ROANOKE TIMES 
                      Copyright (c) 1996, Roanoke Times

DATE: Thursday, April 4, 1996                TAG: 9604040108
SECTION: BUSINESS                 PAGE: B-8  EDITION: METRO 
SOURCE: MAG POFF 

`SCARY' MARKET DOESN'T SPOOK A REAL INVESTOR

Averages measuring the stock market are "scary high," says Benjamin F. Edwards III, but he is not afraid.

Edwards, chairman of the A.G. Edwards & Sons investment and securities brokerage, pointed out the adage that says an investor buys shares in a company, not in the market. And he said he still sees some good companies on the market with shares that are valued fairly.

Edwards was in Roanoke Wednesday for a reception with clients of and for a dinner at Hotel Roanoke with employees. The great-grandson of the company's founder, Edwards visits about 100 of the St. Louis firm's 530 U.S. offices each year.

There are, he said, significant differences between today's rising market and the one in 1987 when the highs were followed by a sudden crash.

In the first place, Edwards said, there is "no overhang of debt" as there was in 1987 when many investors were speculating by buying on margin; that is, borrowing to bet on the market.

In 1987, too, he said, there were a lot of mergers and acquisitions, many more than there are today. Banks were lending money for market and real estate speculation, Edwards said, and the market was flooded with junk bonds.

In today's market, he said, people are looking more for investments.

LENGTH: Short :   33 lines
ILLUSTRATION: PHOTO:  (headshot) Edwards