Salt Lake Telegram | 1929-10-06 | Page 34 | [Illegible] in Paper [Illegible] Wiped Out

f. f pin tIn Paper Out RK RI Oct 5 AP AP After for or r About a month the tho et Ct finally collapsed d with ing- ing ng crash this week On f t. t Reading stock t ck price in- in the decline was Sharpest In recent stock OW ory and swept away bil- bil tIarA in paper profits profit ordinary precipitous de- de brou brought ht a whole- whole Sg g ou out of weakened mart mar- mar nta t on Friday which carly's carlys car car- ly's lys y sales t les above biggest turnover r sine and overwhelmed overwhelm eel trailL trail trail- 98 L I. The tickers ran for tor linn fan hour after the close ket t ithe th o outlook was still re- re Extremely hazy many fe inclined to feel that the had hail at last sd d the tho markets market's technical Ld shorts horta rushed to cover coverIng Ing tn an n n sharp tharp ro mAhe the week I low level mis lils of ot yest er dos clog r InS InS' ng pi prices Ices the tho Stan Standard ard Statistics Co Associated Co-Associated Associated Press price Index of ot DO GO leading Industrials was o oft off points from froin last lat Saturdays Saturday's close that of oC 20 utilities off points and o of 20 rails 57 points Today Toda however hO the industrial index rebounded rebounded rebounded re- re bounded points The rho utility and the rail 28 That tho the early earh st steady ady liquidation during September was not of or a character to strengthen the market although It was vas in large largo volume at times was amply indicated by the Stock Exchange c Member Loan Compilation published this week showing an Increase durin during tho month of nearly and anti carrying the total above O o. o This was vas In nil all quarters quart quart- ers for tor at such a rate it would not take long to reach the point which has been Indicated b by some soma of or the most rampant bulls as is the safo sato limit Whether the selling late this week actually resulted In heavy liquidation of loans will nut not be known definitely until time the weekly federal r reserve serve loan figures appear next Thursday There wa was no general general gen gen- eral feeling feeling- of assurance at the en enot end of ot the week that tho decline had reached bottom Although h sentiment Rent neat n mont ment montas rit was as vastly Improved Investment Investment Invest Invest- ment meat trusts were cre saId to be buying stocks but only on lIcal scale down Call money noney dropped as low ns as 6 per cent at the end of the week In Indicating In in- that liquidation of or loans had actually taken place at a a. good rate Tho The rate went no higher than 10 io per cent early I in the week Time mon money y held fairly firm but sagged to a n. flat rate rato of oC 9 per cent for tor all nil maturities as against 9 to 9 4 1 earlier eailler ea Her flankers Bankers held out little HUla bopo of any sustained period of or comfortable comfort comfort- able abio credit conditions until after atter the tho end of oJ the year ear at least Strength of sterling exchange on Nc New v York indicated withdrawals of or foreign balances Tho The federal reserve weekly week ly iy condition statements showed still sun larger open market purchases purchase of ac acceptances cc- cc cs and a slight Blight increase I In reserve reler credit o outstanding tl although lOUgh was curtailed a a. little