Evening star., 1922-03-31
BIC BULL MARKET
!. WITH many GAINS
VM 4 - UVv III uv& NJHW u
ii n
Sold Out Bulls Buy Again and
+; Admit Higher Prices
!: Sure.
BY STUART p. wEsr.

- NEW YORK, March 31.-The most
Immediate explanation for today's very
: broad advance in stocks-the most con-
sistent, and altogether impressive OF
. the year so far-was to be sought in
; conditions within the, market. itself
rather than anything new on the out
side.
:. OF course, the fundamental causes
: underlying the upward movement are
1.-The same now that they have been all
. along since the middle Of january
: gradual improvement, actual and an
ticipated, in the volume of trade, the
Restoration of prices on the farms and
at the manufacturing centers and the
abundance of money supplies at the
lowest rates prevailing in three years.
: Advance Resumed.
A large section of the office trading
element had gone very-wrong on the
: market from Tuesday morning on.
The chart, by which so many traders
60, had given bear point. Even
: treated with skepticism.
: Today there was a rush to buy by
these elements which had missed the
: market. and prices we're swept for
: ward. in some instances with posi-
: tive violence.
But all this has been perfectly well
: understood for the last two months.
: 1t was no better appreciated today
: with stocks going up than it was a
( week ago when the market started lis
. little downward turn.
: The whole reason for the change in
. speculative sentiments yesterday ';li.d
. this morning was simply that prof"s-
: sional Wall street has been proved
: wrong in it's theory that the main ad-
: vance was over for the time being.
: This view was upset when tow ,r.i
: the close of yesterdays session the
: general average of the share lis. got
: into new high ground for the year.
: inference, and that was that the no.
: tion of the upward swing having ter
: minated for the present was errone-
: GUS.
: Rise General.
: While the principal rise occurred in
speculative stocks, there was an un-
: sdercurrent of investment buying suf-
. ficient to afford powerful support to
operations for the rise.
. In bonds, too, the investment de-
.mand showed itself in another day
: of heavy trading, with prices still
: pointed upward.
: But in none of the markets was
there anything as important as the
: demonstrations of confidence and
seven enthusiasm. .on the stock ex-
: change. Yesterday there had been
reason to suspect that the short in
= tSTcSl was TSSpOHSlOlc LUZ lAc IiSC
-in stocks and that its example was
being initiated in the other markets.
= notably wheat and cotton.
: But today's commodity markets
: stopped advancing and the continued
rise in the share list was plainly
founded upon an thrush Of real buy
= ing. coming chiefly from spectators
-and investors who had been holding
-of in the hope of reaction and saw
: that this hope was not to be realized
sharp Speciality Moves.
No hint has been given of the re-
' markable overnight jump in Cast Iron
: Pipe. There was an abrupt withdrawal
: of selling orders along with quite q
: batch of buying orders put in for ex-
|. ecution lat the market today" The re-
suit was that Cast Iron Pipes first
: sail. occurred at 81, as against last
nights close of 33ss.
: Mullings Body was another speciality
to take a violent forward plunge, while
Savage Arms. which closed yesterday at
!. 90. sold Immediately at 90.
: Pressed Steel Car shares were bid up
rapidly on news that this company was
the principal beneficiary from the order
for $50 new all-steel passenger cars Just
given by the Pennsylvania