The Washington times., 1903-02-08
BUSINESS SOUHDNESS
GENERALLY INDICATED
Reflected in Iron and Steel
Trade Reports,
PROSPERITY SEEMS STABLE
Railroad Statements Show Healthy
Activity IN All
Lines

NEW YORK. Feb. There we're many
reports this week that reflect The sound
ness Of general business conditions. but
probably the must gratifying one was
that respecting the condition of The iron
and steel trade. This Industry Is stiu
considered the index OF The business sill
Uation, and when it was known that II
vas Hourishing, announcements Of pleas
ing conditions from the United States
Steel Corporation directors and the re
markabIe statements Of earnings Joy
companies outside the trust constituted
conclusive evidence that proscribes
doubt even among tae Pessi1nisticalIy in
cIfned
With the increase of fully 80 per cent
IN the net earnings Of the Pressed Steel
Car Company for last year. a fact noted
heretofore, comes the announcement
that the net gain Of the Republic Iron
and Steel Company for the last six
months OF the year was also 50 per cent.
while for the quarter ending in Novera-
Der the net earnings of the American
Car and Foundry Company show an aug
menJation of 50 per cent. Imports OF
iron and steel, which reached record
breaking figures n December, have con
tinued heavy; there is no sIackening Of
the demand. caused chiefly by the i'm
mense amount of building and other
structural work in progress, and al least
several months more of great activity
IN this important department Of traia
are assured
General Commerce Active.
The weeks reports OF railway earnings
continue to reflect the activity of gener-
a. commerce, though the showing for the
last week is a little more mixed than
usual. The decrease in net shown bl
the Pennsylvania statement. caused by
enormously heavy operating expenses, Is
another striking illustration of the fact
that an adjustment Of gross and net in
come has not yet been rea-<sI. DESPITE
the increase in freight rates. and thia
problem promises TO be an important
one in railway management for gome
time to come
Another railway statement that a+-
tTacted attention was that OF the New
y
ed an increase of Ss3s. GOO, OF 1914 oer
cent over the same month Of 1902. This
extraordinary gain Is in the face OF a
large increase in January last year over
the first month OF 1901
In consOpapce with the business &C
tiyity Wall Street this week began 10
show some animation after a month OF
exceeding quietude. There has been a
marked tendency toward q broadening
market. and as might be expected on
account OF the favorable conditions. the
trend OF prices has been upward The
increased activity, however, has the ap-
pearance Of being fathered by pools and
professional operators, commission
houses reporting continued lack Of
interest IN the market On the part Of
the speculative public
The time seems propitfous for ad-
yenCing securities that are not already
on high level. but no extensive specu-
iation Is anticipated.
Bull markets always start with pro
fessional activity, and whether prices
viii be advanced in this Instance TO a
point where an outside" following will
be secured remains to be seen.
Quiet Week in Wall Street.
as for the weeks news. 1t was con
strued favorabIy by the street. and the
few digquIet5ug DEVELOPMENTS we're
apparently ignored. Interest centered
largely in the reports OF the traffic or
trackage agreement between the Rock
Island and the Union Pacific and South
erH Pacifs. While the rumors may
have exaggerated the Importance Of the
deal" tae view vas taken. even IN
conservative quarters. that the agree
ment is an Indication that q policy that
makes Tor friendship instead OF warfare
among large railroad interests is be
coming more prevalent.
Wall Street in general refuses 10 be /
ueve that this country viii become in
volved in serious trouble 1ver the
Venezuelan matter.
The passage by the Senate Of The bill
prohibiting 5iscriminat- on in freight !
rates was also received with IistIessness- !
Bur while the favorable developments /
greatly outnumbered the factors that
might cause apprehension, the opera tors
for an advance proceeded cautiously. /
and further hesitancy was revealed Ey
roday's market
The money market situation seems to {
be 50 secure from anything like string /
ency that the prospect Of an unfzvorabIe !
statement tomorrow has caused little .
concern. though il was used as q bear
card today, February S. prOveFbiaTv +
q month CT poor bank statements as
January Is q month Of good" ones.
Not only do the banks usually lose %
the Eubtreasury. as they have lone this
week, oIt large expansion in loans
nearly always takes place IN this month, .
with q consequent decrease in surplus
Money market conditions may BECOME
an influence against stock romnaitrDe ugs
this month. but fl Is hardly probable.
as the banks are in. q strong position
through the heavy cash receipts o. last
month
EMFpTCAE DpTCEc m TosTDc1r