Evening star., 1917-06-03
PR)F|T-TAKING MAKES
STOCK MARKET HEAVY
Mixed Reports Of Industrial Condi'
tions Reelected in Attitude
Of Investors.

By the Associated Press.
NEW YORK, June 2.-Profit-taking
occasioned by the usual week end clos
ing Of outstanding contracts and next
Tuesdays holiday, probably accounted
for the irregularity and heaviness OF
today's market. The short interest
also derived some encouragement from
change to a point approaching its mimi
mum and the decision of the interstate
commerce commission ordering a sus-
pension for six months of schedules on
domestic storage within the limits OF
New York harbor.
unsettlement began with the setback
in st. Paul fssues, the common record
ing q gross decline of * points and
to other grangers. also Pacifics, coalers
and trunk lines. recessions extending
from one to two points
Motors were another element OF
weakness. their extreme losses running
from 2 to 8 points. while equipments
and shippings yielded to points.
United States Steel foil 1ss to 12s y
after having sold up to 1s1 II. and anil
lated shares supplied equal reactions
with sugars.
Mexican Petroleums Advance.
Noteworthy exceptions were provided
by the so-called Mexican group, Mexf-
can Petroleum scoring an extreme ad-
vance of points, other oils rising l to
2x and American Smelling 2, with an
Most Of these gains were efraced in the
heavy offerings Of the last hour. United
States Rubber retained the greater part
OF its AZ point rise, but industrial al
oohol and American woolen also for
feited their early advantage. Total
sales amounted to $4,000 shares.
Additional April statements of rail-
road earnings were rather mixed. Read
Grating profits due to very large in
crease In expenses. A summary of
Baltimore and Ohio's annual report dis
closed a reduction of more than $16,-
~. 900 in gross returns.
A contraction Of S7s,560,oo0 in actual
reserves and a decrease of almost
91oS.000.000 in reserves in the local
federal bank were the striking features
Of the weekly bank statement.
The bond market was irregular, with
si.aso.ooo.
United States and Panama bonds lost
from y to / per cent on call during
the week.
Government Buying Paramount.
Government purchases Of war sup
piles. directly or indirectly, continue to
monopoltze the attention of the steel
industry. Although many contracts for
ordnance. ammunition. ships. struc-
tural steel and machine tools cannot be
omc1Ally awarded by the various gov
ernment departments until Congress
makes appropriations, orders are vir-
tonnages Of steel. Interest Is centered
cAisdy In orders for merchant cargo
boats. which will call for 100000 tons
Of steel in the next year. Forty per
cent Of this tonnage will be furnished
by the steel corporation subsidiaries,
and there is a possibility that this pro-
portion may be increased.
Contracts for high explosives and for
shrapnel shells calling for $4,000 tons
Of steel have been virtually distribute
required for other forms Of ammuni-
tion. The companies receiving the con-
tracts are arranging to obtain the
forgings and rounds from the steel
mills Some huge hollow forgings are
required for the ordnance being manu-
factured by the Bethlehem and Mid
vaae Steel companies Other contracts
for small ordnance are being placed
In the Cincinnati district.
shows Elements Of Strength.
On two distinct occasions during the
unusually busy week the stock market
offered unmistakable evidence Of its
feseton1l pressure. There was heavy
rea1iSing prior to the holiday and con-
adorable nervousness from the episode
involving the temporary closing Of the
ever. the market registered ample,
though not complete. recovery.
increased public participation was q
factor Of growing Importance. senti-
more encouraging signs attending the
progress Of the liberty loan. the mar
velous April statement of exports,
vastly better railroad returns and more
promising crop prospects.
Industrials formed an altogether dis
proporttonate share OF the daily trans
actions. . fact which caused conserva-
tive financial interests to sound a note
Of caution. United States Steers con-
tribution to the weeks total or its
rise to the new record Of 1868 aggre-
gated about 100000 shares. or almost
one-third Of the outstanding common
Issue.