Show SUNDAY SUNDAY MORNING STOCK DEMAND DEMAI STILL STRONG Selective Buying Continues ues Bes Commodity Prices Stabilized fly 11 BYRON StILLER CoiTt K of oC The Tho Standard I Copyright 1927 I 9 7 Consolidated J l Press Association NEW v YORK April 2 Demand Demand l 01 o investment securities contin continued zed with unabated strength this w V ck ek This applies to stocks and bonds alike Naturally the buy buy- buying buying ing In of oC stocks tock was selective Chares hares t. t i 1 presenting i rt partnership interest in m corporations which either bo- bo beau aus au aue of ot a II particular trade look 1001 or because of oC a It situation ei- ei i Un within the company itself are arc arcin in a doubtful position did dl not participate In tho th th favor tavor accorded 10 o the rest of oC tho the list but these cannot be clarified as Investments In fact the tho tendency of or the tho stock market the one clement element that chir- chir It from froni start to finish was tho the way In which the line Une was drawn between the weak and the strong Liquidation q I. In one om section had no effect upon the accumulation in lu luthe tho the other From a trading point of o view there were really two markets going going- on ct at the thc same sante oL time one in which a R. vigorous ad ad- advance I ad-I advance vance was Mas being extended and nn- nn another I other In which an almost equally Qually decided decline was wa in progress It Jl t is true that attention was vas paid to developments development There was no slurring slurring- over o of the difficulties that confront the oil producers Where production over-production exists or Is threatened or where Intense competition prevails the thes securities s concerned were tt ere ero more or less le sensitive but within these groups there was wag the same dis dis- discrimination crimination that was in evidence m jn n the tho market as a I whole At t no notime notime time tine during the year rear so to far Car has hast there here t been such emphasis placed upon the equities back of or is 3 15 at present prest nt The best beat illustration Ion tion of or this lies In the price level of ot the railroad shares To a certain extent these ob- ob s. s are applicable to bonds aa na well welt as stocks Tho The only on I dir dif terence ference Is that there are fewer Weak CIk spots In the tho lie bond lI list t. t At the close of ot the week the average price o or a selected group of ot t pl- pl cal 41 Issues Issue was vas at the highest hest In p. p more than a decade and give gho no Idea Ide of ot the tho relation be be- be tween tho the volume of ot Inquiries and offerings In other words the th price record does doe not Include the i of the market Repeatedly Investors have havo attempted pied to tl I acquire a block of ot desirable bonds It ft i has hall been found that only a I nominal amount was for sale Bale at near the quotation on ho the Jut Jas transaction In there v. v a turn- turn either to stocks or to new 1 MUM lIuell There In Is' Is no scarcity of oj ocke lint but on the other hand I lucre Is 19 no unwieldy S bonds Financing this week t lOW owe compared with 1 I 4 18 In the preceding week and practically all nil of ot U It was waa received The problem that worries the tho Investment bank bank- er tr is 15 not how to sell but bUI how to get the t securities to II 0 Wf Ml 11 this Is Is a It matter Iria ter of ot record ts tio 1 10 facts admit of at no dispute londs have ha been strong trong and stock stocks IH ve e been strong for Cor tho same me reason namely name I tho the abundant money supply cupply and for no other rho The real question que Is 13 how long this s IJ to lo continue and as aa to that th the of or the week seek have o no data on which to found lound an answer The slight hardening in the rale rate of or call money mone Is I. of no because It is 19 well veli un Un- Understood Understood that It U is a Q temporary condition Incident to tho the quarter quarter- y Interest and dividend disburse disbursement ment These by the tho way amount to o time the enormous normous um lIum sum of The Fhe fact tact that these could coul t 0 b 0 cared for tor with no so little die dis disturbance testifies t to the strength of the credit supply Reinvestment Reinvest t- t ment m nt of oC April 1 receipts by own own- owners ers of ot securities may be bo an ad ad- stimulus to the tho market hut but the chances are that that has bo bott bOft ft discounted in large part al at- at alt ready t Even iven If It the actual Investors Inns Inns- tors tore do not anticipate their re requirement re- re F the deniers denier will wilt do It for fop them th m. m Commodity Com mod It aro stabilizing ing In after their th lr long decline d In Inthe Inthe the tho compilation ot of wholesale quo quo- quotations by Duns Dun's Review ne 25 Ii changes are declines against 28 advances nd In the corresponding week a n. year ago there theme were ere 46 41 4 G recessions and 4 advances Perhaps P this is ismore Ismore ismore more Important to business than to 0 securities but it has a bearing b on tho outlook for tor both Al 1 Although tl- tl though hough a ii I lower level lavel for tor commo commo- commodities commod d ditl s Increases the purchasing pu power er of oC Income and so 10 enhances tho the value of ot the highest grade of I investment bonds bonda it is a II depress depress- In log Ing influence tho the era era erl profit margin l is 18 impaired |