New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-11
Expectation of DiSavOwal
by Berlin Strengthens
Security Prices.
NO GENERAL RISE
AFTER EARLY GAINS
Increase in u. S. Steel Orders
Without Influence francs
Near Low Of 1915.

Tho understanding that Germany
would disclaim the sinking Of the Sus'
sex was strengthened over the "ee'
end and stocks were higher yesterday
Traders covered short commitments at
the opening and prices started at q
considerable advance Uncertainty as
10 how our government would act on
the dissvowal from Berlin remains
and there was no expansion Of dealings
or enlargement Of participation IN tho
trading. The opening rise was not car
RED on in any general Improvement OF
prices, and the session, like most Of
those last week, was principally given
up TO movement in specialties.
Another record breaking total Of IN
filed orders on the books OF the United
States Steel Corporation at the end OF
last month failed TO send that stock
higher, though the increase more than
10000 tons-was above general eXpec-
tations. This lack of response did not
however, as on some former occasions
have any depressing effect on the mar
ket later. United States Steel was
dealt in TO the amount of less than
10000 shares, and at its best was W
nearly point. closing with fractiona
gain. The untitled orders at 1881, 00C
tons are more than twice those OF &
year ago.
Copper stocks, on no very large
amount of business, improved around
the middle OF the day and held q little
gain TO the close. Buying Of the meta
on domestic and foreign account is very
heavy. Zinc producers repeated their
rise of Saturday. Some war stocks
started toward higher levels with q
rush that was not sustained. In the
railroad list, Rock Island. which has
under consideration tentative reor-
ganizatiOn plan. was far and away the
most active issue and showed con-
siderable gain at the close. Elsewhere
the railroads were firm on a small
amount Of business.
International Mercantile Marine GER
tfcates, common and preferred, went
up points or so around the opening
following publication by the common
stockholders committee Of the extraor-
binary earnings from war demands
Ships have been diverted to government
use and the commerce of this country
has been remarkably increased to sup.
ply Europe's needs. This has meant
for the time an immense rise in freight
rates. out of which the company ma,
greatly prohted. and unusual apprccia
tlOn IN price of the securities con
cerned has resulted. Only part OF yes
tcrday's early gam was held 10 tht
close.
Further selling Of French exchange
brought the rate TO around the low
level Of last September. which pre-
ceded negotiations here for the Anglo
French loan. Paris checks sold yester
day az the rate OF unde- SOB francs
for a dollar against parity OF around
51sis. The Anglo-French notes on tn,
exchange fell back half point /,
95a,. Recently they had been dealt il
as high as SO.
Not long ago bankers here were con
suited as 10 the possibility OF placing
with the public large issue o. Frenci
obligations, secured by collateral. Tn,
great German offensive at Nerdun
coupled with the Discrimination of tn
French government to admit the neces
sity of Offering collateral for a loan. i
understood to have postponed thu
granting Of credit. French war sup
plies, Of course, can o. paid TO
through London, but the British su
thorities have obligations of their owl
90 meet with the proceeds of British
owned American securities disposed 0
here, and Paris exchange in London j
most unfavorable.