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Show BULLISH ENTHUSIASM 0N NEW YORK STOCK EXCHANGE Numerous Special Issues Carried to the Highest Levels of the Year; Coppers Are Heavy. NEW YORK, May 11. The stock market mar-ket ended an extremely busy week as it began, on a wave of bullish enthusiasm which car lied numerous special issues to highest levels of the year. There were some offsetting features, such as the relative heaviness of rails and coppers, but these were more than overbalanced by the strength in all other quarters of the list. United States Steel was again in the forefront, advancing from its low pf 107 to 109. within a small fraction of its current maximum, closing virtually at its best. Oils, sugars, tobaccos and shippings, the latter represented by Marine preferred, were the other conspicuously Ktrong features, fea-tures, retaining the better part of their gains of IV4 to 8 points. Distillers' securities was second in activity ac-tivity to Steel, at an extreme advance of 3 points. . Backwardness of rails and metals resulted re-sulted from disappointment at the failure of the Washington authorities to announce an-nounce higher transportation rates and to the less favorable quarterly statements of the larger copper-producing companies. Sales amounted to 550,000 shares. The new Liberty 44 per cent bonds continued to fall, declining from Friday's low of 9S.40 to 9S.20. Of the older Liberty Lib-erty issues, the first 4s equaled the year's low at 05.64. the second 4s also showing heaviness. Total bond sales, par value, $3,750,000. An actual loan increase of about $9S, 000,000 and an expansion of more than S65.O00.OO0 in excess reserves were the noteworthy features of the weekly bank statement. NlfcW YORK, May 11. With tittle interruption in-terruption despite incessant selling for profits, and on' a steadily increasing volume vol-ume of operations, this week's stock market mar-ket registered many high records for the year, while here and there actual new maximums were established. Better war news, the vote of confidence extended to the British ministry, exceptional excep-tional crop prospects and the encouraging encourag-ing industrial outlook were among the factors which contributed to the substantial substan-tial upswing. Bank clearings attained unprecedented proportions and general business improvement improve-ment was in keeping with this showing. Scarcity of labor and of certain raw materials ma-terials was almost the only drawback. United States Steel furnished not fewer than 1,400,000 shares of the week's total of abouL 5. 200,000, making an extreme gain of 12 pointd. Heaviness of Liberty bonds, including the 4s. at a discount of 1 4-5 per cent, was without appreciable effect in the investment in-vestment market. Italian rates at the new low of 9.04' and the strength of Swiss remittances were the confusing developments de-velopments in the foreign exchange market. NEW YORK, May 11. The constructive construc-tive and generally helpful tenor of the week's many developments accounted in large measure for the extraordinary activity ac-tivity and vigorous rise in stocks, these being further enhanced by favorable technical tech-nical conditions. The amazing success of the Liberty loan campaign, the additional check to the German offensive, excellent crop prospects pros-pects and the forward strides reported in various industries emboldened speculative interests to a degree not witnessed at any previous perfod of the year. That banking interests were not-altogether averse to the bull movement was indicated by the stable monetary conditions, condi-tions, albeit time money remained firm, with no increase of offerings. United States Steel's undisputed leadership lead-ership at an extreme advance of over 12 points was accompanied fay gains of 3 to 10 points elsewhere in the industrial and special divisions. Encouragement extended to rails also in consequence of the receipt of numerous March statements of earnings, many of which gave promise of further improvement. improve-ment. In well-informed circles, belief in an early advance of freight rates was general. Further reaction in Liberty bonds, which later embraced the'4s at as extreme ex-treme a decline as 1 6-10 per cent, again lacked explanation, but had little effect on the investment market. Foreign remittances re-mittances were unchanged, except for another an-other break in Italian rates to a new minimum. |