Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-03
MANY new TOPS
FOR |NDUSTR|ALS
Torce Of the Current Buying
Movement Is StrikingIy
Demonstrated

New York April 3.--The force Of
the current buying movement was
'triklngly exemplified in today's stock
market in the constant shifting of in .
crest from one group TO another and
The successful bidding up of prices in
Eh"Sc various Issues New top prices
were registered by a number Of the in [.
dustrials. with some reaching the
highest since early in 1920. Stude.
haker and United States Steel were
among the prominent issues to register
new high figures for the year, but
breaking itno new high ground was a
common occurrence. The list. as a
whole. displayed a greater degree OF
strength than had been noted ut any
preceding juncture since the beginning
of the constructive movement.
/ The temper of the market world was
perhaps better illustrated in the re.
mnrkable success of the New York
! Central 10000 bond issues,
which was offered on a basis to Yield
about $50 per cent to investors. The
! issue. according TO the reports, and
the prompt closing of the subscription
books was several times over sub.
scribed. This was regarded of far.
reaching influence from q sentimental
IA
rather severe test of the investment
conditions and the readiness with
which it was taken demonstrated the
pronounced change of feeling toward
the transportation lines and at the
same time was reflex of the almost
Unsuitable demand for all classes of
bonds.
ver-the- week end developments were
without particular interest. The coal
strike continued to be entirely ignored
ana little or no attention was seemingly
paid to the sitter money market condi.
tons. The call loan renewal rate was
hxed at "A per cent, but the market
community altogether looked upon the
Aigh rate as merely n temporary Condi-
ton and step on the part Of the banks
TO check the withdrawal Of out.of.
town funds.
Altogether the momentum Of the
market was sufficient to carry it along
without stimulating news develop
nIents and the progressive character of
the forward swing became patent be-
fore the market was an hour old. the
rising prices being accompanied by a
pronounced expansion IN the volume and
broadening of the dealings. The oils
were the leaders at the outset. last
week $ demand for both the foreign and
olIS WAS EtSUlIlPu at tlle O1bpu-
.ns with the gains in the group run
n.ng from ] TO over 1 points. The in
,,cp ndcnt steel shares were the next
taken up, notably Crucible. Vanadium
and Nova Scotia Steel with gains Of
! TO 3 points. Then the motors were
swung into line under the lead of
Studebaker. but the whole group be-
came buoyant. Pierce Arrow issues,
which only short time ago showed a
conspicuous lack of support, reflected
pronounced change ii the trading posi-
ton.
Standard Oil of New Jersey Joined
the other strong issues Of that group,
gaining 3a4 points. Kelsey WHEEL led
til" automobile specialties, advancing /
points. Aside from Canadian Pacific
and Delaware and Hudson, which rose
l point each. buying of rails again
ccntcred in the junior Western group,
especially Chicago and Alton pre-
fcrrcd and Toledo. St. Louis and
Western preferred.