New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-06-16
FINANCIAL MARKET
May Foreign Trade Figures in
Favor of This Country.

On a small volume of trading stock
market prices moved in an irregular
manner throughout the five hours of
business. final quotations as a rule
showing net losses as compared with the
closing in Tuesdays operations In the
early dealings covering of shorts was
effective In bringing about modest ad-
vances in the large number OF issues,
while in the late afternoon resumption
of specuIation for lower prices carried
the general list we'll under opening fig
ures. the ostensibIe reason for the reac-
ton being based ON the announcement
from Washington that the Judiciary
Committee of the House had reported
the resolution calling upon the Attorney
General to supply Congress with lntor-
nation bearing on the subject of whether
or not the United States Steel Corpora
ton is a combination in restraint of
trade AS there was no evidence of
buying power in the market any other
bear argument would have served the
same purpose. The United States Steel
Corporation is not combination in re-
straint of trade. as it does not control
the steel business of the country. 1t
does not dictate prices and 1t IS not
driving independent steel making con-
Germs into bankruptcy. AS matter or
fact the various interests identified with
the production of finished steel products
in the United States are working in alb
solute harmony. In a dull market, how
ever, any fool argument encourages at
tacks upon prices. The United States
Steel Corporation securities are intrinsi-
cally more valuable to-day than at any
time in the history of the concern. Steel
common lost q in yesterdays market
and the preferred gained IS The chief
net losses were made by Amalgamated
Copper, Atchison, ST. Paul, Northern
Pacific and Union Pacific. unconfirmed
reports of cessation of improvement
work by several Western railroads con-
tributing to the weakness in the rail-
road shares in the final trading. The
general market showed a total absence
of good buying.
Sterling exchange rates reflect the
presence in the market of a better sup
ply of bills against American securities
increased exports of merchandise from
this country. Foreign trade statistics
for the month of May, issued yesterday
by the Department of Labor and Com
merce, show a change in the trade bal
ance in favor of the United States. and
they supply one of the most encoura ging
signs Of coming improvement in the
financial situation recorded in many
months In recent months imports of
merchandis have been running in ex-
cess of exports but the May results
present an increase OF exports over i'm
ports to the value of S11,215,S20. re-
ceipts of foreign goods for that period
having been lighter than In any preced-
ing month since last August. while the
statement of exports shows a bigger
money value than in any May on rec
ord. with the exception of that month
in 1907. The excess of exports over i'm
ports a year ago was much larger than
that Just recorded, but in view of the
fact that In February. March and April
of the current year there was an excess
of imports to the value of mere than
S24, 100000 the May returns are ex-
tremely gratifying. In connection with
the turn of the trade balance in our
favor it is interesting TO note that since