New-York tribune., 1903-02-09
rrF WEEK IN WALL STREET.

-h.-e -as no important increase IN the volume
,f trading for so-called public account Many
well known Wall Street interests were acuVe on
-,n buu side of the market. Conditions were
bic 70 bull speculation ana on seVelal
aavs the market appeared 10 be under the IN
-zuence Of the development OF g rnidwinter ooorn-
dealings increased with rising prices, whlie con-
--artion was noted on all reactions Inc result
Of the trading. however. was not sallsIacloIS IL
The advocates OF higher prices, as the enorls Ior
g rise failed 10 attract a permanent outsloe Iol-
1ovyine while they were not enectlNe III oeNei-
,ning the buoyancy that should accompany
senuine bull speculation There was. however.
announcement in the increase IN oeaanss over
The preceding week and in the absence OF heui-
5a+5o, following bear pressure. Confidence was
,o+ shaken IN ,ae belief that values would sell
higher on 4 big public demand for securities oe-
-o-e materially lower quotations could De re-
corded and predictions were freely maoe that
-be low and medium priced issues would be ac-
1--WE features in the course Of the next SIX
months.
The class Of stocks Just named are doubtless
held bv people who are confident that the prog
-ess OF industrial prosperity in this country VIII
add enough intrinsic value TO these securities to
Mace them in q solid investment class at no re-
mote period Many Of the low and medium
-,riced shares are already substantial invest
-nents especially IN the Industrial list. where
assured dividend payers may be purchased al
,orices that return from 10 10 per cent on the
snvestment There is q growing interest In the
Tinted States Steel Corporation shares and 1t is
cutie probable that both the common ano pre-
se-red VIII move materially higher in the cur
.-sn+ year The speculative position Of Steel
common is favorable for an important advance,
while the actual position of the trade ought
naturally 10 make this issue attractive at us
present level. Reports from iron and steel cir
rles encourage confidence in further business
EXPANSION in this country, the iron and steel
market being the barometer Of trade. The de-
-1oapd for structural material is enormous. evil
cence Of which may be gathered il the buildings
under way and in the plans for new buildings in
this and other cities. The United States Steel
sorporatior earned S1S2 662,617 net in 1902. and
efter paying dividends Of S56,Oe0OOO IL had
cash surplus Of S33 S41, ,565 extraordinary
vecord that viii, however, from current fnoi-
cations be exceeded in 1903. It is estimated
that by April untitled orders on the company's
books viii aggregate 100000 tons An OIL
cial statement issued a few days ago showed
untitled orders of 5509o00 tons. II the orders
continue 70 come in as they ere -orning now the
entire production OF the corporation for 1903
viii be sold within few months. An interest
sns comparison made with the situation on No
-enlber / 1901. shows al that time untitled or
Sers amounting 20 2.S31690 tons Practically
there has been an increase every monte since
then. Or November / 1902, the amount Of un-
filed orders was 4.96S.000 tons If on April l
such orders amount 100000 tons, it will
show an increase Of 10 per cent. compared
with November I. 1901
Money market conditions being closely
watched by leading market interests, and the
attitude Of the banks on the time money market
may account in part for the waiting position OF
stock market business. While call money is
freely offered there is no disposition TO place
time funds with commission houses, and
consequence II is assumed that the banks know
If large future requirements that suggest the
keeping Of their funds we'll in hand. The de-
5nand for funds this spring for legitimate bust
ness purposes win doubtless be heavy, while the
hanks VIII lose funds retirement OF circula-
rion and on z demand from the trust companies
shat enjoy Clearing House privileges for cash 10
increase their reserves to meet the new re-
auirenents Of the Clearing House Association.
II is estimated that the aggregate increase in
reserve held by the trust companies viii amount
20 S19270.000 In the last week loans Of the
Associated Banks increased S20,447, 800. a gain
that could not be traced 10 stock market opera
5ions and which must, therefore, be placed in
part to the account Of large corporate under
sakings. Fortunately. there is z large amount
rf money in this country, and there is no occa-
zion for apprehension over strength in the for
eign exchange market Sterling rates are now
within Z fraction Of the gold export point, but
no extensive outward movement Of the precious
metal is looked for, owing to the country's rap
sdly growing export trade. Exports OF grain
last week amounted for wheat, in bushels, to
3 965 9I6 contrasted with I 500 457 in the same
week last year: since July !, 152.565,538, COM
pared with 170146643 in the corresponding
Period in 1902.
According TO the official figures Of the Treas
Try Department, the amount Of money in cir
rulation in this country increased in January
S7037 933 while total circulation for the twelve
months ended January showed q gain Of S95.-
5s7.125. This increase. which was made despite
sbsorptions Of money from the channels cf
trade by the SUb-Treasury system, was due in
great part TO new gold production in our own
and the Klondike mines. gold holdings expand
3ng upward OF S7o000o00 The gain in general
circulation of money in the world in the current
year VIII be extensive, owing 10 the expected
larger output Of the South African mines and 70
q normal increase in the production OF the
United States, the Klondike and Australia. If
South Africa returns ir 1908 TO the normal out
put before the recent war. and all other sources
produce no more than they did in the last year,
1he gain for 1903 over 1902 viii be upward Of
SD 005f60. in 1881 the total gold production OF
the world amounted 10 S102, $50. .135; in 1896,
SOP 99S 626; in 1899. the banner year, S3I4-
e30233. and in 1892 S304,5s9, ,s62. In 1899 the
Kaf7r mines were heavy producers. while in
1862 the effect Of the Boer still q factor
IN restricting the output. Gold production in the
United States last year amounted TO $50 1858 070
AGAINST SIS CSC 100 in 1901 The course Of gold
production throughout the world furnishes q
good argument for confidence in investments.
Railroad earnings continue to show enormous