New-York tribune., 1916-01-26
Steel Rises in Expectation
of Dividends at Old
5 Per Cent Rate.
IRREGULAR CHANGES
ELSEWHERE IN LIST
Record Breaking Profits Re-
ported by the Country Larg-
est Industrial Concern.

United States steel. in maximum
rise Of > points TO S5is. indicated the
markets belief that the directors OF
the corporation would resume dividends
on the former per cent basis. MS
confidence was confirmed after the
close in tho announcement of the
unanimous vote of the board Dealings
in Steel overshsdowed the rest of the
list. accounting for more than one
quarter of the days total. Elsewhere
there was comparatively little move.
ment 4 late reaction that carried
Steel back TO s4is wiped out most OF
the earlier gain in other issues and lett
them with sligh. irregular changes on
the day.
Buying Of Steel was insistent at the
opening and large lots changed hands
early in the session. Practically az the
start the stock went a point higher.
and dealings in the first hour amounted
TO about one-third of the business done.
Before noon S5 had been reached; then
there was a fractional setback. Inc
rise was resumed in the late afternoon,
but speculative profit taking caused
reaction before the close. The pre-
ferred on small dealings rose 10 new
high for more than four years at lls1n.
Earnings Of over S5l 100000 for the
last quarter broke all previous records.
BY months the improvement, uninter-
rupted since the first of the year. was
continued. There had been no question
in the public's mind that earnings would
be large enough to make up for the
poor results Of earlier In the year and
Justify dividends at the old rate II In
the judgment of the directors the out
look seemed favorable. Fear that con-
tinuation of prosperity might appear
doubtful had been persistent since the
chairman of the corporation pointed
out the necessity of readjustment when
war came TO an end and announced that
he believed this would be sooner than
many thought.
How much reinsurance this action
Of the Steel CorpOration's directors Will
carry 10 those who have been fearful of
the country's future will be more evil
dent later Yesterday the strength in
steel brought little purchasing TO the
rest of the list Not much talk was
heard Of the labor troubles threatening
the railroads. which had obsessed the
market the day before, but railroad
stocks were sluggish. Wonderful state
ments of earnings from the Union Pa
cifc, Atchison and Northern Pacific did
little TO strengthen the prices of those
issues and had practically no effect on
the general railroad list. Though these
reports did not show total revenues
above those Of November. they gave re-
markable gains In gross and net when
compared with December of 1914.
Exports from the principal customs
districts last week were again more
than SS0,OO00OO. but imports rose 20
above S42,000.0OO. and the favorable
balance of S3s 100000 was some Ss,000,-
900 below that of the week preceding.
/ Our large imports are in a way only
less remarkable than our immense
shipments. Tho warning nations, in
spite of the millions of men devoted 10
actual warfare and TO supplying the
needs Of war, have still been able TO
furnish a great amount OF goods in
part payment for those they are taking
here. Sterling exchange yesterday was
steady at 4.76 in the pound or better.