Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-04
SPECULATIVE fever
AT BOILING HEAT
Mighty Volume Of Buying Orders
Prompted Distribution
OF Pool Holdings

Now York, April 4.-Speculativ,
enthusiasm reached a boiling point II
today's stock market and until tn,
brakes were applied showed danserou,
'rmptoms Of developing into a run
away affair. The transactions in th,
first two hours were on the basis Of a
million share market. In the frs
hour alone the turnover reached an.
1roximately 100000 shares when q
lumber Of the active speculative
avorites Of the industrial division req
istered new high prices for the year.
Inc remarkable activity and buoy
,ncy OF the industrial stocks during
the first part Of the session indicated
great influx of the so-called public
,uyins. While the pools and other
'peculative combinations were prompt
to take advantage Of the yirulent type
OF the speculative fever to bid UP the
elected issues 1t was hardly conceiy.
Die that the wild character Of the
trading could be based solely on the
perations of the professional contin-
;ent. The buying enthusiasm mani.
ested not only in the leaders but in
all parts Of the list where the least
Va ONthoI Nuc SHOWH lnOlCaJpu
'onclusively the outsiders had Mt Inst
AIKEN the bit after many months of
1oaxing.
In the overwhelming rush of buyinr
rders disclosed at the opening was
be found sufficient testimony of the
pread Of speculative fever and the
'agerness Of the outsiders to get aboard
before the big joyride was over. The
ales of 2G0, 900 shares in the first half
iour indicated the extent of the volume
u accumulated orders overnight which
had been attracted the progress of
the constructive movement in the last
ortnight and more particularly by rea.
Son OF the broad movement in yes
erday's session.
Advantage of this mighty buying
.'ower was promptly taken to distribute
tocks by the speculative pools and
cltques, and profit taking after the first
alt hour assumed considerable propor-
ions. These tremendous realizing sales
or time caused hardly a ripple, but
he staggering weight began to have
l telling effect in the second hour. when
a good sized reaction took place all
along the line, when 1t was also ap-
parent that brakes were being applied
oy the influential interests. to check
the alarming rapid spread of the spec
ulative orgy.
The line of cleavage was rather
tightly drawn between the industrial
and rail divisions and the latter were
the only important group in which
speculative interest seemed lacking. In
the former the enthusiasm seemed to
reach all classes. In the first hour dur
ing the excited trading new high records
for the year were made by prominent
teels, motors and equipments. Stude.
aker, yesterdays outstanding feature.
made an initial gain Of ~ points and
Pierce Arrow common and preferred
were better by half to one point. Vana-
dium led the independent steels. rising
2 points. Mexican and California
Petroleumns featured the oil division
with Houston and Royal Dutch. Amcri-
can Sugar. Beet Sugar. American Ice,
American Tobacco and American Writ
Ing Paper preferred embrhced the other
strong shares.
In the selling for profits reaction of
to . points occurred in Studebaker.
Vanadium, Gulf States Steel. Famous
Players, American Car and Canadian
Pacific. United States Steel reacted
almost 1 point from its new high of
9Sk. Shippngs were strong. however,
and buying of oils assumed broader pro-
portions. Davidson Chemical led the
specialties, rising 3A points.