New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-28
FINANCIAL RECORD
HERE AND ABROAD
mad Trade Prospects
Cause Cut in Steel Divi-
Send to 2 Per Cent Rate.

s,o,s the steel Corporation had car
:, into surplus such large amounts
Ts' - former earnings there had been
o.. w. = hope that the full quarterly divi-
So ga AZ X per cent on the common
0'ns W, he maintained. The directors,
Ss earnings for the quarter OF
Ave , coo OOe 900 were some S2,OOO,oOO
soeV. nan for the three months pre-
beitel nd over S4,O00.000 ahead of the
seaHs go months of the year, decided
trst ro5,iction to y Of I per cent
tas1 ..essarv because Of the present
VS. -. condition of the industry ana
s,Asne,n,r prospects for the future.
ihs ~, was rather more severe than
~ svpectcd. II must be rccog-
ne hovever. that hopes OF greatly
nise~ foreign business as q result
i1e IS. ,rar have not been fulfilled and
o. Wy ~ orders have fallen oil much
,bsp was expected. II revival Of
nofe - industry were 10 be looked for
80 near future II might wei nave
p -. - hat as 81 the last two quarterly
oe. -,;rcs. the regular dividend would
&c. bsen declared out Of the surplus.
aN i the directors have recognized
= Slack time in the steel trade Is
"a s.1tinue for some time 20 come.
r,onv lines other than steel the
rl..nean disturbance is unquestion-
~ srting as o stimulus. AS had been
ap{ .stsd In daily totals, exports from
i ~ .;tv last week we're in great vol
ths ~ valuation of more than ST.
WV W, aae hsinr around S6.000000 ahead
49, 49, week before and over S3,OOO,OOO
.bsn i0 The corresponding week
ny, ,S,S SHIPMENTS Of wheat and min
y oils showed particularly heavy
-. over the previous week. Great
49,, and its possessions increased
oil.-' .skinos nearly S3.000,OO0, France
~, 500 600 and Italy over Sl,0O0,OOO.
-g-V oonulsr supUosition has been that
~. kssvv expor, TO Italy means that
- ,Iinments would finally reach Ger
~ but the German Embassy has
- This. explaining that Germany
-,oSuees or manufactures everything
-ssdsd for modern warfare.
A. expected, foreign exchange rates
.,1rs5 a trife frmcr yesterday AFTER
{e salient decline that had carried de-
..snd sterling below the present export
lint but in the later trading prices
-slsvs6 a trihc. There Is outstanding
,.~si5erable requirement for sterling
s,.hsnoe. which results IN purchases
..Sersyer rates approach reasonable
,,rsis So the gold pool, which stun
- considerable balance TO its credit
- the Bank of England, against
.Li,b II can sell exchange, STANDS
,s,Sv 10 resume Offering bills on any
,'s,srisl advance. The increasing cN-
nor,s of merchandise, particularly the
Ssesr shipment of cotton which should
-s,rh from Great Britain's announce
- rat the stable would not be con-
-issred contraband should produce
.rSeient exchange 90 meet ordinary
-ecsirernents I'm addition the London
,o6ey market is reported 10 be broad
ring 60 that bills accepted may be
rore easily discounted, which enables
rbeir proceeds % be drawn against at
onee. Then. TOO, commercial long bllls
lipped lust before the war broke out,
bBt held for collection instead OF be
lnr promptlv discounted in the usual
wSnrer. are now coming due and add
'br 70 available balances IN London.
The quoted discount rates in London
continued easy 40 per cent Tor three
non,hg bills and 2is per cent for
sborter nsturities, while day to day
money vas offered al from l 10 Ia per
cent From Berlin the Imperial Bank
Of Germany reported q gain of over
9s.0000OO marks IN gold, while circu-
lstion, which had decreased over $780,
100000 marks the week before, went
5000 900 marks lower.