New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-28
FINANCIAL RECORD
HERE AND ABROAD
Uncertain Market, with
Trend Lower - Steel
Trade Recovering.

With the outcome Of the German OF
fensive in the west in doubt, yester'
DAVIS security market was uncertain
the greater part of the day. Expecta'
ton Of the quarterly report OF the
United States Steel Corporation. due az
ter the close, served TO discourage trad
ing. and business was considerably re-
duced. In the last hour again sales by
the short interest depressed prices, but
part of the losses were made up Just
before the close, and final changes
were irregular. but generally lower
The market appeared TO be made up
In greater proportion of business ans
ing in and near the financial district,
Rumors OF heavy selling for foreign
account were current, but II appeared
that these had their origin in heavy de-
liveries of stock that had recently ar
rived in European mails that had al,
ready been sold. In some international
houses it was said that foreign selling
orders the last two days had been un-
usually light.
The Steel Corporations earnings for
the first three months of the year were
disappointing in total, but by month
showed a remarkable trend toward re-
covery. Earnings for January of un-
der 100000 were about the poorest
for any month in the history of the
corporation, but by March the total
was raised to over $7,000,000, only
about 100000 below the same month
last year. and the best since Septem-
Der. For the quarter the total of a
little under S12,500,000 was only about
S1,500000 better than the low record
set at the end of last year, and was
more than S5,000000 below the first
three months Of 1914.
The encouragement offered TO stock
holders at the annual meeting, that
business in this most important indus
try was on the mend, was well borne
out by yesterdays report. Rumors
that April had carried further the ten
dency toward improvement aided the
price of Steel common on the exchange,
which at one time was y points above
Mondays close. Most of this gain,
however, was lost in the late trading.
Further advances in the price of
copper failed 10 carry up copper stocks
and these were generally reactionary.
Railroads at their extreme decline were
| or points lower and recovered only
part of their losses. Missouri, Kansas
& Texas common and preferred made
good response to announcement of the
large number of notes deposited that
accompanied the grant of further time
for deposit under the extension agree
ment. The common gained a point and
the preferred over 3. The March
earnings statement, with another ex-
cellent showing of improvements, in
gross and net, added TO the firmness in
the price of the stock.
A little more freedom was noted in
offerings Of fixed date funds on col
lateral, and rates for the longer ma
TURTLES were shaded i of l per cent
Call loans again were renewed at 2
per cent, with the days range from ia
to 212. Sterling exchange, after a
little early Irmness, associated with
deliveries Of foreign securities, closed
at about Mondays rates.
On exchange of goods. our position
is made more Favorable in the esti-
mate from Washington Of last weeks
trade balance of over S20.500,000. more
than S7,5OO,O0O above that of the week
before. From New York shipments
were valued at $24 ,0O0, 900, against s2O,-
100000 the week preceding Exports to
France were doubled, and Great Britain
took more, while shipments to italy.
increased more than threefold. fur
nlshed excellent reason for the recent
weakness in exchange on Rome.
During the day an engagement of
Sl,6OO,OO0 in gold from Holland was
announced, making $2,OO0,OOO from that
country. In addition there were ru-
mors Of direct shipments of gold from
France and of foreign borrowing here
that included loans by Greece and
Switzerland.