New-York tribune., 1901-04-01

The industrial shares have not enjoyed the
Improvement 10 which they are entitled, hut cur
rent indications apparently foreshadowed higher
prices for all the many attractive securities OF
rbis eroup The prejudice against industrial
stocks is passing away, because their investment
values are beginning 70 be recognized and be
!, cause investors realize that sound industrial
selling under par and returning from 10 10
per cent is more attractive than and per
cent railroad stocks selling on basis that re-
turns from 81 10 per cent A point in favor
IF the Industrial shares as good purchases Is
the tendency among money lenders 10 accept
sndustrial securities as collateral on more even
basis with the railroads. Many good ndCstrials
are selling well under their actual worth, and II
Is therefore res sonable 10 expect material ad-
vance before the general market reaches the
ton. Current indications do not point 20 I'm
mediate elimination Of the huh movement. In
vestnent buying is the leading feature Of pres
ont transactions. a reflection of which was seen
last week in the movements Of the high priced
dividend paying issues, such as Lackawanna,
Chicago and Northwestern, Delaware and Hud-
son and Burlington. The supply Of capital avail
able for speculative and investment purposes is
not yet exhausted, and the chances are that
money will seek active employ ment in securities
operations for a long time 10 come. Reactions
took place last week, and much rreEularity pre-
walled but on an reCessions a good demand de-
veleped and declines Of one point were gener-
sny followed by advances Of TWO. Bear. trad
ers admit that under present conditions ma
terial decline is improbable, and that their only
hope Of success lies in the possibility Of some
adverse Development affecting the factors gov
erning the intrinsic worth Of investments De
spite the advance that has taken place In values
the market is not I'm a weak technical condition.
Money market conditions received considerable
attention last week. but no uneasiness Geyel-
oped. Rates for cali money were a tTthe hrmer,
and sterling exchange advanced 70 a point at
which one institution found Il possible to ship
small amount % gold 10 Europe Gold exports
have ceased 10 alarm t@ thinking part Of
Wall Street but they continue TO scare opera
tors who fail 70 appreciate the actual signih-
rance Of the movement. The United States is
well able 10 spare gold. and with low rates for
money here and advancing discounts abroad
shipments Of the precious metal are logical re-
rults OF the international money market situa-
Son. Money goes 20 that centre where rates
ire the most attractive. and II any large amount
- gold should leave this port the movement
would be checked by an advance in local money
rates The United States is not hard up for
gold or any other kind Of money. The National
Treasury holds more gold than ever before re-
of any other country. The amount Of money in
circulation is larger than at any preceding time
in the history of this country. and SlS000000O
heavier than al this time a year ago. Gold pro-
duction IN the Western mines and in the Klon-
dixie is increasing the country's credits abroad
are growing. and individual wealth at home is
expanding rapidly. Higher rates for money need
not necessarily check the present tendency of
securities prices, while gold exports should not
be considered by holders OF stocks, bull
arguments.
The period OF big deals is not over. Advancing
values in Burlington and Northern Pacific fore
shadow successful negotiations for the control OF
the Burlington by the Northern Pacific-Great
Northern interests. Buying OF the Southwestern
shares is for the account Of people who know
that big developments are pending in the railroad
situation In Texas and neighboring States 4
deal IL on involving Mexican Central and one or
more Of the big Southwestern companies. The
extension OF the community Of control scheme
has not run It's course. and until IL does the