New-York tribune., 1903-02-16
TIE WEEK IN WALL STREET.


- a, ,o,+bs On the other hand, the ad-
,,,o,,ss Of higher prices find sufficient incentive
:. IN. noxitinn Of the corntry's business anu
snarces 10 warrant expectations OF q p'"a"Hi
demand for securities rising lever "l va
nag In last weeks market there "e'" ~
defined indications Of improvement IN 'he pu'
lie annette for stocks especially among 'ie
outside operators. who are oacheo 10y ie
.,,o-,,.1 resources. Business was interrupted
,,v holiday. and consequence ent A0'
thar developed the first two Gays "A Inc
aa,, Was checked, but the buying movement
s -+e course of prices were, however, III q
z,-ar,,on that apparently foreshadoweo ruruneI
.xnanson in dealings and values It is genera's
believe5 that recessions In the current niei net
xz.tu he wholly the result of natural feac'ions'
s. 90 advancing quotations. and that the
strength Of underlying conditions VIII lIiii' S"O4
-asctions 10 unimportant figures
Il Sc not difficult to understand the genera
.,+1,,isn, that prevails in investment circles:
- easx business is good, and individual
-, sbov,z no signs OF receding- TRADE
.---,e.srs indicate another twelve months Oh
~,.reio, in all lines Of industry Last year
,..x,v crons mean large railroad earnings anu
nir .sporfs throughout the current year. vi"
<.sr,ou in railway traffic, caused oS iach "a
,,otize mower snd freight cars, Is all lha' &c
s.rs-t. railway earnings. but not"l1hsIaiuiiie
shie restriction earnings are heaNiel 'iAo U
80. time in ary preceding year, while there
= .-a,e4 business in sight 70 keep the ROADS
ru.v for months 20 come. An indicauoh ol
81. <ee,t that last years big crops VIII exert
-.Fx1av earnings this year is presented III
,h. Missouri Paciic's report for January SNOW
.ng q gain in gross of 1S per cent over 'he
came month in 1902. In January a year ago
earnings held rp remarkably well. despite the
disastrous crops in the Missouri Pacinc terri
,o-v gross income showing a decrease or onIy
Soo 600 from, the preceding year, and February
..-n,nes g. decrease of S11S5S4, while in March
.bere WIS an increase large enough to wipe OUT
.be loss I'm January and February Inc to'al
;, for January this year was S3lS.bf4- IN
.,a e-s+ week in February there was an IN
.-ease Of 100000 All the roads IN the SCUM
end Southwest are returning heavy gains III
xre.lIv earnings Missouri. Kansas ana IeAaS
,--aas,,- for the first week $4,000. Louisville
.n5 Nashville $4,000. and Southern ffaI"aS
ss2ooo. Big earnings this year viii oououesS
result in dividends for a number OF noh-olNi-
5an5 having issues as. for instance, Missouri
Kansas and Texas preferred. Earnings or all
railroads reporting for January show a @ tota'
-, ,,, cross of So 145.52S over January. 19o2'
-rhe, Yher,e was an increase Of Sio43o1o over
1901 In January. 1901, earnings increased
81 245 sol over January. 1900 AS large
5ncrease is taking place in operating expenses
the heavy gain in gross earnings is particularly
gratifying
The attitude of the dominant party in Con-
xress regarding currency reform legislation was
sn important influence in encouraging bull senti-
rnent in last weeks market If the Aldrich bill
becomes a law the chances of disturbance in the
local money market when funds are moving TO
the interior will he materially lessened, while
she power of money lenders 10 manipulate money
rates will he curtaied- AT the moment the
money market is enjoying period that calls for
no assistance from Congress, but It is only nee
essary To recall the disturbance in the market
last fall and the necessity at that time Of dras-
.jc relief measures by the Secretary Of the
Treasury 10 appreciate the wisdom Of making a
law that Will prevent a recurrence of such con-
dif1ons The AIdrich bill viii, If enacted into
law permit the Secretary of the Treasury to de-
rosit in national banks public money received
from al sources against which the Secretary
may accept as security United States bonds, ap-
.,roved railway bonds interest bearing obliga-
sions Of any State. legally authorized bonds
NJ any CITY Of over 100000 population that has
been IN existence as city for twenty-five years,
end which for q period of ten years preceding
sucb deposit has not defaulted in its payments
The banks will pay interest deposits at a
rate Of not less than 1ia per cent. Under the
rresent statutes depository banks cannot receive
customs payments. which must be turned into
she Treasury. while against government depos-
fts government bonds alone are required as Sc
curity.
Interests identified with the Gould shares
were active in last weeks market. Wabash
issues and Missouri Pacific being leading mar
bet features Missouri, Kansas and Texas
shares were well taken The preferred is being
accumulated Oh the expectation that 1t viii be
rIaced on a regular per cent basis this year.
earnings fusIlfying such action, as at the cur
rent rate of income the company will show
q large surplus for the common stock at the
end of the year Missouri Kansas and Texas
shares have been neglected for many years, but
Ct now begins TO look as if their day for sub
stantial Improvement were not far distant
The medium and low priced shares were bought
on the advice of conservative brokers' There
gre many good reasons why the low and me-
diun priced issues should be bought in prefer
ence to the stocks that selling many points
above par. The latter have responded to i'm
rrovenent in their actual worth TO point
shat more than measures their increased invest
,T7ent value while the market movement OF the
low and medium shares has not Yet kept pace
with the growth in their actual value and favor
n bic prospects for greater worth. Sound in
dust-ial shares paying substantial dividends
ought 10 prove attractive at prevailing prices;
also the railway stocks that are selling under
T,ar and which either pay good dividends or else
sre in position 10 join the dividend class.
The decision Of the Erie directors 10 sell bonds
for needed Improvements to the property was
used as bear argument on the Erie shares
by traders, but conservative interests bought
the Erie issues on the sensible theory that the
increase in the company's interest charges will
be more than offset by increased earnings that
Fnilo-y fbs eypen6itur7S the