New-York tribune., 1903-03-23
INDUsTRIALS.
advance

Industrial shsres. rule. have made a bet
ter showing than fine railroad issues, so far as
price decline IS concerned: hut this is not sur
prising, in view of the fact that the high mar
ket quotations Of most Industrial shares last
year were we'll under the actual worth Of the
securities There practically specula-
tIon in the industrial list as a whole last year
despite the fact that this class OF investments
developed increased intrinsic strength through
out the twelve months Improvement has con-
tinued this year and It is believed IN most
circles that e reflection of their increased
actual worth will soon be presented In the mar
ket quotations Of the sound industrial issues.
In the majority OF solid dividend paying in
dustriaI stocks listed the Stock Exchange the
return is from TO per cent. while in the bet
ter class OF railroad issues holders compelled
to be satisfied with from to per cent, and in
some instances less Business expansion in this
country ts reflected in the dividend payments on
industrial stocks and while this fact has
ceived comparatively little attention IN the
stock market it is Bile 10 believe that the
actual merit Of this class Of securities Will
eventually 1nd its proper measure in market
quotations The so-caIled new industrals rep
resent. as q rule. old securities under new
name. In the new corporations Of recent years
there is merely the consolidation Of long estab-
nshed concerns that have been brought together
purpose
cheaper cost and larger profits.
The beginning Of dividends the common
stock Of the Corn Products Company. announce
-nent o. which was made last week, furnishes
additional evidence Of the prosperity Of the
large industrial corporations Of this country.
The United States Steel Corporation has paid
Der cent on its common stock from the outset.
The American Car and Foundry Company has
paid dividend its common stock for some
time and recently the rate was raised to 4
Der cent basis Not long ago the Pressed Steel
Car Company declared extra dividend Of l
per cent for the present year on its common
stock in addition to the per cent that il had
NAen paving There is every indication that
these companies will be able TO maintain these
rates for an indefinite period. The report Of the
Pressed Steel Car Company also presents evil
oenoe Of the expansion in the countrys In
dustrfes and the improving position OF the IN
Ausfr4sy issues The gross sales Of the Pressed
Steel Car Company in 1902 amounted to S35'-
Ss3519 against S23 O32. .491 in 1901. while in the
last six months Of the year the volume Of bust
ness done was at the rate Of over $38,OoO.Nn
annually, and so far in 1903 the rate exceeds
that General expenses increased only 1OoO per
cent and general operating expenses only 700
s,er cent The American Car and Foundry Com
-,snv'a business was enormous in 1902, but the
current volume OF work is even heavier, pretty
strong indication Of the activity OF the railroads
throughout the country. Last week Tor IN
stance the American Car and Foundry Com
many received orders aggregating 12oO new
cars
4ne movement of grain in the West Is far
heavier than II at this time year ago.
while current prospects favor active shipments
fhrourhout the year. Railroads will handle an
.,o-rnous volume OF freight for months to come.
a,6 ss o consequence the chances Of payments
on non-dividend paying securities will become
visibIy brighter. There is no good reason for
rredictiors Of further material success by the
hear party as conditions responsible for the re-
rent decline in values are disappearing. While
fhe prospects encourage the expectation of a
general advance in values in the late spring and
summer market. Local monetary developments
foreshadov easier rates for loans. time funds
s+ the close of last week being offered for long
rerlods at per cent, while call money was ap-
rrecisbly easier.
EAhr.Iarvse foreign trade statement, showing
q esin in exports in value Of about $24 .O0o, 900
over the same month e year ago, and an excess
Of exports over imports in value $42,922,914,
notwithstanding the heaviest imports for any
February on record, is one Of the most encour-
aging factors in the money market situation, as
II indicates the liquidation Of all our foreign in
debtedness through our shipments CT domestic
products and manufactures. and the accumuls-
tion Of q credit balance that may force gold
from Europe to New-York At the moment for
eign exchange exhibits an advancing tendency,
but there will doubtless be an ample supply Of
bills to meet requirements. The position OF the
international exchange market is more favor
able TO this country than 1t was at this time a
yesr ago while the outlook lie decidedly i'm
proved as compared Etth the outlook at this
pex4ed ia 1902, which. according to some OBJ