The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-28
FINANCIAL NEWS
AND COMMENT
Stocks Rally Sharply Toward
the Close After Late
Weakness.
L. q. STEEL EARNINGS

Wall Street had another confused
stock market session yesterday. with
contrasting periods OF strength and
weakness, but the session In tho main
failed to Offer any announcement TO
operators for the decline who have been
working for week or more on the tho
ory that n substantial reaction was over
due. Dealings were maintained In sub
stantial volume. and activity was most
pronounced in tho fore part OF the ses-
sion, when the list was generally the
strongest. A particularly sharp rally to-
ward the close In many stocks. follow
ing another slide which started about
the beginning Of the last hour. suggested
that selling OF the market lately had
been very largely for short account and
might have been much overdone.
Bonds were again strong and further
indications OF the constructive attitude
OF banking and corporate interests were
provided by reports current relative to
undertakings for new railroad financing
Early announcement Of large Balti-
more and Ohio note issue was expected
and some important bond offerings wore
said to be under negotiation. May and
June arc very apt TO he months OF now
security promotions when circun,sta noes
seem to be favorable. and II will he a
hopeful sign Of the times X new railroad
I
full IL the securities put out meet with
a satisfactory public absorption.
One Of tho adverse matters urged
| upon Wall Street attention during the
day was the United States Steel Cor
poration's earnings for the March
quarter. The shares OF the corporation
acted very much az though the unfavor-
abe aspects Of the showing. having bccn
well advertised in advance. had been
80
ment. which was published after the
close OF the stock market session. had
features which were OF optimistic i'm
port. Although the results for the
quarter left a deflclt OF more than
100000 after the allowance for the
preferred dividend. the rising scale OF
earnings took good deal Of the stins
out OF the low total OF Si2.i57 con. which
was about sl.5oo.o)0 more than earn
rigs in the Dec ,mber quarter.
January earnings less than Sl.7oo 000
were the lowest for any month IN the
corporations history and were only
about one-third OF the January earn
rgs a year ago. From January there
was marked recovery In February
and March earnings exceeding $1,000
000 which was almost up 10 the Level
of March last year. Although prices
for steel products are still depressed
March income was At the rate OF about
$3.50 900 for the year. and on the
record OF the corporation II Is more
than probable that the rate OF earnings
In the balance OF the year will be on a
scale of Improvement.
| Arguments drawn from the uncer
tainties OF the new developments In the
European war were urged as reasons
for selling stocks. but there was no mar
ket sign that Wall Street regarded the
military situation abroad with appre-
hension. On the contrary. there was In
the character OF the trading and In the
course OF prices. notably in the late
dealings. some evidence that not q little
OF the alleged foreign selling In the
last few days had been done by Wal
! Street traders for the decline.
The Missouri. Kansas and Texas
stocks recovered swiftly toward tho close
and suggested that receivership for
the railroad was growing less likely
A receivership for the Missouri Pacific
on account Of the necessity OF scaling
fixed charge requirements. seems TO be
so commonly held as probable that II IL
doubtful II the market could be de.
scribed as awaiting tho outcome OF thi,
particular situation,
Throughout the day the Interborough-
Metropolitan stocks were very firm and
there was a display OF aggressive
strength In various specialtiee, notably
Studebaker, concerning which dividend
developments were rumored A scarcity
Of stocks was disclosed in the Anal trad
ing and the upshot of the day gave tn.
impression that the share list was in &
position OF unimpaired strength.
Copper metal was quoted as high a,
10 cents a pound. Official estimates o.
the countrys foreign trade balance fol
the week ended Saturday last placed 4
at s20.6l2,000. Foreign exchange showet
no special strength in any direction, de
spite the reports Of negotiations for tn,
grant Of credits to foreign borrowers
. including the British. Swiss and Greei
markets. Announcement Of gold i'm
portatlons from Holland, aGgregatins
$500, 900. brought tho total gold infiu,
for the year up to shout $b2.o0o.oo0. Al
tho grain markets were weak. APPARENT!
on appreciation Of tho excellent agri
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