The Washington herald., 1921-01-23
MOTORS, STEEL
AND OIL STAND
HEAVY PRESSURE
Actual Bank Statement
Shows Increased Sur -
OF s14,50O,03O.
PUBLIC HOLDS ST
Bear Raids Fail TO Pring
Shares on Market From
Big Houses.
PUBLIC HOLDS ST

NEW YORK. Jan. 11y-The actual
bank statement today shoWed sur
plus Increased sit.bOo.05O, loans
Increased fRi. 49, 900 and net de-
msnd deposits decreased SSs,sS5.OOO
The average statement showed sur
pIuE decreased ss.564.SiO. loans de-
creased sIb,665. .0oO and net demand
deposits decreased sos. $4,000
The Federal Reserve Bank SHOW
ed 3S.I per cent against 4o.6 a week
ago OF ratio OF total reserves 70
deposit and Federal R,serve note
liabilities combined II also show
ed. S5.7 per cent sgaius 4l.5 per
cent Of ratio Of reserves 10 net de-
posIts after deducting 40 per CENT
gold reserves against Federal Re
serve notes in circulation.
Losses Recovered.
Professional traders today at
tempted TO unsettie the stock Wst
by renewing their attacks on the
motor. steel and oil shares. For
a time their efforts seemed 70 be
crowned with success. inasmuch as
declines ranging from a fraction
70 more than 2 points were record
ed. Their attempts. however. in the
second hour to repUrChase those
shares which they had sold revealed
a scarcity of offerings and they had
to bid quotations Up in order 10
obtain the stocks desired. Short
covering was responsible for the
development Of strength in the late
trading. Practically ali the earlier
losses were recovered and net gains
substituted.
A canvass OF the large commits
sion houses shows that there is
desrtN Of stocks beinE carried for
the account OF the public. II the
professional bears expect by raids
| to cause Il renewal Of liquidation %
stocks, IL is difficult TO see where
the shares will come from. Shares
were taken In huge volume during
the December break 10y wealthy poo
pie who are prepared to hold them
| for some time. They have tn, means
/ to retain ownership OF the serUr-
tiles and cannot be frightened by
professional raids inasmuch a. they
have inside knowledge Of the i'm
provement that is taking place n
the credit situation.
support WIthdrHwh
Withdrawal OF the chief support
| in General Asphalt which forced
the stock to II found reflection
again in heaviness in that issue
In the absence OF the recent pro-
! pelling force in the upward move
ment persons desiring 10 dispOs, q
| the stock yesterday were forced 10
| accept concessions IN price, the low
figure for the session being Gli= or
81 points under the best figure
made during the week. Part OF the
early loss was recovered in the late
| dealings by reason OF purchases for
the account OF shorts
Pressed Steel Car was in good
/ demand and advanced nearly
points because OF knowledge that
the company proposes declaring
/ 20 per cent stock dividend in the
| near future.
| Expectation that Cruel. Stee'
will also declare a STOCK. vIdend
WAS responsible for the l. ~ ing or
that issue causing . quick .-COvery
OF an early loss made in today
session.
Public Is Buying.
Heavy offerings Of General Motors
caused a decline in that issue OF
nearly point. The stock closed
within one-eiEhth OF the low figure
| The Shares are DelnE uUFFel SlFdNliF
10y the same interests and distributed
largely in small amounts. indicating
that the public is absorbing the is
sue. The character OF the selling
and Of the buying indicates, in the
minds OF brokers who have h"en
studying the market for the issue
that q substantial part OF the shares
taken over some weeks ago from
Durant by the DU Points is finding
its way into the hands Of small
people.
Motors in general were offered
owing to rept rts that the Ford Mo
tor Company lad large number OF
cars on hand, and for that reason
was forced to do some new financing
One representative for the company
states that his agency is selling
more cars than in January OF last
year. The Ford financing. II IL is
consummRted, will be done because
Of the shortsiEhted financial policy
according to local bankers.