Evening star., 1921-04-25
WALL STREET IS
IN BETTER HUMOR
Believes Worst Has Been
Passed-Encouraged by
Germans Tardy Action.
BY STUART =. WEST.

NEW YORK, April 25.--The general
Interpretation placed upon the over
Sunday news was that Germany was
allies reperation demand The prin-
cipaI effect of this seeming assur-
ance in today's financial market was
felt in the foreign exchanges.
Sight drafts on London ran up TO
1886, nearly 9 cents in the pound
above the former top of the year and
only 7 cents away from the extreme
high reached in the spring of 1920.
French francs. following along close
ly, also stand at their high level for
the year. The Improvement in Ger
man marks was naturally not as pro-
nounced: still even here there was
recovery of nearly 20 points from the
bottom of week ago.
Outside the exchange markets, IL
the German news played a part, it
was not major part.
Stocks, never very responsive to
foreign political and economic epi-
sodes of recent months moved for
ward again, but for reasons of do
mestic origin clearly apparent at the
close of last week.
Cotton. which is more sensitive
than the share list to the news from
abroad. went higher. but in it's case
the advance was Influenced much
less by the cable advices than by the
estimates of the new crop acreage.
indicating reduction of over 80 per
cent.
The petroleums and one or two
other stocks in which London is in
terested were conspicuously strong,
but no more than the average
throughout the rest of the list. In a
tlement Of the German reparations
to the financial and commercial out
look of the world it is not the fac
tor of most Importance in the i'm
mediate situation
Reflects Growing Confidence.
The rise on the stock exchange to-
day. as all last week. reflected simply
the growing confidence that outside
trade is pointed. upward.
Further encouragement for this
view was found in the announcement
Of another IS cent advance in the
price of crude oil in the Pennsylvania
district. making an advance of so
news kept the oil shares in high
favor and many of them reached bet
ter prices than at any time since
January.
Motor stocks. tires and motor ac-
cessories were vigorously bought.
their advance closely corresponding
to the latest word regarding their
trade situation.
Steamship stocks and related issues
like American International, joined
for the first time in the upward
swing.
Tobaccos came in for their share
and so did gas and telephone stocks
The railway rise was not resumed
and some of the sugar stocks fur
nished notable exception to the gen
eral drift, following a further reduc-
tion in refined sugar prices.
Oil Stocks Strong
Oil stocks retained their prominence
in the advance today, following an
other increase in Pennsylvania crude
oil. This was quite in line with ex-
pectations. 1t was predicted whom
the first increase was announced a week
ago that this was only the begin
ming and that a larger and more gen.
eral upward revision of oil schedules
was in prospect. Today's news. how
ever, gave more of a sanction for
the upward movement in the oils
1t convinced more people that this
rise had been solidly based. Texas
Company. Texas and Pacific Coal and
Oil crossing 30. Transcontinental up
for the first time to 13 and Cosden-
these were the main features of the
American oil group.
The remaining short interest in
Royal Dutch, which had taken its