Evening star., 1922-03-30
INVESTORS ARE
BUYING FREELY
BY STUART p. WEST.

NEW. YORK, March 3o.-The mar
kets today emphasized once more the
apparently Unsuitable appetite of the
public for investment securities.
This investment buying movement
has now been going on with scarcely
an interruption for nine months. Jt
has forced old line mortgage issues
up 10 to IL points. has brought about
even more of an advance in second
and third rate bonds. has carried the
best of the preferred industrial stocks
has absorbed the greatest output of
new capital in the history of the
country
Yet there is no indication at this
present moment that this investment
demand is nearing exhaustion.
New syndicate offerings to tho
amount of $l0.0Oo,o0O were quickly
Snapped up today. the bond market
pushed forward on another big turn
over and high-grade railway stocks.
along with numerous industrial is
sues, reached better prices than they
have previously achieved this year.
Strength In Dominant.
Besides this demonstration of in
vestment buying power everything
else in the days occurrences was of
inferior consequence. Sterling and
Continental rates went higher again.
were SUN Well DGlOW the nlRl
points of ten days ago.
The main interest in the exchange
movement just now lies in the reac-
tion of the market to the latest Ger
man reparations developments, es-
pecially to the refusal of the German
government to accept the terms for
1922 laid down by the allied comission.
The fact that sterling. francs and
even marks should have not been
depressed, but rather should have
risen. in the face of this new COM
plication, is further proof that eN-
change rates are moving primarily
under the influence of international
trade conditions and that politics are
entirely a secondary factor
1t was perhaps the broadest market
OF the year on the stock exchange
and also one of the most active.
The test had come in the first three
days of the week, but a strong ef-
fort was made i'll speculative circles
to bring about a reaction.
The upshot was to show that the
main drift of prices had not changed,
that there had been no distribution
TO speak Of in important holdings.
and that those who had sold out eX-
change to buy back cheaper, were
destined to be disappointed. q
1t could not be disputed that tho
market yesterday and today came
back much easier than it had gone
Not only was all the ground lost
between last Friday and the follow
ing Tuesday morning retraced. but
many of the leaders went higher than
before.
This was true of such representative
industrials as Studebaker, Baldwin
Locomotive and Bethlehem Steel b
and it was true also of some of line
rails.
Industrial Features.
There were many special moves in
industrial stocks today, some of them
quite important, but with very little
in the way of news or fresh gossip
to explain them. Shares of truck
companies were in demand. especially
International Motors. There was
some sympathetic buying in White
Motors and also in Pierce Arrow.
The pool in Bethlehem B Steel con-
tinued TO push its favorite ahead
with the utmost confidence. Burns
Brothers stocks were quietly bought.
Railways Favored.
With the railway stocks it was 2
case of steady absorption of selected
issues without any effort TO accele--
ate the advance. The rise in Wabash.
above 80 is set down by many
simply as reflection of earnings.
Creation of new high records for
the year by many shares, including
SuSH ldNoflleS as 6aioWin ana StuGe-
baker. Influenced greater strength
and breadth to the afternoon deal
ings. Rapid advances in certain is
sues indicated an apparent reduced
floating supply of stocks at current
levels and the entire market betrayed
more uniform tendency than for
some time. Liggett & Myers gained
5&. National Biscuit and Stude-
baker, Baldwin. Reading, Interns-
tioral Motors and Savage Arms, la
TO 21s points.