The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-26
FINANCIAL NEWS
And COMMENT
Recovery Carried Further in
Stocks in a Very Active
Session.
BIG L. :. STEEL EARNINGS

Expanding activity. which. on one side
~ The market or the other. has been an
interesting development OF the recent
Stock Exchange sessions. was carried
yesterday to the maximum of the move
mcnt. Trading was most animated In
the forenoon. when the strength OF the
liz, was most pronounced. but on the
whole the further increase OF dealings
was owing to buying operations. These
seemed to he conducted largely for the
short account. but a good deal Of buying
effort was excrted to attract outside pur-
chascrs and some response was ELECTED.
Rising tendencies were checked In the
morning by heavy realizing. but the mar
hct displayed throughout the day an alb
Sori,tve capacity which was quite ade-
quaie 10 maintain the level of the rally.
Industrial specialties In numerous ar
ray provided the leadership. and the
Mercantile Marine shares were again a
prominent feature In the upswing. with
current explanatory reports elaborated
TO include II possibility OF accumulation
connected with the Government shipping
programme which 10 pending at Wash
iugton. Surrlementins the manifest
short covering of the session was an APP
pcarancc of hasty repurchascs by some
OF the excited liIuidators of last week.
hut ~ tho advances reached early in the
day stocks were in liberal supply and
continued to meet all subsequent de-
mands.
After early afternoon dulncss the mar
ket turned active again. and while more
or less irregular the strength Of the list
wac on the whole fairly we'll maintained
until the close. II seemed to be recog-
nized that techI<cal market factors had
played a large part in the action OF
stocks for more han a week and that
uncertainty as to the outcome Of the
German crisis still remained. ever though
the event was less apprehensively re.
garded than before the recent violent out
burst of speculative liquidation.
The most important domestic financial
news was furnished by the auarterlr
meeting Of the United states steel cor.
poratiou directors. Only the regular divi.
denis were declared on the preferred and
common shares. but there had not been
much real expectation OF an additional
common stock disbursement, The share.
holders will not have much Il nicul,y IN
icconriling themselves to the main.
t,nance OF tho regular rate. since the
earnings for the first quarter Of the
year applicable to common stock div.
bends were at the rate OF almost IL pc,
cent. a year. compared with the - pc,
cent. ate shown In the Decembe,
quarter.
The quarterly earnings. s~6o.7l5.sct
w"r" about s9.a00. 400 above the result.
of the December quarter. which con.
s;tuted the previous record. Altogether
the net earnings IN the last six months
amounted TO about $4,000 900. which Is
materially in excess Of the average an.
nual earnings for the last five years.
Almost five times as much was earned
as IN the corresponding quarter last year
airl about foul times the earnings OF the
FIRST quarter IN 1914 Steady progress
was made in each month of the quarter
and each months earnings made n new
monthly record. The first quarter o! thu
year is rather likely to be the poorest IN
any good year and the corporation
prospects for 1916 are brilliant. Future
deliveries will he made on CONTRACTS
taken AZ n higher average OF prices than
those which have figured 90 Gar,