The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1917-06-03

issues have practically stood still
since the par value Of the A common
was divided and the B stock was
issued. In the same period American
Car and Foundry has moved forward
20 points. American Locomotive, IL
points: Baldwin, % points, and West
inghouse Electric and Manufacturing.
II points approximately. Numerous
other Industrial shares are now at
the crest OF the year and some are
selling higher than ever before.
Railroad List suffers.
The railroad list suffers by com
parison. There have been several
well directed efforts to push them
forward, but these movements have in
the main been spasmodic and largely
futile. 1t Is true that Reading, Union
Pacific, and a few OF the other lead
ers in that department are selling
now at some to 10 points better than
the low level OF the year, but most OF
the list has Jagged. In truth there
has been little Incentive for them to
advocate The very reason that the
steel business has stimulated indus
trial pursuits in general, has at the
some time been a dampener IN the
railroads. The roads gross earnings
have, indeed. grown substantially.
but so have expenses In the way OF
fuel, supplies of all kinds and wages.
But the prices OF railroad stocks are
at least holding; indeed, they have
made substantial gains since the ear
~ part Of the year. - Ennch 40 per
haps, as could be reasonably expect
ed.
Is there. then. the basis for bull
market? Or has the bull movement
already begun? We have seen that In
dustrial prices have gone forward
gradually, but substantially. with
many issues selling at top prices for
the year. There are few, 81 any, indi-
cations OF weakness within the mar
ket Reactions on profit taking and
short selling for the purpose OF Try
ing out or improving the technical
position at the moment have been IRE
quent. but that prices viii not stay
down would seem to have been amply
demonstrated in the past fortnight
II will be difficult to answer me
above questions to ones own salts
faction, perhaps, until after next
week, for that week, Ike TINS
will be broken one with
the conscription day recess on
Tuesday. Traders will be engaged
mainly in keeping down or closing out
their accounts, since there are numer-
Gus good enough reasons for not
desiring to carry over very heeFy
commitments even for day.
Money Continues Easy.
Neither foreign nor domestic news
DEVELOPMENTS had much influence mar
ketvtse in the ive sessions Of the
week, although considerable Interest
was shown in the Russian situation
and the remarkable offenive OF the
italians in the Trentino. The pros
pect for a Russian offensive is grow
ing brighter daily under the spirited
EFFORTS of War Minister Kerensky.
Little attention was paid to the Aus
trian Emperor's address to parlia-
ment. There were too many vague
Reneralities and irrelevencies, Al
though from the confusing tumble one
gets the impression that the dual
monarchy Is well-nigh desperate IN
trying to steer a course which VIII
keep her clear OF the Scylla Hunger
and Charybdis Berlin, and at the same
time bring her to some haven Of peace.
Money continued easy. although
rates were but little changed. Call
money was quoted at better than 4
per cent in the latter part OF the week,
with AZ per cent as the
years high. The bond market con-
tinued quiet and narrowly hrm. A
sharp falling of in new financing for
June attests to the monopoly which
the Liberty loan flotation is enjoying
in the bond circles.