The Washington herald., 1921-03-27
JOINT STATEMENT
SHOWSSLICHFDP
NRESERVERATI
New York Bank Report
Favorable, Credit De-
fation Continuing.
MARKET IRREGULAR
Reports of Expected Shut
down of Plants Causes
Copper Depression.

NEW YORK. March 2s.-Althouga
the consolidated statement Of conf
dition Of the twelve Federal reserve
banks showed a slight falling ID
the ratio of total reserves to del
posit and Federal reserve note liza \
bilities combined last week. tho
statement issued by the local Feu1
eral reserve bank was highly fsvor1
able and showed a continuation 81
dehstion in the credit situation
The New York statement gave tn 4
ratio Of total reserves to deposit
and Federal reserve note Iiabilitiej
combined as sos per cent, which
compared with 45.s per cent for th}
previous week and 3s.l per cent fo1
the same week a year ago. Th}
consolidated Federal reserve banl
statements showed a ratio Of total
reserves TO deposit and Federal rel
serve note liabilities combined n
SOS per cent compared with 81 pei
cent the previous week and 42-7 pei
cent the same week a year ago.
Copper Loses.
Weekend proft taking by prol
fessional traders impaired irreguI
larity to the stock market today
Announcement that some OF the copi
per companies had already take
| steps to shut down their planty
pending improvement in the deman
for the metal also had a depress|
ing influence on the copper groul
which under leadership of Americat
Smelling e. Refining closed witt
losses ranging from one 10 nearlj
three points, the maximum declinl
being shown in American Sn,ltinE1
Good buying continued in the ot
and motor issues. Much Of the al
tivity and strength in the autom6
bile shares is attributed TO spe-
ulative activity on the part Of Will
lam c. Durant. Trans-Contines.t 4
oil and linvincible oil were also 4
| good inquiry. the b.ying Of nj
latter being believed TO have sorpI
| Connection with the annoUncem "a
| Of the sale OF 100000 Of tanI
| year convertible bonds. Suppo-tinI
orders in lnvincible were uaCoIp;
edly used to create favor aJl
market for the bonds which ar
convertible into stock.
Buy American NooIen.
Interests which have been a7om
inent on the long side Of stud
baker the last two weeks AT. un
aerstood TO have dashed their pare
4 prohts "Hd are buying America
woolen. which was on good demanN
all day and closed near the hes
II.-e with gain Of nearly tn--
lT-ints.
Persistent rUmors that the lIvf
deId on Scars Eoebu,k and ,'pui
4 a
sp"HSiblc for continued offer A-s d
that issue at the expense Of TTic|
New York members of tn d.ry,
torste are declared to he in savu
OF emitting the disbursement 4
tie Chicago interests are sad > D
in favor Ct = distribution. The a.
.icE Of the stock. however. is On
ri Tered by the stre:t IS inij.A:,,i
u passage OF the payment.
Rumors that the Atlantic. Gulf
West Indies has about arranged Il
new financing are declared TO h
without foundation in fact Thos
spectators who purchased the stoc
last week in anticipation of a tur
for the better in the company
affairs disposed % their speculatTN
= commitments Thursday and today'
1 - Eobu inquiry fNullnARn 70
5 Chandler Motor and forced IL
within a fraction of its recent hir
price. There is less Chandler he
! speculstively than generally n.
5 lieved. according 20 insiders of ~
; company. The dividend To be- pa
next month will go to $40 s;oct
, holders. Less than 100. .OO0 share
or approximately one-third ~ a
stock. is held in brokerage house
The distribution Of the stock avc'
, ages less than ninety shares p,
shareholder.
/ Quiet accumulation of Kansas CIT
| Southern is again reported % !
: under way. Earnings ~ tho prof
erty continue 10 make 4 rood show
ing. For February gross increass
f24.o7e. and operating income o.
E pandcd S9a..e5 over the Same n1on-