New-York tribune., 1921-04-26
Upward Swing
Grows Despite
Profit Taking, 6.
Constructive Forces Domi-
nate Market, Favorable
Turn of Events i'm Eu-
rope Being Leading Factor

mated in Wall Street yesterday, and the
market at the Stock Exchange, continu-
ing the broad upward swing begun last
week, made further pronounced prog
ress under the impulse of buying in
which practically all groups of stocks
participated. For the second day with
in week the dealings. ran we'll over
the million share mark, and as specu-
lative buying for the rise and short
covering developed in large volume
prices of the leading issues were
pushed forward to the highest levels
in weeks. In the afternoon the mar
ket encountered considerable profit
taking, which was naturally to be ex-
pected, but on the whole such selling
was readily absorbed, so that the ma
jority of stocks, although showing re-
cessions from theiA midday highs,
closed with substantial net gains.
BY far the most important factor
making for recovery with which the
market had to reckon was the favor
able turn of events in the international
situation. The promise of an early
composition of the differences between
Germany and the Allies over repara-
tions, as held out in the cables from
the other side, loomed large on the
financial horizon and helped in gener-
ating much the most cheerful atmos-
phere in weeks. The news lent buoy
ancy to both stocks and the foreign ex-
changes, although in the case Of the
latter early advances were followed
by setback which wiped out part
of the ground gained. Sterling ex-
change crossed s3.95, setting a new
high for the year. Of the Continental
exchanges Dutch guilders and Italian
lire were strong points, while German
marks moved up 61A points to 155%
cents.
In the stock market q number of
the more speculative issues enjoyed
striking advances in the forenoon,
when the worried short interest made
efforts to cover it's commitments. Mex
ican Petroleum, target for the bears
recently, which developed vigorous
advancing tendency last week, was bid
up in aggressive fashion, touching 1856
at the peak of the days rally. Other
oils were higher as 1ule on the news
Of the second advance within week
in the price of Pennsylvania crude oil.
Shipping shares constituted another
prominent group, with Atlantic, Gulf
| e. West Indies moving up sharply on
active dealings, the stock swinging be-
tween low of 36ss and high Of Al.
For time the steel shares acted
short interest. Crucible Steel was one
of the leaders, while United States
Steel, after an early advance to S4&,
sagged. off and became dull. The quar-
terly earnings statement Of the Steel
Corporation, covering operations in the
first three months Of the year, Is
scheduled to be made public late this
afternoon. Motor and motor accessory
stocks were strong in spots. Rails
were quiet and showed practically no
change.
The average price Of thirty repre-
sentative industrial stocks in The
Tribune's table closed at 77.4o, com
pared with 1880 at the end Of last
week. The average of twenty rails
stood unchanged, at 1920.
Call money rates were maintained
at 6h per cent throughout the days
session. with fair supply of funds
available. An interesting development
in the money market was the first
evidence of a break in the high level
of commercial credit rates, when some
business was done in prime paper at
IN per cent, reduction of Il per
cent from che prevailing level. Last
weeks consolidated statement OF the
twelve Federal Reserve banks revealed
more favorable position, with the
level since the fall of 1918. The heavy
influx of gold continues to swel, re-
serves and strengthen the fundamental
position of the country's banking sys-
tenn.