tho gold mines Of the world ia the steady
addition 20 the worlds visible wealth through
tho product Of the mines and in the encourag-
ing promises Tor a growing output in the years
t. come.
RUsiness growth is keeping pace with the in
crease in gold: indeed. the complaint is heard
1l1at The expansion Of business has far be
Hond the Increase in money. This argument
,voui3 carry less influence in this country II
= system adopted by which elastic
currency ould result. and 10y y hich the Treas
,ITy would not have the power to lock up money
;n its vaults that could be profitably employed
ln the channels II trade. Increasing gold sup
plies mean euisTging credit. and credit is the
backbone e our business prosperity In 1881
the total gold production Of the world amounted
70 Sl02 sS3 49,: IN 1896. 500. .99s. .626: in 1899
the banner year. S3I4. $50, ,233 and in 1902 s304-
$50. .s62 In 1899 the Kaf1r mines were heavy
producers, while in 1902 the efect Of the Boer
r-sr was still a factor in restricting the output
Gold production in the United States last year
amounted TO $50 s53 070 against SIS. .66s. 200 In
1901. -