The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-03

tected" ndustrics that whatever il finally
undertaken in these matters by the leaders
Of the political party now in power will be
helpful rather than hurtful in the long
run 10 the true interests Of the corporations
which they concern. Stoppage of railroad
freight rebates and Of the abuses of the
private car line and private terminal owner
sup business would cause no regret among
the best people ia the railway world Every
thing fayors the probability that money
will remain very cheap Low rates for
the use Of money here will naturally en-
courage gold exports. and they have al
ready done 80: but we have imported
this year more gold than has ever been
brought into our country. our exports
being only greater than our imports by
about s2j, 900. and these including tho
abnormal remittance TO Paris for the
Panama Canal payment The gold sent
abroad has been sent To quarters Of the
world where it did signal service. and had
il not been sent the borrowing for Russia
and Japan growing out OF their warlike
necessities would have produced financial
trouble abroad from which our own market
would not have been spared. Here again
the increased production Of gold becomes OF
moment In London experts on the sub
ject look for a gold yield from the Rand
in the present year Of slOo. 10000. against
sso,oOo,Oo0 in 1904 and $50 900 in 1903
With money holding at between 3 and
per cent, or maybe even below per cent
for long periods, there is mighty i'm
pulse pushing up the price Of good stocks
that pay n larger dividend return than
can he obtained from lending funds in
the open market.
SO. too no one can deny that the
general business prospect is brilliant
Our railroad companies are continuing
the work OF vast improvements. finding
1t easy to raise money for the pur-
pose by selling bonds or issuing stock.
and this work must stimulate the activity
OF industrial establishments and result so
far az regards the railroads themselves.
in more economical and profitable con-
duct of their business Data with which
every one ia now familiar indicate that the
trade year in the iron and steel business
will he very prosperous No one can tell
at this time about the years harvests. but
there Is small reason for thinking that fair
crops will not be gathered. Labor troubles
seem to be practically absent and in our
own Guy a HOoI NtttI IN lOOht'A
for in the building trade Banking opinion
Of high order ia that the armed contest in
Asia, now only partially carried on because
Of the winter season il nearing its close.
The extreme fall in cotton prices. which
has no doubt brought confusion in the
South hut has brought compensations else
where finds the southern planters rich as
the result OF the money received by them
for their crops in the last two seasons.
and has now reached a level which. as
being below the cost Of cotton production.
can hardly be permanent Some method
must be devised Of either diminishing the
Government expenses or increasing the
Governments revenue. In order 20 repair
the Treasury deficit that is now slowly
and steadily increasing hut 1t may he
assumed that this method will be found.
In the stock market. while spectators
may from time 10 time call down punish
ment upon themselves by reckless opera
tions for tho rise. il Is still very clear that
genuine owners OF securities are not dis-
posed to sell them and that possessors OF
idle funds earning the pittance that trust
company allows for deposits are more and
more disposed to buy securities Of es,ab-
lished merit or those whose promise for
the future - fair.