Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-09
PRICES MOVE HIGHER
IN WALL ST. TRADING
Spectacular Gains Made in
Largest Halliday Session
Of the Year

New York. May 9-Thc New York
Evening Suns financial review this aft
ornoon is as follows:
In order to describe the days per
fnrmancp on the stock exchange it is
only necessary to repeat what has been
said Of many former sessions with the
addition of few supcrlatives.
Under the impetus of the most on
thusiasti" buying yet witnessed. prices
again went higher: gains attained by
individual shares were at times most
transacted in the first half of the Scs-
sion was the largest Of the year
Stock tickerS were unable to cope with
the huge turnover of securities. the in
struments recording quotations were
anywhere from ten to fifteen minutes
later than actual sales during some Of
the excited intervals.
With the financial markets in n state
Of spe"uIativ" orgy unparalle since
the great boom provoked in the early
Stagea of the war. the days extreme
price fluctuations of FIVE. ten. fifteen or
twenty points were accepted almost as
matter of course rather than as n
novelty requiring explanatory comment.
Trading was r"plcte with features, as a
long list of industrial stocks moved into
new high ground for the year. To
days demonstration was to be ac-
counted for as much by the momentum
of the movement itself ns by the day s
news which. on the whole. was con
strued favorably.
The last piece of government fnanr
ing will be completed tomorrow and nt
p least full subscription is foreshadOw
ed. The removal of this burden from
the tinanrial markets was factor not
overlooked by the speculative element
and some new buying was induced on
the theory that securities will further
celebrate the successful floating of the
loan. although there has at no time
been any doubt about the result.
Precisely what an open market fol
steel signifies for the industry and 70,
business activity generally was doubt
ful question in the Wall Street mind
ON the whole. however, the outcome o
the price controversy was contemplate
with satisfaction United States Stee
and o'her shares displayed create
strength today than for long time
The steel manufacturers have apparent
ly obtained their way in the matter ant
appear plea spd Stockholders accord
ing'y hate nothing to be discourage
about.
Unusually wide swings were made b,
numbe- of stocks. The oils bOOme'
E at the outset. Texas Company furnish
ing the sensa tion here by advancing t.
292. Iew high and a gain of 22i
points on, top of a similarly large ad
vance Yesterday. Pan American Petrol
cum rose about points and Pierce o.
gained more than , points. both issue
establish ng new high prices. Mexica
. Petroleum joined in the demonstrate
> as did tie Royal Dutch shares. whic
also went into new high ground. At
, lantic Calf was favored with an extrenl
; advance of Si2 points.
{ Initeo Fruit rose more than
points Chandler touched 80: Generi
Motors sold up to ls9 for a gain Of Al
: points. md Studebaker registered a ne
d high. Above 40. Such a pace was alto
, gether 100 violent to continue long ar
y sove veiy sharp reactions occurred fro
the bes levels but the market at I
time Lost its strong undertone.
Trading quieted down somewhat
the last hour and the price mOvemeI
assume, more moderate proportion
Schloss Sheffield was feature. advant
'r ing moe than , points. and Roy
Dutch Issues extended their gains. Oh
n lahoma Producing. followed other {
shares Ip. United States Steel, aft
dropping under par, recovered vel
:" easily.
= Pool managers manipulated the
il specialtis with ease and with b
:, public fllowing in the market we
enabled o operate to splendid advaI
oi tage. C,ntral Leather, Ohio Cities Gt
and Pierre Oil were brought TO the TO
he again aid carried to the best pric
10 of the var. American Woolen whi'
!. rose 10 ,oints yesterday closing at Z
- sold at s5 this morning.
ne Activity was not all on the buyi
side. however. heayiness developed
pp a numbe of spots undfr realizing salt
The rails were neglected most OF
eu time asi fiuctuated indifferentIy. Go
at pers aIo Jagged. Marine preferred,
90 which here has evidently been impoi
ant buing, went above 10, thereby !
- coyerix the fun $40 dividend recen
subtrafsd from It's price.