Show I RESERVE fURTHER INCREASED by Harold R. R Smoot Co NEW HW YORK May 0 The The statement of o tw twelve lve federal eral Ce reserve banks combined combine was vas another exhibition of banking strength of th the th country Ratio Rato of the total reserves rare to deposit and nd Ced federal ral reserve notes note combined combined com corn wa was wat per cent against 55 Il per cent previous week and 4 per cent same sante week I last year This M is I. I the thE highest reserve ratio fatio to since August 30 1918 1088 Earnings o of oC class clas 1 I railroads for Cor March compiled by the bureau burlou of ot railway economics show how practically the theme same me gross grol revenues this year as aB lout last It the of oC traffic havIn having hav hay difference rene In volume moving In Inc ing been offset so 80 far Car as gross gron revenues are concerned by the higher rates and fares Carn hiher a Net al gain operating t of ta income over v of fl March g 1020 ton shows showta the Southern district Eho shows a falling taing off of In Innet Innet innet net operating Income since Ince last year Greatest Great Great- est eat Improvement made in the Eastern Cistern district dIn dis which obtained largest Increase se in I freight rates last summer summer Dow Dow Dow Again the speculative community was waa wa given good reason for deferring the stock I market r reaction which many observers ob had b been n freely predicting for Cor a 0 week or more Reduction of the New Ness ew York reserve banks bank's commercial paper rediscount rate stimulated buying that resulted in gains of oC 1 to 4 points or more being recorded Rails Balls and Industrials alike alke took part in the move move- m ment nt An early early advance a midday setback and a 0 recovery in the last two hours hour left let the market with an appearance of strength Many stocks r reached ached the years year's highest levels Post |