Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-06-10
ACTIVITY IN Trading
FEATURE OF THE MARKET
Irregular Opening Il Followed BY
Drisk Advsnces-Review of
Steel Trade.
ny the Associated Press.


NEW YORK. June s.-Tradins was ac-
tive for both accounts today after an ir-
REGULAR opening. The advance began with
. brisk inquiry for motor shares and soon
extended to the general list
0enefai Motors gained almost points
Studabaker over 4 and others OF that
division III to IA points. The move
mont seemed to have been made largely
interest. Other striking features of the
short session were Industrial Alcohoi.
which rose almost points to lieS.
new high record, Distiilers Securities,
rshted issue. meanwhile rising points
Steel shares were mainly represented
BY Lackawanna and Crucible. the fore
calming about points on extensive &C
der moderate pressure. closing at 1917.
unchanged nom the previous day. after
having gained almost point.
Decrease in Tonnage.
Tho steel tonnage statement for May
showed q decrease OF almost 100000 tons
from the high water mark established
the previous month, but the volume of
untitled orders was sufficiently large to
indicate that the mills OF the corporation
still are taxed to capacity.
Central Leather. shippings. copper and
zinc shares. oils and sugars registered
Gross gains Of 1 to 8 points. Rails came
forward in the later dealings. st. Paul
Reading and New Haven gaining to
IL points. Final prices were from l to
points under highest quotations, Alcohol
cloGng at . slight net loss. Total sales
amounted to 49, 0o shares.
Shifting Shown by Bank Statement.
The bank statement again reflected
the enormous shifting Of local moneys In
reserves in the banks own vaults were
. reduced by almost $So. 000, 900, the federal
reserve bank at the same time showing
an incrsa e. from fro this source Of slightly
tracted about SIS, o00, 600. decrease of
almoet $10s.0o0. 900 in the past fortnight.
Actual loans expanded BY more than
An advance of III points in Lacka-
wanna Steel S. of 1850 featured the
broader bond market Total sales (par
valued aggregated 81, $4,000. ..
United States bonds were down 4 to
~ per cent on call for the week.
Iron and Steel Market.
LARGE steel companies in the Pitts
burgh district have purchased heavy
tonnages of steel-making pig iron and
Of scrap steel. to be used in both open
hearth and in blast furnaces The IN
usual activity caused excitement among
selling interests and resulted in an adj
vance of 50 to IS per ton in prices Of
pig iron and Of scrap
More than half OF the total sales
made in the country were for delivery
in the Pittsburgh district.
The principal = feature in the New
York market was the inquiry for over
100000 tons of steel-making iron for
export TO France, Italy and Japan.
Basic iron amounting to 10000 tons was
sold at $44 to 345 per ton at eastern
Pennsylvania furnaces for export to
Japan.
The Unitea States government placed
orders fer 1000 tons of cast iron pipe
and 1000 tons of fange pipe fittings for
army cantonments. The United States
Cast Iron Pipe and Foundry Company
other advance Of 81 per ton is expected
Monday.
Anticipate Government Contracts.
Most Of the shipping companies re-
Gently chartered or organized antici-
pate government contracts for cargo
ships. 1t is estimated that the con-
gtruction work on ships in Atlantic
coast yards building or to be built will
call for more than $4,000 tons of struc-
tural steel.
Munition manufacturers also are in
the market for 10000 tons Of steel
shapes for plant extension. The gov
eminent 10 negotiating for 100000 tons
Of shell forgings.
The United States Steel Corporation's
decrease of 296.492 tons in untitled or
4ers May 81 indicates that total orders
booked were about SB3. 500 tons. or SlS.-
600 lsas than in April Shipments are
estimated At 1.250,0oo tons. and produc-
~ sorv Ia