The Washington herald., 1921-04-24
|RRECULAR TONE
In ACTIVE STOCK
| MARKET SESSION
buying Is Still in Ascen-
dancy, Developments
Indicate.
F0IL STOCKS IN LEAD
Balls Squirt in Closing Hour
4 And Register Gains of
Two Points.
OIL STOCKS IN LEAD

krading continued on the Stock Ex-
change this morning. with buying
ItiIl generally in the ascendancy.
Prices showed considerable huctu-
ltion and some irregularity, as
6profit- taking was interspersed with
further short covering. Some Of the
issues which have had the sharpest
run-ups showed natural reactions.
but others demonstrated that their
|lsurn had come in the covering pro-
|sess. Oils continued to be leaders.
During the last hour the rails were
taken in hand, and toward the close
showed gains of one and two
points Industrisls meanwhile
hanged from fractional declines TO
advances of four points Numerous
small order lots were in evidence.
4 Sterling was up q of a cent at
| 1898. and the other European ex-
k:hanges were firm. May cotton
advanced 81 points to laos cents.
Ind May wheat was Arm at S1.3l.
Decrease I'm Reserve.
Decrease of $500. 900 in surplus
:eservl which brings the total for
|fsis lem down to Ss.600,0oo, is
Shown by the clearing house bank
SPtatement.- Government deposits
heanwhile are S43,o0o,o00 less. and
4 reserve deposits at the reserve bank
ire S12.s00, 900 smaller. Loans show
contraction of S6s.O0o.ooO. while
deposits are reduced by S40.00o.0oo.
Better Feeling In street.
A revulsion from recent extreme
oessimism has been apparent in the
markets during the past week.
n
nay be attributed to psychological
causes. II Is clear that in certain
directions at least a more substan-
h .ial basis exists for optimism. The
employment figures OF the New
Fork State Industrial Commission.
.or example. show that on March
jI5 the volume of employment
among factory workers was slight
J ly greater than a month earlier,
and that the average earnings OF
\ those employed also had increased
While the betterment was small, II
.ame after an uninterrupted decline
In employment since last Marcn
and earnings since last October. and
was accompanied by a continued
tall in the cost of living. II is ap-
parent also that textile mills have
eeen able at least to maintain the
better rate Of operation. Increase In
:He price of crude oil, after sue
.ession OF sharp cuts during the
rinter. aided by normal seasonal
iemand. is making itself felt in the
oil industry.
without miniminiEing the serious
ness Of the problems confronting
the European nations, It may be ar
Eued again that the future hardly
has anything worse in store. The
British coal strike, to be sure, re-
mains to be settled. but conferences
are again under way and labor
strike strength certainly is not as
great as before the split in the
triple alliance" and probably Is
waning. There Is a feeling also
that the other big European ques-
lion, that of German reparations, Is
likely to come nearer to solu-
ton. The Germans, having had a
taste Of the allies temper and hav-
Ing been disillusioned with regard
10 any interference by this coun-
Try, certainly are in q more tract
able mood than at the start of the
last conference. The allies, on the
pther hand. have had an intima-
ton from this side that q settle
ment is desirable and have strong
reasons OF their own for wishing
pne. While the various represen-
/ tatives at the coming meetings will
continue to give a large share Of
attention to their home fronts" it
rs not unlikely that the correspond
Ing circumstances will be more IA
Eorable to a settlement than in
March. Having made the brave ges-
lures on the previous occasion they
are more likely to settle down to
business now.
Favorable outcomes to these Eu-
ropean problems undoubtedly would
help the general tone here. At the
same time il is true that the i'm
mediate effect of such events is lin
tied. An important political or So
rial decision may open the way for
whole series of economic develop
uents. but the consummation of the
latter requires time. Having flung
pf a too deep pessimism II will be
equally unwise to rush into a too
needless optimism. 1t is still pos
sible we stand at the entrance to a
period of extended depression COM
parable to that experienced around
1893. although this seems improb-
able. partly on account of the small
stocks of many manufactured ar
ticles. Time is required to lower
production costs, to thaw out frozen
credits and to bring cheaper money.
A greatsindustrial revival will not
fytsztsover night. nor are we likely
- see an uninterrupted bull move
nent in stocks The investors op-
sportunities are not going to slip out
bf his hand tomorrow. There are
gns, nevertheless, that better
1Aings are in the market. and not
without reason the investing pub
&c is watching keenly for evidence
II a furn In industrial indnstri