Evening star., 1922-04-06
BIG, BROAD TRADE
IN STOCK LIST
SteeIs and Rails Are Leaders
in Action-B0nds
Score Gains.
BY STUART p. WEST.

NEW 1ORh, April 6.-There was no
3et-up in activity today in either invest
ment or speculative markets.
The liberty bond group was again all
dealt in at or close to par
The French and British external loans
also held at their high points, but the
two features of more immediate inter-
est were the further advance in rail-
way bonds Of the second and third rank
and the successful outcome of the
Czechoslovakia issue.
The Czechoslavian bonds, $4,000. 900,
part or an authorized issue Of $50, 0,000.-
600, were offered simultaneously in
New York. London and Amsterdam. and
IN all cases were promptly oversub-
scribed.
In one way, of course, this success re-
fleets upon the. improvement in that
country's fiscal conditions, as shown in
the recovery in the kroner from an al
most worthless state to nearly cents
On the dollar.
But mainly it was due to the un-
usual security afforded by the i'm
pounding of customs and the profits
OF the tobacco monopoly, which, with
full allowance for the depreciated
currency. is estimated to produce an
annual revenue four and half times
the requirements for interest and
sinking fund on the present per
cent bonds.
Jump In the Steels.
As group the steels were much
more responsive today than they had
been yesterday to the favorable pic
ture of trade conditions as set forth
in the iron and steel journals.
The two-point jump in Bethlehem
Steel "B'' represented the hasty COW
ering-in of a short interest put out
last week on the unfounded talk of a
dividend reduction.
Rarant nf
continued today, has been based upon
the remarkable improvement in the
business of the company. Replogle
Steel had one of it's characteristic
uprushes. followed by an equally
abrupt relapse.
Replogle holdings are SO concen-
trated that it is possible for floor
traders at any time to bid it up like
they did this morning. The trouble
is that when they try to take profits
1t is usually a case Of unloading on
one another.
Whole List Higher.
The general list upward movement
continued to pursue a normal course.
1t acquired still greater momentum
during the first hour or so, when new
high prices were reached all around.
and transactions rose to a new maxi
mum for the year
Later trading quieted down some-
what, and the price movement grew
much more irregular as the customary
profittaking sales began to make
themselves felt. The stock market is
such a big affair nowadays that 1t is
an exception when there Is any uni
form swing one way or the other.
The procedure in a rising market
IS for some stocks to be bid ur while
profits are being drawn down in
others. There is a constant shifting
of speculative capital, producing
much unevenness as between indi-
vidual groups of stocks. But the es-
sential point is that the initiative
should all be on the side of advanc-
ing prices.
All In Evidence.
These characteristics were in evil
dence again today. There was no
news to influence the dealings. The
market was simply showing that the
reports of trade recovery which have
been coming in right along had not
yet spent their force upon the Wall
Street movement.
The motors were very strong at the
outset, but later their advance was
held up by realizing sales.
The railway section gave another
display of quiet strength, with sew
eral rather notable gains. The copper
did u-a1I