Evening star., 1922-04-03
BU0YANT MARKET
ON WALL STREET
Activity and Higher Prices
Are Order of Day-Public
Buying.
BY STUART p. WEST.

NEW YORK, April 3.-Dealings to-
day both in bonds and in stocks were
the most remarkable of the year. New
high prices were made all through
the investment list and the specu-
lative list as well. The volume of
business was likewise the largest
of the year. Two conclusions were
quite evident from the days hap
penings. One was that the invest
ment demand was still as vigorous as
ever The other was that having
held off. because of either skepticism
or indifference. since the stock mar
ket started upward in January. the
outside public was finally taking
hand in the speculative movement
In this, Wall Street history is but
repeating itself. Shrewd investors
and speculatorS-the sort commonly
designated inside interests-were
able to stabilize the present trade
Improvement months ago. In the
view of the ordinary business man at
that time to profess optimism on the
outlook seemed utterly foolish, when
current trade operations were SO
slack and Improbable.
Public Buying.
Yet, as usual. the Wall Street mar
ketS have been the correct barom-
eter The rank and file of outsiders
who took their view from trade ad-
: vices and refused to believe in the
advance in the stock market, now
have a chance to see their mistake.
The same business men who were so
blue six months ago are now feeling
very cheerful. The same mercantile
reports which We're dubious. where
they were not pessimlstic, all through
the early stages of Wall streets re-
covery are now picturing the stu
alton in bright colors. But in the
meantime, Investment bonds are up
Is to 20 points and the leaders of the
stock list 25 to so points.
Oil Shares.
There were no further actual de-
velopmentS either in the oil or the
steel industry to account LOT the
strength in these two groups today
What both We're rejecting were price
advances cofidently anticipated in the
near future. Oil men do not attempt
to guess when such an advance may
be expected but they do predict that
with the seasonal increase in the de-
mand for gasoline, jump in both
crude and refined is not far off. Pa
cifc Oil opened up a point on top OF
Saturdays three-point rise: Call
fornia Petroleum also reached the
highest price since the boom of 1919.
The Standard Oil stocks bore their
full share in the rise, and there was
much more activity in stocks like
CaUdO, Middle states, ITdnS-Coii-
tinental, Phillips and lnVlncible.
The Steels.
The oils were the leaders at the
start, but after they had had their
first whiri the speculative current
turned into the steel stocks. All
these had the sharpest advance that
they have had in some years. steel
common. when it struck 81, was sell
ing at the highest in two years. This
was in keeping with the inforna ton
received last week that the steel mills
were more buSily employed than they
have been since 1920
If they can put prices still hisher,
their profits will get back to normal.
What the market for the steel stocks
was figuring on today was further
price advances. probably this week:
To say that the outside community
had finally yielded to the entlcement
of rising prices was to describe the
whole development of today's mar
kets. While pools and professional
operators were busy, the market was
no longer dominated by them. The
buying movement broadened out the
way it does when outside buying
orders begin to pour in. 1t was an
fashioned accumulation of these
orders over the week end which was
felt in the opening rise and IN the
widely distributed and well sustained
groups were left behind. On no day
so far in 1922 have so many indi-
viduaI industrial stocks figured prom
inently in the buying. The rails were
strong. with one or two new high
records.
Not a Factor.
In so far as an expression of opin-
lon on the coal strike could have been
read into the days price movements,
it was one of entire confidence that
the trouble would be over long be-
fore an actual fuel shortage would be
threatened. The only quarter where
the strike counted as an influence
was in the exchange market. Here
there was some speculative buying
of both sterlings and francs on the
theory that the shutdown in Amer
lea would involve imports of coal
from England and France. Sterling
got back within little more than
cent of the high of ten days ago
and within cents of the March
/ top.