New-York tribune., 1915-06-04
FINANCIAL RECORD
HERE AND ABROAD
Steel Leads Rising Market
Favorable Decision
After the Close.

Led BY aggressive buying Of
United state, steel, tho market sd-
vanced vigorously Yesterday in vol
ume of business that reached over
thrce-quartere OF million shares.
Gains from a point 20 over : IN steel
were common. and the active list was
the h-oadcst for some time. The de-
c:sion Of the United States District
Court unfolding the Steel Corporation
In the government antitrust action
was no. announced until well after the
close. but Il 's apparent that Drcpara-
iors for handing down the decision
we're known N some quarters. Recent
action hy the courts in applying the
sherman net have reflected tho moro
favorable attitude OF The pubic tow
rrl our great corporations. and e fAd
. been expected that this decision. "Hen
. ere,Iv should come. would nc favor
able 20 the company.
That the steel Corporation had not
undulv restricted competition or treat
% unfairly is competitors had been
recognized Had the court IN thi' case
decided that the law had been violated
and a dissolution OF the COMPANY haH
been ordered. tho effect upon blsl-
ness sentiment would have been moS'
unfortunate AZ present the new fed-
eral Trade Commission is listening 20
appeals for advice as 20 how our manu-
facturers may combine 10 extend ior-
eign business. In such export heIds
the Steel Corporation has been par
,5culerlv successful Should this ludc
rent of the District Court prevail our
business men will be encouraged 90
further activity in domestic and for
e.eH trade.
Yesterday approached 100000 shares
/. The opening it was fractionally
h,rher. and i increased in strength as
TIE day went on, reaching its highest
a. poirts above Wednesdays close
lust before 3 o'clock, and ending only
a shade lower. At It's best 9N2 1t
was within less than points OF us
highest for the year and more than II
above It's extreme decline, following the
news Of the LusitHnia disaster. There
was comparatively little trading in the
preferred. but Il. too. closed higher.
The market generally showed
s+renCth from the opening. News OF
tho capture Of Przemys, checked The
advance only a brief period around the
end Of the first hour. To those who
had hoped that az this time the Rus
sian forces would be overrunning inc
plains OF Hungary and joining Italy IN
q thrust al Germany from the south
east. the fall OF the Gaiician for'res
might well be disappointing. In yes
+erdav's market, however, the course
of the war in Europe and the pending
urcertsinty Of our relations with Ter
many were little needed. While some
conservative brokers were advising
.heir clients TO wait until the result
of the trouble over the Lusitania could
he foreseen, others urged that the
market was oversold and ripe Tor an
advance. ,-,
loans encouraged activity IN securl-
los Tine accommodation showed fur
+her ease In rates and call loans, when
renewed at 1a. per cent again, were
made as low as 1 per cent. orelgn
exchange conditions were little changed
from those Of the day before. Inc
Federal Reserve Board announced hg-
ures on gold received from Canada
from the first Of the year 20 the
and Of the third week in May, when
vo~o about S-.OO0.0O0 greater than
total engagements made public mere.
This NAV measure the imports brought
in privately during that period.
Abroad the Bank Of Eng.and showed
q loss Of more than s30d@ooO IN SoId
during The week, and in spite OF reduc-
ton of deposit liabilities its reserve
proportion went more than ! per ceHt
lower. The Bank of France ADDED 20
is gold. but reported another large IN
creaso in circulation.