| Show Rush to Buy Booms Stocks SHARE PRICES RECORD GAINS OF 2 TO 15 Trading Heaviest in Almost Two Years Ticker Falls Far Behind COMMODITIES ALSO UP House Leaders Promise to Speed Bank Bill By JOHN JOliN L. L COOLEY Associated Press Financial Writer NEW YORK Feb 13 Wall 13 Wall street and and Main street too too dumped dumped huge buying orders into the New York stock e exchange change h hopper today nn and ex ex- watched the me overworked machinery machinery ma ma- chinery grind out juicy profits that thai had lad the flavor of or an old-fashioned old bull jull market markeL Trading was the swiftest swiftest swift swift- est experienced in a Saturday session since May 3 1930 When trading closed at noon after two wo hours of frenzied activity prices were about 2 to 15 above Thursdays Thursday's inal final quotations Scores of leaders showed net gains o of 4 to 7 but many did much better than that in this ses- ses session ion sion of seemingly insatiable demand and it was indeed a slow mover that could not show a rise of 2 Union Pacific made an extreme gain of 1850 a share The raU rally zoomed along under enor enormous momentum picking up points as asa asa a snowball gathers snow as buyers stampeded to ride the rise started b by bythe the he governments government's drive to make the reserve system more flexible Quotations that would have appeared fantastic only on Wednesday of this week rattled out of the ticker in an endless 9 stream OFFERINGS GRABBED Whenever traders stopped to take profits the their r offerings were gobbled up ip by eager enger purchasers although Inthe Inthe in inic the ic last quarter hour the cashing in process brought some reaction from the le m mornings morning's best levels Union Pa f ics ic's meteoric rise carried it to but ut it fell back to where the net gain ain was 12 1262 62 Shorts in American Telephone received received re- re a severe sever ng for this popular ut utility l ly climbed 1575 to closing losing at or a gain of 14 1450 50 Auburn Auto had to be content with rith with a smaller extreme rise its top quotation of 25 representing an m advance of oC 1450 The last transaction tion on was at up 1375 I I United States Stales Steel soared to and nd closed at 49 making the net gain gam American Can finished at up 7 Allied Chemical at 77 up p Cola Coco-Cola at up 7 Du at up Santa Fc Fe I Railroad at up lip Vesting house ouse at up United States Steel preferred at up 7 75 General Electric at 24 up 3 62 l CO COMMODITIES RISE Commodities also caught the spirit or of f th the day Cotton futures on the New York rork market closed with advances of 60 0 to 80 cents a bale hale while wheat and andorn corn orn forged ahead at Chicago Turnover er in stocks approximated shares or at a pace considerably considerably consider- consider ably bly in excess o of shares for fora a full hour five market Facilities Continued on Page Pue Two I SHARE PRICES RECORD GAINS OF 2 TO 15 Continued From Paie One Otie for recording quotations were swamped and the ticker ran behind during durin most of the forenoon There was no mistaking the temper of this market when ihen the gong ran tang rang for the resumption of trading after the holiday The opening was de strong 1 to 5 higher and nd initial transfers in many instances Instance Involved blocks of 1000 to shares When volume began increase man many large blocks appeared One trade trad In American Telephone for instance amounted to shares There were deals of shares o of Westinghouse International Te Tel Tel- ephone National Notional Dair Dairy Products General Foods General Electric New York Central Cen Cen- Allied Chemical Pub lie lic Service of New Jersey United Unite Corporation and Union Carbide The turnover of about shares was the largest for a two hour V session since May 3 1930 when 5 4 shares vere were traded Th The closest recent approach to it was Sep 19 1931 when shares share were iere traded V 1 House Leaders Move To Speed Bank Bill WASHINGTON Feb 13 UP UP- UP House leaders today prepared a special cial rule to enable the house to take tak up on Monday i the administration bl bill designed to unlock reservoirs of fee federal federal fed fed- eral reserve credit now unused Both house and senate bankIng bankin committees have voted to report th the measure favorably Chairman gall of the house announced he would woul I present the favorable report to th the house when it convenes at noon Speaker Garner has given assurance that the special rule will be granted This will give the credit bill right o ot of otwa wa way over all aU pending business on Monday The senate yesterday adjourned until un un- til hI Mond Monday Y so Chairman Gla Glass s of th the senate committee cannot report th the bill to that body until then Passage of the measure Is deemed certain The administrations administration's finan finan- cial dat experts unqualifiedly support il it The They declare it Is essential to supplement supplement supple supple- ment the work of the reconstruction finance corporation In providing ample credits to aid bust bus bustness ness and banks Leaders of both boO parties have promised President Hoover their support The attitude of congress however can hardly be described as tie tic Although both senate and house banking committees approved the measure their members are reticent in n discussing it Ss S's |
