New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-27
Report of Peace Plans
UnsettIes Securities
Nervous Trading.
STEEL EARNINGS
NOT UP TO HOPES
Railroads and Coppers Higher
for a While Immense
Totals of Exports.

To nervous market, the report re
ceiycd from abroad In the Afternoon
that Germany was about 70 submit e
President Wilson and the King Of Spair
conditions on which peace might be dis
cussed proved disturbing. Stocks q
munition markets went lower on tho
rumor. and the whole list showed con
siderable disposition toward reaction
The earnings statement Of the Stee
Corporation, 70 be made public afte'
the close. had been an unsettling IN
fuence earlier Final changes in prices
Of activ. issues were OF no great pro
portion. gains predominating.
That the steel Corporation had been
doing business on q larger scale IN the
last three months had been announced
Advances in prices OF finished products
had been made from time 70 time and
expectation Of furthe: remarkable re
covery IN earnings was general rs
Inmates current while the common stock
OF tho company was advancing 10 INC
highest 10 had ever reached as non
dividend payer ranged all the way rom
$4,000 600 10 s50,0O0O0O. The actual
reeult Of around S2S. zoe. 900 was lower
than had been looked Tor. hlCher
prices have apparently not yet begun
70 show their full effect, and much OF
the business done In the quarter mus
have been on specifications under out
standing contracts.
In May and June net earnings MADE
monthly increases OF over S2.OoO'Ooo
July. August and September continued
the advance In quieter fashion "lth
gains Of from 100000 TO 100000 a
month. 10 action was taken toward
the declaration Of any DIVIDEND on ne
common stock, and the SlS,OOO'OVo
available after depreciation intercs'
and di -bursements on the preferred
WAS carried to surplus 70 make up FOR
moor results on the lean months Goao
BY.
Steel opened a shade lower on the
exchange. got up nearly : polais TO ~
and closed below Sc with iractona.
gain after large dealings. The SINAI ici
steel companies were rather quiet. wait
ing the result Of the earnings OF th'
largest producer.
Equipment stocks and others gencr-
allv classed as war issues did not make
much progress carly in the session ana
were reactionary in the late afternoon.
The automobile group furnished tempo
rary instances Of strength. StudebaKer
made considerable gain, OF which 1t
lost all save a fraction. Maxwell MO-
tors went up about points, dropped
back 9 from its high and ended more
than points down Toward noon the
railroads came 20 the front. Erie got
above 40 for the first time in years.
and the carriers generally advanced.
Copper stocks were firm for while.
Sterling exchange did a little better
carly IN the day. recovering more than a
cent in the pound 10 4.62's for de-
mand. but fell back in the afternoon.
The suggested banking credits mere
seem small in view Of the stupendous
shipments now being reported. The
principal customs districts Of tn coun-
try for last week gave exports OF more
than SOS 100000. S7000O,0OO more than
imports. both totals being without prcc-
edent.
Among the S67 1000 900 Of exports sent
from the Port Of New York were SO
OO0. 900 10 Great Britain. SlO.OOO.OOO TO
France and $5.O00000 each to Russia
and Italy. With so great an amount o.
goods going out largely 20 be paid for
through London and no commensurate
amount Of Goods. securities or gold on
the Other side OF the account. foreign
exchange experts are predicting that
relief measures will, at best, serve
merely TO make the decline in sterling
AN orderly affair
Our local money market gave more
definite indication o. the grea' ease o.
funds in lower .atcs for mercantile pa
per and for time loans. siN mo'ths
funds on STOCK market collateral being
placed as low ae "a per cent