New-York tribune., 1901-01-16
BONDS.
THE DAYS OPERATIONS IN STOCKS,


Stock market trading suffered further con-
traction in the volume OF business in yester-
DAVIS speculation There was q noticeable de-
crease in commission house dealings and
marked increase in bear sentiment. In the alb
sence of supporting orders heavy public buy
ing traders attacked the list soon after the
opening and although there was little impor-
tant liquidation, a considerable amount Of long
stock came on the market. The steel stocks
were weak under the lead of Federal Steel.
which sold off the false report that the di-
rectors would not declare dividend on the
common stock. After the close Of business 1t
was announced that 3 per cent for the last
wear had been declared, and that this amount
would be paid in a lump sum on February 70
Indications of the large profits made by the in
dustrial companies in 1900 were presented in
the dividend declarations of the Federal Steel
corpany and Of the American Tin Plate Com
pany the latter named announcing q payment
of per cent on the common stock out of the
earnings Of 1900. The National Tube directors
also declared the regular quarterly dividend on
their common stock. The industrial companies
have not enjoyed bull activity in the current
market but It is thought that they will share
in the Improvement before a general decline sets
in. If Mr.. Morgan succeeds in securing Mr.
Carnegie's holdings in the Carnegie Steel Com
quickly.
Exports OF merchandise in December were
heavier than in any other month In the year.
save October, and they furnished the second best
record for all months ever known. In value
total exports were S145, ,994 6O6. the excess over
imports being ST 394 997, against 1874, 100 in
the same month in 1899. For the year ended
December 81 exports amounted in value to ST.
47S.050, ,S54 and imports 20 SS29,052,116. making
N On- M
S2,O74, .5S1 in the preceding year The excess
Of exports over imports amounted to S648,99S,-
TBS, against which there offset of S12,
COS 402 net gold imports, which. however.
overshadowed by net silver exports Of S26,4 ,461.-
no. The complete figures Of foreign commerce
for December and for the last year are printed
elsewhere this page, and they deserve the
careful study Of every person who is interested
IN the growth and prosperity Of the United
States. Foreign trade reflects the industrial ac-
tivity and wealth OF a nation. From debtor
nation the United States has advanced to the
position of creditor nation, and from g. total
of exports in value of 4,375.726 fifty years
ago the country has become the greatest export
ing nation IN the world, with record for the
last year Of the nineteenth century Of S1.41S,
o5O,S54. People who tremble when gold exports
are mentioned ought to take q course of in
struction in foreign trade statistics.
A sharp decline in sterling exchange yester-
day LED to the belief in some quarters that the
necessity for sending gold abroad had disap-
peared. Bankers demand bills declined to
4S716, against 4S712 Monday, while a
large increase in the supply Of commercial bills
was reported. The sterling exchange market
was not a factor in the days trading in stocks;
indeed, outside influences were not effective in
controlling the course Of values. The news Of
the day was favorable. but professional traders
and bear nanipulators had the upper hand in
speculation and. as a consequence. prices were
disappointing 10 the enthusiasts who believe
that stock quotations must advance without in
terruption. The Erie issues supplied notable
exceptions to the downward tendency. while
the local fractions and some Of the Southwestern
shares were also firm, with small net advances
at the close. The break in Federal Steel de-
naoralized the whole market in the afternoon,
and last prices were generally at the lowest of
the day.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDS.-Market closed 4 per
cent lower for the 2s. Final quotations follow