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Show SUBSTANTIAL GAINS IN THE NEW YORK STOCK MARKET Entire Absence of Untoward Developments Responsible Re-sponsible for Optimistic Feeling. NEW YORK, Oct. 16. Events of the1 week-end. or, more likely, the absence of untoward developments, contributed to ' the confident tone displayed by today's market, which was characterized by unusual un-usual breadth. Prices opened at substantial pains in many leading issues, these being forfeited in part during the midsession. hut In the final hour, the most active of (lie day, fresh buying under lead of United States Steel, Mercantile Marines, coppers and . equipments forced quotations to highest levels and served further to efface t he more serious reversals of t he preceding, week. Several new records were scored, Nor- folk' & Western rising 2 to 147'r. Gen- eral Motors 25 H to 77&!,2. and four for Atlantic, Gulf & West Indies to 97. Much of th,e belated advance was made at the expense of a stubborn short interest, which had registered its opposition to bullish revival by persistent pressure upon Steel and other leaders. j Total transactions were slightly In ex- cess of l.OCO.000 shares, the last hour supplying more than one-third of the whole, and Steel, which made an extreme gain of 4 points to 113, furnishing about 20 per cent. Bethlehem Steel made a gross advance of 15. with 2 to 5 points in other industrials, equipments and munitions. mu-nitions. Mercantile Marine preferred's net gain was S points, with 4 for Atlantic, Gult & West Indies. International Paper led the minor specialties spe-cialties at an advance of O-", and coppers, cop-pers, zincs and motors rose irregularly, but substantially. All the coalers kept pace with Norfolk it- Western, strength being most marked in Reading and Chesapeake tv Ohio at sains of 2?i each. The Pacifies were higher by 1 to almost 3 points, and secondary rails, like Rock Island. Western Maryland. Mary-land. Kansas City Southern and Southern Railway, participated to a like extent. Bonds were strong throughout on free absorption. Total sales, par value, $5,370,-000. $5,370,-000. United States bonds unchanged on call. |