Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-05-10
STEEL COMMON LEADS
ANOTHER FIRM MARKET

NEW YORK. May 1o.-Extraordinary
market today, carrying forward an ad-
vancing movement which had its incep-
ton at the beginning of the week.
Trading in the first hour, which was
accompanied by many new high rec
ords for the year. Appropriated nall
a million shares.
Since the successful close of the lib
erty loan campaign the recent preot,c-
yorable war reports lately. Wall street
sentiment has been buoyant. Todays
news that a British cabinet CRISIS ap-
peared to have been ayerted and the
tottline-up OF the harbor of Ostend
contributed to this optimism.
Enormous Steel Transactions.
United States Steel was the com
handing feature. rising on lurtner
enormous transactions TO 1oS r. an
overnight gain Of IN points. ana u
points over last weeks close. other
Equipments and war shares were l to
points higher. with | to points Tor
investment rails. sumatra Tobacco
added 6 points to its 15-point advance
Of the last two weeks
the new liberty Az per cent bonds sold
under par when trading began In them
for the first time today. dropping i..o
per cent. The initial offerings consist
ed of two large blocks at 1910. these
being followed by another lot at 1905.
with vet further decline to $3.50 for
a block Of 100000. The bonds contin-
ued to yield to 1852. Sales OF the new
liberty bonds in the first hour totaled
$1.542.000 par value.
Entire List Is Active.
The entire market fairly buzzed with
activity and another noticeable fact was
that the attendance in brokers' offices
and customers rooms increased fully
100 per cent. the steady rise of the week
being the lure to bringing the public
into the market again.
Many brokers have gone on record
as believing that the German offensive
will have difficulty in getting started
the third time. judging entirely from
the appearances Of today.
They absolutely ignored the depreciation
in third liberty loan bonds. due to the
liquidation Of large buyers who took the
bonds as a duty and are now shifting the
loan and taking as small losses as pos
sible. the initial transaction Of 1910 show
ing a loss Of 80 cents on the 800 bond
and only $50 on a block Of 100000. a
small sum for the glory Of the subscrip-
ton when made.
Some Profit-Taking.
Steel common reached 1924. a gain
Of 2K points in the first hour: other
steel shares were sympathetic. but
there was only one leader. Republic
Midvale and Lackawanna all made good
gains. but profit-taking checked these
advances.
Sumatra Tobacco made the sensa-
tional advance when it sold up 100. as
compared with Han, yesterdays clos
ing.
The coppers were firm at point ad-
vance. Shipping shares also moved UP
sharply and tobacco products gained
IN.
Union Pacific with 2A advance. Nor
folk and Western with l " and st. Paul
with point advance led the rails.
Over Million-share Day.
For the first four hours of the ses-
zion the sales tota1ed 1 .007 900 shares
the first big day since last January.
While there WAS a little let up in the
noon hour, it did not last. renewed
activity following with another slow
down and some little taking of profits
In the last hour.
At that, the recessions in prices were
Of small import and the confidence Of the
street was remarkable.
Steel common. in the last half of the
final hour of the session, remained around
1903; Republic Steel was weak at 88
Midvale stronger at 40, Lackawanna firm
at IS: Sumatra Tobacco reacted sharply
from 100 to 116A the rails were gener-
ally slow but steady.