New-York tribune., 1900-04-30

Currency has been pouring into the money
market from the Sub-Treasury, and new Ma
tionaI bank notes have been added TO the money
supply. In consequence the money market is
enjoying a period Of ease. while foreign centres
which need gold looking toward American
shores with envious eyes. Money goes TO the
point where II is needed the most and just
present Europe is the magnet that is attracting
our gold to supply the needs of short European
markets Gold to the amount Of 100000 was
shipped to Paris last week. The movement
the significant feature Of the week in Wall
Street, II marked the beginning of the spring
outflow OF metal and reflected the influence of
monetary conditions in this country as factors
in the worlds financial situation. Currency
conditions have to do with the current
movement Of gold than have trade conditions
Indeed, the international trade situation offers
II excuse for gold exports from the United
States. There is an enormous trade balance in
favor OF this country. steadily increasing every
month and adding to credits abroad largely
in excess Of all offsets the trade account
ledger. The United States is lending money
abroad. Its credits being employed in for
eign centres. and still Europe is forced to come
into this market for gold.
Sterling exchange rates have advanced be-
cause of international money market conditions
The local supply Of bills in the exchange market
has been reduced because of the borrowing in
this market against sterling collateral at time
when the demand for remittance was active. But
the condition of the exchange market and the
gold exports involved cause for uneasi-
Gold is not going out in response to de-
mand based the selling of American invest
ments by foreign holders. or to demand
ated by an adverse trade balance. Confidence In
American financial. commercial and political
conditions is strong in foreign capitals Europe
Is buying American securities and borrowing
money here Under these conditions gold exports
bull arguments stocks. The amount Of
gold that Will leave this country this spring will
be exceeded by receipts from the Klondike alone
while the current outward movement will doubt
less be followed by return flow later on IN the
season The stock market was not materially
affected by gold export announcements. II the
public had been largely interested In speculation
the bear element might have been able to force
declines. but the public was out OF the market
while stocks in the hands of people who
thought well Of their possessions.
The market has been extremely irregular ever
since the American Steel and Wire scandal.
Speculation has fallen into the hands Of the pro-
fessional element but no large amount OF stock
has been available for speculative purposes
Raids dislodge very little long stock, and when
the shorts attempt to cover they And little stock
on the market Stock manipulators were active
last week in Sugar Refining certificates. while
legitimate operators contented themselves with
maintaining g firm grip their securities. eau
tious buyers picked up stocks all recessions
and investors remained confident and uninter-
ested in market fluctuations. Big railroad earn
ings and the general business situation in
creasing the actual value of securities. despite
bear talk and bear manipulation against market
prices Bull manipulation in the sugar and gas
securities is not significant of a legitimate bull
movement any more than bear manipulation is
an indication of investment liquidation. The
circulation OF rumors has been active, and stock
fluctuations have been based upon false reports
in the last two weeks. Ultimately stock values
viii break away from such influences and move
to a level which will measure intrinsic value.
Reduction in the price of products in the iron
and steel trade does not foreshadow depression
,n this great branch OF the countrys industries.
Nor do the scandaious stock market methods of
steel and wire Spectators indicate that the
country's industries are TO fall into ideness.
Lower prices for steel and iron products should
serve TO increase industrial activity, in many
centres the recent high quotations for iron and
steel have checked certain lines of industrial
pansion. Stock market traders who take a
broad and intelligent view of the situation out
side the Stock Exchange will find no reason for
pessinisrn over the outlook. Buying without
demonstration of the cheep and attractive rail-
road securities is feature Of the current mar
kef Cheap stocks are being bought and stored
away by interests who realize the increasing
actual worth OF these issues. Further impor-
tant developments in the railway situation are
scheduled TO take place this year. Properties in
the Southwest are likely to be affected by the
concentration of control policy before the year is
over Important market interests accumu-
lating the Southwestern securities, and ii may
pay careful operators TO watch the movements Of
these particular issues. Wabash securities are
being well bought, and developments affecting
the property suggested by the character of
present buying