New-York tribune., 1900-03-15
BONDS.
THE DAYS OPERATIONS IN STOCKS

Lower prices were made by the greater num-
ber Of stocks in yesterdays market. The final
passage Of the Currency bill did not affect the
course Of values. did various other favorable
developments such the report of foreign COM
fnerce for February, lead TO any public demand
for stocks induce traders to work for higher
quotations. Speculation inactive except in
q few of the leading speculative favorites Price
fluctuations were generally confined to fractions
some Of the ndustrials and the traction issues
supplying the only important instances Of price
xhctivity. 1t is said in Wall Street that the Cur
rency bill has been discounted as a market
factor, but examination of the course of values
in the last few weeks shows that the discount
ing process has been of insignificant proper
zion: in fact the market has moved as if the
effect Of the bill is bear rather than bull
factor. Expected developments generally
discounted in Wall Street, but an exception must
be claimed for the financial measure. Wall
Street exclusive of the professional traders and
their followers victims in commission houses.
has been at sea regarding the probable effect
OF currency legislation by Congress upon the
money market, and in consequence the
servative part of Wall Street, which includes
scme OF the best financial heads in the country,
has refrained from market operations pending
the time when the influence Of the new law be-
comes known. The Currency bill will find its
place as a market factor in proper season. so
Elso will railway earnings and the increasing
actual value Of securities. Traders apparently
knew month ago all about the effect the Cur
eency law would have upon the money market,
hut yesterday they sold stocks because they
allied that period of money market frmness
Wright develop before the benefits Of the Cur
fencY law could take effect.
A large volume of foreign trade, with exports
And imports both heavy, but with exports
teeding imports. indicates prosperous condi-
zion Of affairs for the country that is the credi
tor nation. The United States has been making
wonderful exhibits of foreign commerce for
several years, and the record of each month
has exceeded that Of the corresponding month
sn preceding years, until big increase in both
exports and imports has become feature that
Wall Street accepts without enthusiasm
comment But the record for February, the fig
nres of which We're received yesterday. ought
70 make impression upon the pessimists who
believe that prosperity is waning. The total
value of exports in February S119,165. 1852
against 500. .S31, ,1J1 in February, 1899 making
the biggest total for any February in the history
of the country. And with the exception of the
last three months of 1899 the record was heavier
than in any one month last year While i'm
ports increased more than So, 600, ,O00 compared
with year ago. the total excess of exports over
imports amounted in value S5099l 612
against an excess in 1899 of S33 699 For
the eight months Of the fiscal year imports have
Increased in value S127. .S67. .7S4 and exports
E76. .439 $40, while in the same time the excess
of exports has been 1854 SO3 400 The gain in
she export of manufacturers for February. 1900
over February 1899 was over S13.0O0,O00.