New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-17
MARKET
STOCKS CLOSE DOWN.
Steel Shares Weak an Face of
Favorable Trade Statistics.

on q moderately active volume Of bust
ness stock market prices moved toward
lower levels in the best part Of the five
hours Of trading ON the local exchange.
maximum losses running from good sized
fractions 10 points i'm the leading is
sues. The downward movement was not
accompanied by developments affecting
adversely the intrinsic value Of securi-
ties. declines representing pressure from
the professional clement and Humiliation
by Spectators who recently bought
stocks on basis of from TO 10 points
above the low record i'm the February
market on the idea that nothing could
happen 10 upset an alleged huh pro-
gramme providing for an indefinite ad-
vance in quotations. on the recent rise
the interests who bought stocks Al cheap
figures a month or more ago sold large
proportion 81 their holdings To traders
who had neither the financial means nor
the courage 10 maintain a position on the
long side of speculation IN the face Of
aggressive bear attacks. And as a con-
sequence of the operations Of the latter
element stock market prices in the last
cellent prospects OF materially lower
levels before anything in the nature Of a
sustained advance can be brought about.
Actual liquidation yesterday Was heavy.
Favorable reports ON conditions affect
ing the intrinsic worth of securities
failed to counteract the influence Of the
weakened technical situation of specuIa-
ton, and although passing rallies lue 10
the covering of short contracts were -
ported. hnal prices. as rule. wer- al
net losses. The heaviest selling pressurs
was in Reading. Union Pacific and
United States Steel the last named is
sue declining. notwithstanding thu re-
markedly favorable report Of the Steel
Corporation for the last calendar gear.
the figures for which were made public
yesterday. Results obtained by .ne
United States Steel Corporation in 1902.
which are printed elsewhere in The Trib-
une. ought to create an active invest
ment demand for the concerns preferred
stock and strengthen the confidence uf
the entire investment community i'm Sc
curitics of leading industrial companies
tnat represent the productive energies Of /
this great country. The United States
steel Corporation az the close of the last Z
year reported cash on hand of almost
S59.WslOO end an undivided surplus Of
Sl5l .a54.537.
Exports uf merchandise in February /
We're lighter than i'm any corresponding /
month since l9O5. and were exceeded by 4
imports 20 the value Of $4.3,i>. iGO. the F.
excess being the first for any month f.
since 1880. For the eight months ended 4
February - total exports were larger
than imports 10 the amount of $3.50. 30 .
4l5. against S;}fl. Gi9. 55l in the proceed 1
ing year and Sbl5. lJ6i2s in i:EIs. the de- .
ciining trade balance against this country 4
last year being due more To AN enormous
gain in imports than 20 a falling OF in 4
exports. Indeed. IS compared with the 4
corresponding period ia the preceding 4
sear. the total 81 exports FOR the twelve 4
months ended February - shows an ia
crease Of S..i.,is5.4iG. though from the .
same twelve months ended February -. .
1896 "a loss 81 S.;rs.O1OO1l rs reported 4
Imports for the last twelve months have I
Increased 10 the value Of S3i7..e3.0.G. 4
4le tAA'Ha ~ AA4lH'i - ~ tllt la5A AllolAN4i
compares with an excess of exports IA .
February. l3@ 81 S7.;sis. 30S. and IN eN-
cess OF exports Ia the same month In 4
l:Sis II Ss',WIi.3Sl. Foreign exchange \
conditions have been against this coun-
Try Tor a year OF more. and the only
bright feature IN the International
nnaacial situation. 50 far as We are con
cerned. Is the Increasing tendency of
Europe to buy our gilt edged securities.
u investment purchases are not offset
by Speculative selling n may not be
necessary to send gold abroad and II is
possible THAI later IA the season. with
large crops assured. our commodity
pfices mag decline % a level that will
iaake the American market q more at