Show Buying Floo Floods s N. N NY Y Stock MartA Mart After A fter Sensational Advance Volume of 3 Million Shares Highest Total in 15 Years By William Villiam D. D Horgan S NEW EW YORK May 15 UP The P-The The public hit the stock market Saturday with the greatest flood of buying orders since 1929 but prices responded only modestly after Fridays Friday's sensational advance Volume of around shar shares w was s the greatest fo for a S Saturday in 15 years The new high speed ticker tape lagged behind ac actual u l transactions from start to finish of the two- two hour trading session as much as u a record 13 minutes at one time Flash Flach quotations quota ions used by the exchange when volume reaches such dizzy levels gave the latest prices for key stocks Orders came from all an over the country D Despite spite the tremendous lifting force of at this tills demand final prides prices es were up only a few cents J to 1 1 or more a share At times some rome prices advanced 2 2 a Mare hare Many Sell Out Much of the selling came from persons who figured they'd sell out outI I while they were still able to make a profit Some disposed of holdings which have laid on the selves for months or years S The exchange was flooded with orders which at times came in fa faster ter than at any time since the hectic days of at 1929 although the over-all over volume of shares was considerably under the shares turned over on a May Saturday in 1933 The Associated Press average of at 60 representative stocks advanced 4 of one point to a peak since Aug 29 1946 This Thi compared with Fridays Friday's speedy up run-up of 17 Some representative s stocks t toe o c k Its s American Telephone Telegraph at up U. U S. S Steel up General Motors 60 60 up Chrysler up Sears Roebuck up A 6 87 up Anaconda Copper up General Electric up Johns Manville Johns Manville 42 up Standard Oil on N. N J J. J up American Woolen ln n up Huge blocks of stocks changed hands with increasing frequency and lashed the trading floor loor into frenzied activity as shouting brokers brokers brok brok- ers era executed the orders The 1929 boom atmosphere was back again Orders Pile Up Orders to buy and sell had started to pile up on the desks of at brokerage houses in the financial district immediately after the cl close sc Friday They rolled in again Saturday morning as investors and speculators climbed on board what they apparently believed to be a ar r roaring aring bull market One block of shares of Packard Motor Co sold at 5 5 a ashare ashare ashare share unchanged A lot of 1100 shares of International Harvester was bought at up 1 A little of the buying spilled over into the bond market but trading in that division was A comparatively tame business The driving force behind the market developed Friday around 1 For a couple of months the general level of prices had been slowly edging forward until See Page 2 Column 1 t STOCKS SOAR Continued from Page 1 It approached hed what market technicians tech tech- call all a resistance point Students of ot the widely held Dow theor theory b believed that when that point was passed it would provide provide pro pro- provide vide confirmation of the fact th that t the basic trend of the market had been upward for son some som time The mad rush to buy that appeared appeared appeared ap ap- ap- ap Sat Saturday and Friday Fiday was as based largely on the belief th that t the upward trend would continue The Dow theory however was not the only factor which influenced influenced d demand Business has been 1 and 1 earnings for tor many comp companies com corn p panics high Based on past standards standards stand stand- ards aids numerous stocks were considered considered con con- The domestic rearmament program program program pro pro- gram gramand and the European Aid program program pro pro- gram bin in ln addition addition- were expected to p provide ovide business with enough orders orden to keep them working at top capacity pa for months or even years year to come Consumer spending too has haa been given a boost by the income tax red reduction cUon |