Show MISTAKE BY BANK HITS STOCK MARKET I nr Dr WALL UI New York March larch 22 Another Another by tho the local federal reserve bank upset the stock market today toda when It was apparently swinging upward upward up up- ward with such force that nothing could stop It Shortly after the blunder was discovered money which had bad been I lending at 7 1 per cent was rushed up to 9 The Tho market was weal weak and active active active ac ac- ac- ac tive at the tho close and in sharp contrast I with the opening which was strong and md enthusiastic Motors oils and steel shares were most prominent Inthe in inthe the tho trading rails being neglected General Motors rotors matte maUe a sensational advance at the opening of ot the market gaining 29 points to an absolute high r record ord at The error of or the tho reserve bank consisted con con- In a failure to correct before making comparisons tho the error of tho the previous week when of or gold old was as omitted As the tho incorrect statement statement state state- ment mont of or Saturday showed a loss of or of gold bold a correct statement would have bave tn sho the tho loss lo-js to be bo 31 31 Tho The incorrect statement showed erl an Increase of or reserves whereas where where- as in Iii fact the reserve against deposits and federal reserve note noto liabilities combined was reduced from per percent percent percent cent to per cent and the reserves on nn not net rl 40 0 npr c cent gold gold r reserves s cS on n federal io r reserve notes from 38 8 to 72 per cent Now New high records were made not only by General General Motors but hut b by Vanadium Vanadium Va Va- nadium Texas Oil Republic Crucible Baldwin Mexican Petroleum Chicago So Pneumatic Tool and several other stocks Trading Trading- In all these was ery very active not only on tho the advance but buton buton buton on the thc reaction It was six minutes after atter 3 before the ticker finished re recording ro- ro cording cording- transactions Much or of the enthusiasm was as based on the fact act that annual reports ar are showing much better than expected The Tine Bethlehem report that will bo be re received received received re- re by stockholders tomorrow shows showe 2004 earned on the tho common stock compared with 2101 in the previous year Tho The American International corporation report published also makes an excellent showing with 94 per cent earned on the tho stock These reports combined with the thc more friendly friendly friend friend- ly y attitude towards big business led Wall Wallstreet street to believe that the tho advance ad ath vance ance In the market Is 18 not a n. rally in a bear market but hut a real recovery In spite of or tho the poor annual report made by tho the American Smelling Smelting company com corn pany this stock held well weH This company com corn pany Is so well established In Its ite particular particular par par- industry that it will get et the benefit of or any revival of or business Plane PIano for tor the International credit p permitting per per- r- r mUting Europe to buy copper on a largo large scale scalo are progressing favorably |