New-York tribune., 1900-04-17
Sex dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Marked weakness developed in Yesterdays
stock market. Led by sharp declines in the
steel stocks. the whole list. with few exceptions
worked toward lower level. and at the close
losses of lG3 per cent were common. while in
a number of issues net declines were even
heavier. The steel stocks acted as a weight
upon the market Insiders I'm American Steel and
Wire were thought to he active sellers, the
movement of this stock rejecting acute manipu-
sation, in the course of which heavy losses were
suffered by frightened commission house traders
The steel stocks are generally bought at the bot
tom by the insiders and sold to the public at
the top. It LOOKS if the bottom would be
around the current level. The break in Ameri-
can Steel and Wire followed by sharp de-
clines in Federal Steel and the rest of the steel
and industrial stocks in general
In the early dealings the railroad stocks were
not materially affected by the weakness in the
industrials. but in the afternoon they too de-
clined. bear traders searching out stop loss
ders and succeeding in forcing considerable
amount of commission house liquidation. Mis-
souri, Pacific and other Southwestern stocks
Wabash preferred and Norfolk and Western
common strong features. The Reading
stocks Pacific Mail and the traction group were
all decidedly weak. The decline not due to
developments outside the Stock Exchange. Con-
ditions governing actual values were encourag
ing and favorable to higher prices Money
market rates were easy and sterling exchange
did not foreshadow immediate good exports
Stocks sold not taken by weak holders, all
offerings finding lodgment in the hands Of rich
individual and corporate interests. The reaction
improved the prospects of higher quotations
Manipulation by a set of gamblers the chief
cause Of the days decline.
The strength and wealth of the country are
adequately reflected in the statement of foreign
commerce for March. People who not con-
WINGED that the United States is becoming the
leading financial and commercial power in the
world will do well to read the figures of the
country's exports and imports for the last
month and for the fiscal year to March 81. Ex-
ports in March We're larger than In any preced-
ing March on record, and for the eight months
of the year the total exceeded all past figures
for any corresponding time. In December. 1893,
exports were larger than in March, 1900 but
with this exception month ever produced
such an astonishing record as the month under
review The total exports for March in
value S134313,34S, and for the fiscal year to
March 81 81, ,053. .S32.675. against S947 919 405 in
the same time last year. This is increase OF
53 per cent since 1896 Imports were also heavy,
and with few exceptions larger than be
fore recorded. For the month the total value of
imports SS6.442, III. and in consequence
the trade balance in favor of this country was
S47,s71.171. For the eight months OF the fiscal
year the excess Of exports has been In value
E412 196115
There is better indication OF a country's
growth and prosperity than a favorable condi-
ton of foreign trade. Investors should find rea-
son for much satisfaction In the current posi-
tion of this country's trade, for big exports and
big imports are brought about by the conditions
that support the intrinsic worth of securities
In view of the conditions that surround the
value of investments. speculator's decline in
stocks such noted yesterday, sinks into
fnsgniicance Stocks a good purchase
Small margins may prove disastrous, and the
volatile industrials may carry heavy losses for
the outsiders, but in the end stocks will doubt
less work TO a higher level Investors are not
selling securities. and the big financial interests
buying on all declines. 1t is quite likely
that London viii be an active buyer in the
local market to-day. yesterdays decline has
left good stocks at attractive level The
London Exchange closed yesterday