The Washington herald., 1921-04-26
PRICES CONTINUE
STEADY ASCENT ON
new YORK MARKET
Heavy Trading Results in
Second Million-Share
Day Within Week.
OILS AGAIN IN LEAD
Steel Shorts Forced to Cover.
Rails, After Brief Spurt,
Relatively Inactive.

NEW YORK. April 25.-Another
miIlton-share day developed on the
Stock Exchange. with buying still
holding the ascendancy over
broad list. Shorts in the steel
shares were run in vigorously; and
the oils continued their strength.
while rails, except for q brief and
Temporary spurt during the last
hour, were relatively inactive.
Some proht-taking, more particu-
larry during the last hour. was in
evidence, but toward the close
gains Of from one to three points
predominated. Aside from the
strength in oils. which reflects an
othernadvance in price Of crude oil,
the markets action appears to dis
count an expectation of favorable
news from abroad. Call money was
at 81 per cent all day.
Exchange Trade Active.
Rejecting the more optimistic
feeling over the possibilities of
settlement in the British coal strike
and composition of the difficulty
between the allies and Germany,
trading in the principal European
exchanges opened on an active
basis, and with a continuation of
Saturdays firm tone. Sterling sold
at the highest price since last July,
commanding sass in the morning,
and reacting to S3.94S in the af-
ternoon. when business slackened
on. French francs showed a gain
of Ave points at TAI cents, losing
three points on the reaction, while
lire touched 4.90 cents and then
receded to 4.S3, the previous close.
German marks were again well
taken, gaining eight points at 1.56
coutSsand losing only one point in
the afternoon recession. The show
ing among the other continental
exchanges was irregular, Norway
and Sweden going lower, while
HoIiznd advanced. Remittances on
Csnada commanded s9h cents.
thus sharing sterlings firm tone,
bue the South American exchanges
were again weak
Condition Of Banks
Last week, increases from 53.7 to
54.1 per cent in the reserve ratio of
the Combined Federal Reserv sys-
ten. which reflected the continued
increase In reserves and decrease in
notes and deposits was attended
by certain unusually interesting
changes in the reserve position of
the different regional banks. Thus
the Dallas bank showed a sudden
Improvement. the ratio, when cal
culated without including reserve
borrowed from other regional banks.
rising from 2s.3 per cent to 33.5 per
cent At the same time, this bank
was able to pay on S4,700,o00 Of its
Indebtedness to the other reserve
banks, bringing the latter item down
to s7.i0o,000. Coincident with this
demonstration Of ability to liquidate
on the part of the hard-pressed
banks of the southwest came an
almost equally sudden retrogression
at Richmond, where the real reserve
ratio4fell from 41.2 per cent to 37.6.
In order to maintain its legal pro-
portion OF reserve, the bank was
obliged to borrow $4,000. 900, thus
becoming q borrower for the first
time since February IL. The Mime
apolis banks ratio fell by practi-
csIlyc, the same amount but the
figure still stands at 39.s per cent.
II is interesting to note also that
the New York bank finally ceased
to be q borrower and. in fact. made
the loan to the Richmond bank.