New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-06-17
FINANCIAL MARKET
u. S. SteeI's Trade Position a
Bull Influence on Steel Shares.

Bull Influence on Steel Shares.
On a light volume Of business stock
market prices moved in, an irregular
manner throughout the five hours Of
trading. small net gains being recorded
in the larger number of issues at the
close Commission houses had few or
ders for either account, and as rule
operations represented the transactions
of an uninportant professional element,
which enjoved profits or suffered losses
OH fractional changes in quotations
throughout the list of prominent issues
in which total dealings amounted to in
significant totals. Amalgamated Cop
per. Reading. Union Pacific and United
States Steel showed moderate activity.
while elsewhere in the market trading
was intensely dull. Efforts to induce
liquidation in United States Steel shares
as a consequence of the passage OF the
Stanley resolution in the lower branch
Of Congress calling on the Attorney
General for any information tending to
show conspiracy by the United states
Steel Corporation in violation of the
antitrust law failed to bring out stock,
and interests identified with the concern
bought the issues whenever they could
secure them at concessions. Wall Street
is quite optimistic over the future of the
United States Steel Corporation owing
TO the fact that the corporation has
proved its worth in the past Is money
making company in a line of business
that no one interest can control 1t is
not monopoly and it is not in posi-
ton TO dictate prices to the so-called in
dependents The Bethlehem Steel Com
pany and the Lackawanna Steel Com
pany. for instance. would not take
kindly to the charge that they were
being driven out of business by the
United States Steel Corporation.
If the United States Steel Corporation
is operating in restraint of trade, earn
ings of independent companies must be
bookkeeping gymnastics The Lacka-
wanna Steel Company in its earnings for
the first quarter Of the current year
furnishes an example of what the out
side trade. is doing, profit after all ex-
penditures, charges and deductions Of
$5S5.34o being shown. The United
States Steel Corporation is one of the
best managed Industrial concerns in the
country, and its officers and directors
doubtless Will welcome II investigation
Of its operations and of its position as a
factor in the industrial prosperity OF the
country. Money in the local market was
easy yesterday. The Bank Of England
made no change in its minimum rate Of
discount and showed in its weekly re-
turn proportion of reserve to liabilities
Of 51.9o per cent, against a ten-year av-
erage for this period of 50.24 per cent.
Sterling exchange was strong under the
influence Of buying by bankers in an
ticipation OF the July settlements.
The month of May is not normally a
heavy exporting period. and the increase
shown in the outward movement OF mer-
chandise in May of the current year, as
compared with the same time in other
years, is therefore extremely encour-
aging, especially as the record is based
on conditions that promise TO continue.
High rates for foreign exchange in the
last twelve months and heavy ship
ments Of gold TO Europe have been due
To rising imports and falling exports at
a time when our interest payments due
abroad have been heavy. when travellers
nave taken huge sums of money out of
this country, when foreign residents
here have sent large savings 10 their
native lana and when we have been lib
eral borrowers in Europe In the twelve
chandise exports exceeded imports TO the
value of S66S, 39S, 617, and in that time
the United States imported more than
100000 gold net In the following
year the excess on merchandise account
fell 10 $3S1, JyS. 80, with an excess of
COLO exports over imports Of $41 ,543 lis,
while in the year ended May 81. 1910,
exports Of merchandise exceeded re-
ceipts by only sI7l,14i. 136. against net
exports Of gold OF more than $1s.O0p0Co.
This country should have an annual eX-
cess OF merchandise exports over i'm
ports of more than SGU0000,0o0 10 main
tain position as a creditor nation. ii
the current tendency in the prices OF
commodities continues our markets viii
become more attractive for foreign buy
ers, and with big crops on a CONNER
cial basis OF quotations we may hope to
regain the ground lost in our foreign
trade position in the last two years.
Exports of manufactured articles from
here are increasing, and although IN the
last month there vas a decline in ship
nlents Of breadstuffs, meat and dairy
products. cattle, hogs and cotton to the