Wall Street today saw profit-taking, prompted by uncertainty regarding the Tax Bill and technical weakness following four days of rise in the industrial section. Weakening factors were the dip in steel operations, unfavourable quarterly earnings reports and dividend actions, although a few reports showed ability to overcome the lag in business activity and thus induced some selective buying. The Street regarded the European situation as being improved on the basis of the Anglo-Italian pact. Stockholders of the Public Service Corporation of New Jersey have been informed that the Company must reduce its dividend from the $2.60 level. It is estimated there were 13,178,000 unemployed persons in the United States during the month of February. The magazine "Steel" puts steel operations at 32 per cent. of capacity.
Text read from the printed page and cleaned; old type leaves the occasional error.