The Birmingham age-herald., 1910-03-17
| |jRTHER DECLINE . IN STOCK MARKET sokers Who Sold Heavily Are
 Now Taking Profits
ACTIVE .I &VI
Many Rumors Are Goat Which Have Bearish Effect Upon Market Hut the Prices Recover Somewhat
 From Lowest Points

New York. March 16.-The stock market reflected the further technical course or the speculation today without much re- card to new factors. The clear underly- ing exclamation for the markets weak ness is 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 and were not averse even to see prices re- cede again affording opportunity to the holding advantage, was harbored in the mind of the professional element which helped on the decline and followed up the selling today.
 The bulk of the days sales was as- cribed to sources outside of New York city, mostly western speculative centers, especially where the steel indus try is active Greater confidence was professed about the stock exchange in the prospects of settlement of labor troubles, but the outside selling seemed to be prompted partly by uneasiness over the ultimate outcome of the wage controyer- sies which are so numerous in the rail- road world.
 Railroad officials, so far as quoted, ex- pFsased the belief that agreements will be reached with the employees under the mediation of the government authorities, as was done in the Baltimore and Ohio dispute. The quoted opinions of the labor leaders were not so sanguine. Less at- tention was paid to the failure of the lat est attempt to settle the Philadelphia Traction strike, and tho movement to ex- tend the strike to the states limits.
 Yesterdays sharp break in prices in itself induced some further liquidation by timid holders, and by those called on to put up additional margin. Signs of bear activity were plainly seen also in the kinds of rumors that were set afioat. These included 8 revival of reports of 7. P Morgan's i'll health and alleged anx- iety over the physical condition of the King of England. The extent of price re- coyeries. when the force of selling was exhausted and the bears bought to cover their short contracts, was corroborative of the professional origin of a great deal of the selling.
 The pressure to sell United States Steel
 
 market. The publication of the pamphlet report of the corporation disclosed the favorable details of the years operation, which Furnished the avowed motive for the latest advance in the stock. The elaborate details of the report offered no striking additions to the main outline, as already known. The total tons of ship ments of all kinds of products except cement to domestic customers increased 49.16 per cent over the previous year, and 10 foreign customers 26 per cent increase was shown. The average prices on the domestic business in rolled and finished products vas 14.3 per cent less than the year before, and on export shipments 7S per cent. As the average decrease in prices come from the drastic open mar ket cut of a year ago. in February. with | rising scale for the balance of the year, the inference of the rate of profit on the coming years business. supposing prices to be sustained, naturally is high ly favorable.
 : The digestion of the facts of the Steel report and the needs of the uncovered shorts contributed to the effective rally in the latter part of the market. Much of that was lost before the closing. which was weak.
 The rise in foreign exchange halted and call noney did not rise above 3 per cent Interior exchange moved in favor of New |, York Rates for time loans, however. were very firmly held.
 Honds were heavy. Total sales. par value, S26p6.o00
 United States bonds were unchanged on