The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1917-06-03
OUTSIDE INTEREST
IN MARKET GROWS
Trading Continued on Large
Scale During Past Week.
INDUSTRIAL EXPANSION SEEN
Leadership Of Steel Stocks Last
Fortnight Only Natural.
EXPANSION SEEN

NEH YoIsK, June 3-The fact that
the past week was broken in the mid
die by a holiday does not help in
reaching -ehnite conclusions as to
the gain the market may have made
with respect to public participation
in the trading. T.ere are indications
aplenty that speculative interest IL
growing. Trading continued on a
large scale. with the daily turnover
of stocAs averaging close to, II not
more, than a million shares. Some OF
this buying came from the West,
some from other outside interests
usually referred to as large, a good
deal from the professional traders,
and considerable from the frequent
ers OF commission houses who are
still in that stage of timidity which
permits them to operate for a quick
turn only. The easiest thing they do
is to pounce upon very modest profits
and then start all over again.
1t Is more than probable that this
sort of thing will continue until the
books of the Liberty loan close and
until the Senate surgeons have set
the bones Of the war revenue bill In
such fashion that the measure can
stand on its own legs. AS the House
left II, the bill had nothing whatever
on which to stand. 1t is gratifying
that the Senate Is going at the work
with due appreciation OF the neces-
sity for drastic remedies TO be ap-
piled, and this attitude, more than
anything else. would seem to be the
basis of the markets strength
Trade Expansion Seen.
The Finance Committee OF the upper
house has let 1t be known that 1t
favors moderation in regard to excess
profits taxation and that It IL opposed
to tariff changes at this time. These
were the two features of the bill most
objected to as unsound in principle.
Other provisions have their propon-
ents and opponents. and will doubtless
be adjusted In a way that will have
little adverse effect on the country'S
Industrial well being during the
period OF hostilities.
Meanwhile IL is gradually dawning
upon the country at large that what
ever happens, short OF a sudden ending
OF the war America will experience
a lively Industrial and trade expan-
sion. Our own Governments needs
and those of the allies are such as to
make 1t already extremely difficult
for domestic consumers to get steel,
other metal products, coal and var
ious supplies in anything like the
quantities desired. The Unsuitable de-
mand for steel makes itself felt in all
sortssof Industries. Pig iron and fuel
must be transported. Cars must be
had In large numbers. Cars are made
of steel.
1t is yet too early to state positively
perhaps, that the plan OF the Govern
ment TO build standardized vessels of
wood Is not feasible, yet 1t now ap-
pears that General Goethais will get
his way, and that steel will go into
hulls as well as into the large amount
of equipment which Is being con-
tracted for. from both domestic and
foreign sources. Thus II Is seen that
the steel trade Is made up of a maze
of interlocktng industries and that
prosperity in II affects the whole in
dustrial life of the country.
Steel Stocks Market Leaders.
1t was but natural, therefore, that
steel stocks have been for a fort
night past the indisputable leaders
Of the market Since early last week
U. s. Steel has, with on or two ex-
captions, made a new high record
price for all time. On February 1
last that issue sold as low as 90. It
sold this week above 1856. The high
est point touched before the present
movement was 129% last November.
A little more than two weeks ago II
was selling below 100. The other
steel issues have been scarcely less
spectacular. and the equipment
stocks have likewise made notable
gains.
Take Crucible. On February IL
sold at 50l5. II sold above SO. A
week ago II was selling near 20.
Lackawanna Steel has gained nearly
80 points since the February dip. and
Republic Iron and Steel some "a
RafhIahap,