The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1910-03-17
TAKING PROFITS
WEA * [: MARKET.
Much Selling at the Top Prices
Laid the Foundation
4 VI Early

New York. March 1.-THE stock
..larket reelected the further techni-
cal course OF the speculation yester-
day without much. regard to news
factors. The clear underlying ex-
planation for the markets weakness
10 the disposition to take profits ON
the extent Of the recovery which has
been achieved from the low levels Of
last month. The shrewd suspicion
that the most powerful speculative
forces had sold heavily at the high
levels last week had withdrawn their
benevolent control of the market and
were not averse even to see prices
recede again to AFFORD opportunity to-
rnew their holdings to advantage was
harbored In the minds Of the profess
stonal element; which helped on the
decline and followed up the selling.
The bulk Of the days sales was
ascribed to sources outside of New
York city, mostly western speculative
centers, more especially those where
the steel industry is active. Greater
confidence was protested about the
stock exchange In the prospects Of
settlement Of labor troubles, but the
outside selling seemed to be prompted
partly by uneasfness over the ulti-
mate outcome OF the wage controver-
sizes which are so numerous In the
railroad world! Railroad officials, so
far as quoted, expressed the belief; that
agreements will be reached with the
employees under the mediation Of the
government authorities, az was done
In the Baltimore & Ohio dispute. The
quoted opinions of the labor leaders
were not so sanguine. Less attention
was paid to the failure of the latest
attempt to settle the Philadelphia
traction strike and to the movement
to extend the strike to the city's
limits.
Yesterdays sharp break in prices
In itself induced some further liquida-
ton by timid holders and by those call
ed on to put UP additional margins.
Signs of bear activity were plainly
Seen, also, In the kinds of rumors that
set afioat. These included a revival
of reports Of ]. p. Morgan's ill-health
and alleged anxiety over the physi-
cal condition Of the king of England.
The extent Of the price recoveries
when the force Of the selling was ex-
hausted and the bears bought to COW
er their short contracts was corrobo-
rative of the professional origin of a
good deal Of the selling.
The pressure to sell United States
Steel was a sympathetic influence on
the whole market. The publication of
the pamphlet report of the corporation
disclosed the favorable details of the
years operations, which furnished the
avowed motives for the latest advance
in the stock. The elaborate details Of:
the report offered no striking addi-
tons to the main outline as already
known. The total tons Of shipments
of all kinds of products except cement
to domestic consumers increased 49.1
per cent over the previous year and
to foreign customers 26 per cent in
crease was shown. The average prices
on the domestic business in rolled and
finished products was 1.3 per cent less
than the year before and on export
shipments 8 per cent. AS the average
decrease in prices comes from the
drastic open market cut of year ago
in February with rising scale for the
balance of the year. The Inference. Of
the rate of profits on the coming years
business, supposing prices to be sus-
tanned, naturally is highly favorable.
The digestion of the facts of the
steel report and the needs of the I'M
covered shorts contributed to the ef-
fective rally Of the latter part of the
day. Much of that was lost before the
closing, which was weak. The rise in
foreign exchange halted and call mon
ey did not rise above per cent. Ex-
change was offered against bonds plac-
ed with foreign subscribers. Interior
exchange moved in favor Of New
York. Rates for time loans however,
were very firmly held.
1t is every mans notion that after
his wife has mixed up something and
stuck 1t in the oven, she spends the
rest Of the day looking for q new way
to make a dress, and in saying don't"
to the baby.
AS rule. there is altogether too
much competition for the consolation