New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-29
FINANCIAL RECORD
HERE AND ABROAD
Upturn at Close-PriCes
Higher-Heavy Trading
in New Central IS.

Again professional selling for short
account was heavy yesterday after
noon. but recovery before the close
was more pronounced than on the day
before. Prices ended higher, gains
ranging from a point or less in the
standard isues up TO or 4 points ana
more in specialties At the opening the
good effect Of the recovery in the steel
trade shown by the earnings OF tho
United Stgtes Steel Corporation was
seen in strength throughout the llst'
in large mea sure on covering OF snort
commitments. In the middle of the day
ouieter trading was marked by ad-
vances in war stocks and fractions.
In bonds heavy dealings in New
York Central debenture 6s produced
the largest total for years, more than
S9,500,000 par value changing hands.
A considerable short interest had been
built up in this issue, but the pubic
demand has been better than traders
had expected and covering this week
has been brisk During the day these
bonds were dealt in e the total OF
more than S7,000,000, and they closed
at 1881, an advance of over 3 points
this week. The small proportion of the
500 900 900 issue not taken by stock
holders has been sold by the under
writer's.
United States Steel began tho day
higher, at its best was up y
points at over 80, and closed with a
net gain of q point. Repurchases by
traders who had sold in expectation
of less favorable report accounted
for much OF the early strength, but
there was In addition a good deal Of
outside buying by those whose conf
dence in the compsny's prospects and
in the future of the steel industry was
unimpaired. Steel trade publications
told Of mill operations maintained at
around 70 per cent Of capacity, but
gave little support 70 belief In any
large expansion Of domestic orders.
marlborough Metropolitan, common
and preferred, were heavily dealt in
and advanced each over . points, the
common reaching It's highest since
1910. The proposed readjustment of
the finances of the company so as TO
resume dividends on the preferred
stock has received such support that
its adoption was generaly expected,
and preferred stock Of the new com
pany was dealt in on the curb.
Renewed reports Of war orders sent
Westinghouse up Q points on unusually
heAFy VThOlNg, WINE new Olh All
Brake, American Locomotive, Baldwin
Locomotive and Can also improved.
Rock Island went to its highest since
the ~eceivership was announced.
Money for time loans was in liberal
supply at rates as on the day before,
but less business was done. Call loans
wero again renewed at per cent, with
pa the highest. Mercantile paper Of
the best quality was freely taken by
banking institutions, but the supply
continued limited.
The quick oversubscription of Baltl-
more & Ohio's offering of $40, 100000
two and three year notes gave further
proof Of the excellent absorbing power
of the investment market for issues
that have not long to run. II had been
supposed that the road would refund
its maturing notes and provide for i'm
mediate needs through a bond issue,
but under present conditions Of rail
road returns they decided to postpone
such permanent financing.