Business: 18.5 New Billions

Backbone of all investment markets is institutional buying. And leaders of this are the life insurance companies, holders of many bonds, mortgages, common stocks. Cause for genuine alarm would have been a bearish attitude in last week's meeting of Association of Life Insurance Presidents. But no bearishness was discernible.

Investments of life insurance companies will be $18,900,000,000 at the end of the year, said Walton Lee Crocker, president of John Hancock Mutual Life Insurance Co. of Boston. This will be a gain of $1,418,000,000 over...

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