Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-10-13

Today being observed as q legal hoIi
day, all the principal stock exchanges
and commodity markets were closed.
business was also suspended 10y the
banks aud trust companies.
The holiday uuqueStionably was gen
orally welcomed in market and iinan-
cial circles. particularly by stock
brokers. The tremendous trading in the
last six weeks has created considerable
congestion. ncccssitating n great deal
of work for the clerical forces to re-
lieve the jam.
lhc holiday was also welcomed from
sentimental viewpoint. in that it of
tercd an opportunity for Il sober and
cain dcliberation of the general mar.
krt situation. In some Of the more
conservative quarters the opinion pre-
vaiis That the market is RAPIDLY de
veIoping into runaway affair. and
unless steps are taken to arrest some
of the reckless trading in the specula
tive Specialties the position of the gen
era market will be materially damaged.
In all quarters of the market the
spirit of optimism is running rampant.
IL ls no trouble to obtain from SO re
Garded inside circles information of the
most pronounced bullish Calibar which
generally forcShadOws violent advanc-
ing prices. AS most of these prcdiC-
lions, or whatever else You want to
call them. are made good. it is not
unnaturat or illogica that speculative
enthusiasm has reached such Il fever
heat.
AS is usually the ease in such viu-
rent demonstrations the important
TACT of distribution is entirely over
looked. The eye of the average trader
mas only the one view, the alluriug
spectacle of rapid and in many cases
sensational mounting prices Few stop
10 consider IT takes two to make a bar
gam. That is. for every buyer there
must be a seller. The so called public
nave from all indications taken the bit
between their teeth aud are running
away with the market like a wild colt
Cn al sidcs II is openly admitted
ued'E realizing has been encountered on
thc recent advance. The almost in
SSatiable demand. however. has swal.
loWea up these offerings without even
causing "A ripple in the market This
means in plain English wholesale
distribution of stocks from strong to
weaker hands.
How long it can 90 on is problcmati-
cal. There are no reliable Instruments
Tor measuring the duration of such Il
movement. when it reaches the momen-
tum of the current bullish upward
swing. 1t is more difficult Just at this
time, than perhaps ever before. The
trading list. as II matter of fact. Is
much too long for generalization. for
even though the trend may be up in
several groups. there may be other
groups sluggish or reactionary. But
the higher the market goes the more
erratic the fluctuations will be. and
in this manner the inexperienced lay
man is likely to find himself badly
whipsawed,
As a prominent local broker re
marked a few days ago: This is no
market for piker. or a week knrcd
bull. 1t is a market for aristocrats
only. for it takes a trader with II
mighty fat pocketbook to play the game
with such big stakes. Never in the
annals of the stock exchange has there
been such tremendous transactions in
high price SpecialtieS as now being wit
messed each succeeding day.
at is true we have become accus
toned in dealing in big things. and the
current remarkable demonstration on the
stock exchange is in line with some OF
the other colossal deeds we have done
as n nation in the last five wears.
'While it may be purely an accidental
Z tOllltlUpIlff. lHt pt'ih VI WV WV l'''''
ing great bull stock market movement;
were reached in October. The climax
of these upward swings was preceded
with similar speculative frenzy such rs
is prevailing now.
The ever memorable war bride
market did not get under way in rarnos
until the summer of 1915. By Sep
tcmbcr everything was going. from
Wall street viewpoint at full blast. TIN
wild speculation in these munitiol
shares was brought up with sharI
Jerk in the latter part Of October.
There followed months of reactionar!
movements. and these continued unit
July of 1916. The second "war boom
market started in that month. but tn
big things did not develop until the lat
ter part of August. The three month
/ succeeding We're marked by SpccuIa
/ tive debauch never before cquacd il
/ the history of Wall street. The idc
III" ''''''''.''''''-''