Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-02
WILD RUSH TOSECURE
STOCKS ON WALL ST.
Traders Set About Buying as
Though to Make Up for
Lost Time

Evening Suns financial review this
afternoon is as follows:
Wall streets speculative proclivitics
having been restrained for three days,
the trading community set about pur
chasing stocks this morning as though
in desperate haste to make up for lost
time
1t is getting to be familiar prac
ticp to describe each succeeding days
stock exchange performance as the most
remarkable Of the year. yet it must be
said of today's wide price swings, vol
umc of business. large net changes. CX-
cited dealings and rampant bullishncss
that in many respects they outclasscd
the many former demonstrations made
this year.
= From the start there was a wild
scramble for stocks in utter disregard
of the prices paid. The movement did
not lose any of its vigor until we'll into
the afternoon. and in the meantime net
gains of from 4 to II neints were made
in the industrial shares.
The star performer was Studebaker.
which opened up y points and quickly
went to 100 General Motors. Pierce
NTTOW. ENiulL. MdSN'li anu 'il' lNS' VI
the group experienced the same excited
speculation which has by turns gone
on in the rubber. oil, food and leather
shares.
While it was in the motors that the
most spectacular records were made, all
of these shares going to new high prices
for the year, the general list was by no
means standing still. Mexican petro
leum crossed 1913 for six point gain.
American Woolen scared IL points and
Central Leather added I points to its
recent achievements.
When the pace in one quarter became
too rapid to reasonably endure, buying
as quickly shifted to new stocks and in
the afternoon the steels, equipments and
dormant, came to the fore.
In the face of all this strength, the
Mercantile Marine shares were dis
tinctly weak, to the distraction of many
trader long of the stock, on the theory
that the liquidation plan would go
through without opposition and prove
highly beneficial for stockholders. The
annual meeting of the company was
held this afternoon and earnings for
1918 given out, showing a moderate de-
crease compared with the preceding
year.
Announcement was made that b. F.
Goodrich stockholders would be asked
to vote on a $25 ,O00, 900 increase in the
preferred stock, only 5000, 900 of
which is to be issued at this time.
Trading quieted down somewhat in
the last hour and the prices eased off
here and there in the profit taking
/ sales. The general list, however, main
| tanned it's firm tone. National Con-
duit, International Paper. Virginia
| Carolina and other specialties were ad-
vanced in the late trading. American
| Ice touched a new high at ga.
| A million shares of stock had changed
| hands by the time the session was hall
over. There was no particular news to
| inspire trading sentiment. 1t was
rather an absence of unfavorable de
velopments over the week end which
permitted the bull movement of more
than three months duration to continue
| Of its own momentum.
With the public in the market and
getting in deeper every day, pothing
apparently can check the runaway save
| decisively bad news. Words of warn
| ing, such as contained in the National
City Banks monthly bulletin against
the dangers of speculation, were ignored
by the rank and file in Wall street
Many professionals sold stock this
morning, however, as a result of the
banks bulletin, but shorts were com
pletely put to rout before the session
had progressed far.
limitations from Washington that
the government might have to again re
sort TO public borrowing to meet def
cits were decidedly unpleasant, but
without obvious influence on the mar
ket.
Il Pools had a field day and pushe,
their specialties forward from 2 to II
points without difficulty. In such al
excited session there were necessaril,
; wide jumps between quotations as wei
as sharp declines and recoveries Ney
high prices for the year were registere,
by long list of stocks. Crueible Steel
which is apparently subject to poo
manipulation. featured the steel shares
advancing more than four points ia tn
early trading.
Other steels did nothing until late i
the day when United States Steel got nj
around 10 and Bethlehem Steel aroun,
S3. Southern Pacific was the featur