Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-04-26
MANY SHARES ADVANCE
| IN NEW YORK MARKET
Short Covering IL Bottom OF the
Continued Advance In Rise
Of InduStrlulS.
NO INCREASE MADE IN RAILS
Refined Sugcr Is Cut to 3 Cents.
Over St0,OOO,OOO in Gold Is
Added to Holdings of Country's
banks.


hanks.
ty II. l.. Bnrnum.
NEW YORK. April z5.-Today's
dstock market showed long list of
j industrial shares up from two to
9four points or IiTorc. Short covering
Swas bottom of the continued advance
in prices Of industriais. However,
tradcrS are ut last switching from
the shor, 10 the long side Of the mar
iket on the belief that the turn has
come. In this connection it waG
pointed out today in stock exchange
circles that despite all OF tn" IivI-
/ dend reductions and other bad rows
OF the past month. and the agrees
siveness Of the bears. the average
price OF twenty-five industrlnls and
twenty five rails Is no" NOR. than
| i've points "3ovo the low price for
tho year made at G5.94 on Marcn ~
No Rise In Itli!s.
4 Rails did not join IN tOday's up
tive shares on the rise Included Mex
lean Petroleum. Studebaker. Cha!-
Incrs, Republic, Ganadium. Bcthle-
hem. Cruc!hie. Sears Iso.buck. Mont
gomery Ward. American Tobacco.
Asphalt. American international Cor
poration. The fact that stock was
ence., The thing tha' counted Was
whether or no; there was :, short In
ter"st to be run 10 cover.
while Of III. belief that the mar
kct had turned for The better. many
cautious traders took proa-s today
expecting 20 buy again n, lower
prices
Tomorrow, tho steel corporation
VIII publish its earnings Tor the
March quarter. According % ;ho-Nrc-
ports heard today net viii %. clos.
tho common dividend rc1u!rcnl OF
l-f per cent VIII just ahou; bc
Bethlehem Sicoi cxrecis /, issue its
March quarterly earnings lat, ,his
week, probably Thursday. Because
"' Mvorabi" shipy..d EARNINGS the
VIII show as divid.n,is onr,,,.I
Ruinors had II today that around
May J another reduction In automo-
BIZ" prices WAS "omirr Dodge Elos.
was r"ing 10 lend. {, Was reported.
nrnncd sugar cut.
There was another cut today In tho
price OF refined sugar. THIS TINE a,
Gold came IN today from England.
isi%!.anH MrNir" ana south America.
over SlH,u00G0o has been addst 10 IN.
E"id holdings OF the banhs Some OF
~ EG.H j. comsnG from 9 -i"aiy.
'huw mat our imports from tnrt
country last year were 'saOJc.rou
s sitiGod o6a iot,ogo",ooa., for 1919. AMI
~ Iayi"g us IN goods as well as in
.,, ThG r., is no asnyinE The fac, NAT
heads oyer our .arsr gG!d cxoar,t
FROM what WAS learned today. !, nri
MA ,avgs,iga,ion has Just been
', n, 90 GO, In" on bank accept
ont OF the movement OF Goods .I
,,ntnmndiiies for foreign jral". At
s sn!s I'in" iHst var. these acceatanc.s
ntnres show reduction O. 80 p",
cent '''
p, Gu In E'r"r', Indicated.
hnc"S indicating a further r.,it,c, ~
In our exports is cxDcc;.d 10 $50. s,i.
on on !ow1r pr'c"s her' for 20 IDS And
ihc supply o.: goa now 10 ~
mere ~ exhausted !, a. Lo.t.,.'d
ahc'e VIII be a further IA! .ms on N
81 Np"itA WIN - correspond 4 .; dc.
c!tics here ~ "''ih"-
:: new, hiEh record for the vc,,
80 Ma"e today for sterling. /, is
believed in banking circles ina, e,a,i
!nE; VIII continu. to ndvanc" a., ~
exports fall OF. d" our
London cables received late ,odav
ren1rt"d that tn" new budget Tor The
coming fiscal ycar Houid nrn,.I,.
$3.50, cocoon for paymcn, NJ $500.
on the ,!obt OF Great Hrj, IA ''''F%st
, hltcd states. SO far. no intcr..,
mas been paid on this dcbt
money renewed and remained
~ l. per cent today. Rroknrs mad.
bids o: i - per cent for time ,uounv
Crude OIL Advances.
holderS Of oil shares welcomed tho
announccmcnt made shortly after Inc
IrrhlnE oi IN. stock market tina,
pennsylvania Crude hat been adj
Eancci >" cents barrel to $3.50. and
tHat price advances had also hem
made In various grades OF other East
IErn OILS. THIS price OF $3.50 for
PENNSYLVANIA compares wiki 81. The
low for the year. s5.75 early this year
before the cuts started $3.50 the high
for last year. and $3.50 for 1919.
shortly before the advances in oil
prices We're announced II was learn
ed that forty-onc au,omohile com.
phnies had reported sales for tho
month Of March for the New York
territory OF 3.3oi cars. against 1.56S
for February. and only 57l for Jan
nary.
Another encouraging piece Of news
came in the report OF the American
hallway Association. showing that
for the week ending April IL the
try. was down to 49o.479. a decrease
of s.9ia compared with the high rec
ord for all time reported the proceed
ing week. This showing was due 10
reduction Of ?,2h4 in the number of
idle coal cars.
More Gold Arrives.
over Sunday the Caronia arrived
from Liverpool with aftecn boxes of
gold for Kuhn. Loeb & Co. and the
Nicuw Amsterdam, from Rotterdam
locked with 200 boxes of the yellow
metal. This gold. together with that
received today and already known TO
be on the way here, makes il reason
ably certain that further Improvement
will be reported this scck in tho po-
sition Of the Federal reserve banks
as a whole. Tire Federal reserve sye-
TEN starts out this week with its
reserve ratio up ia ST., compared
with SAT- a week ago. 4a3 at this time
last year and 40.3 tho low for all
time reported in May OF 1920 because
OF the $1,000, 600 gold imported last
week increasing the gold holdings
by s239000.000 since the beginning
Of this year. In the statements of the
Individual banks, further improve
mcnt was reported at Boston. New
York, Cleveland, Richmond, Dallas
Ground was lost. however, at Atlanta.
Chicago. st. Louis. Kansas City and
Minneapolis In tho last-namcd re-
rit Mipncano1Is woc tbc only,