The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1917-06-10
WALL STREET SEES
EXPANSIONN TRADE
Tends to Attract Outsiders
to Securities Field.
STRENGTH UNDERLYING MARKET
Nothing Short Of Bad War News
Can Prevent Price Advance.
STRENGTH UNDERLYING MARKET

near future. They do, however. FUR
nish something OF a test of underly-
ing conditions. 1t may be said. per
haps. that the past fortnight has
demonstrated that nothing short OF
really bad news in connection with
the war can keep prices from advanc-
ing further. Adjustment OF accounts
at the close OF last week In antici-
patton OF the recess over Tuesday of
this week on the occasion of regis
tration under the CONSUMPTION law,
left the general level OF the market
materially lower. Mondays market,
naturally, was a somewhat colorless
affair, so that II may be stated there
were but three active sessions In the
current week on which to base mar
ket Judgment.
Meanwhile both houses OF Congress
had adjourned, leaving several most
vital matters hanging FIRE, notably
the war revenue bill and the FOOD
control measure. The provisions or
the tax bill have been practically
agreed upon, and the Senate Finance
Committees revision of the highly
defective measure shines SO brilliant
ly by contrast with what the House
Of Representatives did. that the coun-
try was very much treasured. The
outlook for the Liberty loan Is not
quite all that may be desired. The
Importance Of q heavy oversuoscrip-
tion is quite generally realized, II
would seem, but the burden OF the
performance Is laid mainly on the
financial centers of the East
Full subseription Assured.
The South and the West look to
those centers for leadership, particu-
larly to New York. A full subscrip-
tIon is practically assured, but to have
the books close thus would be but q
half won moral battle. Conscription
registration was highly gratifying
both in the number OF enrolment
and the absence OF scenes OF violence.
II Is no less important. for the enect
on our enemies, that the loan should
be oversubscribed in good, full meas
ure Popular subscription only can
give the desired touch. There still
remains a little more than a week In
which to demonstrate whether the
people can be sufficiently aroused to
the Importance of investing gener-
ously. To accomplish this would be
a double victory. The war Is still
\ very distant. and in some sense,
vague conflict in the minds OF large
number OF people. II has not been
brought home TO us. There is no in
vasion, no manning. no burning or
sackinE Of cities, none OF those out
RACES OF which such an enemy as
Germany Is fully capable. 1t IL the
be based all efforts to stir enthu-
siasm. The task Is in consequence
doubly hard and the victory, once
attained, will be dOubly triumphant.
There is a steady growing con-
seriousness OF expansion in industry
and business in general here which,
more than anything. else. is tending
to attract outsiders to the securities
field. Discussion OF this develop
ment. already well under way, are
heard on all sides, and no one can
get away from the conclusion that
| II is bound TO come. The steel trade
visualizes this best The tremendous
production OF pig iron at a rate in
recent months to establish 1917 as
a record year, and the extraordinary
demand for all kinds OF steel prod
ucts, entailing constantly increasing
prices, constitute the opening OF an
era OF Industrial initiation. Pig iron
is selling at $50 a ton.
steel Reaches Highest Level
The Iron Ages average OF steel
prices has advanced beyond 500 4
ton, the highest price level on record.
The life OF the country circulates
about steel, and the convOlutions OF
the threads of industry are gradual
ly unwinding to take in wider and
wider fields. This is the great fac
tor. Other factors are merely Incl
dental, no matter how powerfully
they may appeal to the imagination
for the time being. nor how effective
~ they may advance or depress Sc
curities prices for the moment. This
is why financial circles feel the
strength underlying the stock mark
ct, and this is why the bond market,
holds, albeit, sluggish. with liquida-
ton practically completed.
Wall Street has had several things
To look forward to of possible wide
market influence. First in impor-
lance was the Government crop re-
port issued at Washington. This was
the complete report and the most I'm
portant one OF the season, of
Course, short OF the ANAL harvest re-
turns. It did not fully meet eXpec-
tatIons, yet II may in measure be
regarded as bullish. Spring wheat
makes an excellent showing in both
condition and yield, as compared
with a year ago. Winter wheat does
not make so good a showing but II
was not expected to.
The alI-wheat crop estimate eX-
ceeds last years harvest yield by
something over 100000 bushels.
Oats show up better by some 100.
600 900 bushels: barley by $4,000. 900
bushels. and rye by 1O.5OO.OOO bush
els. II is to be borne in mind that
weather is an important factor yet
to be reckoned with because OF the
extreme Iateness OF the season.
The rift In the Lutte OF Wall Streets
happiness all along has been the Rus
sian situation, although that situa-
ton was measursbly improved this
week by the adjustment OF the differ
ences between the provisional govern
ment and the refractory element