Salt Lake Telegram | 1930-10-19 | Page 26 | Relapse Carries Wall Street Prices to Lowest Level in Past Three Years

ELAPSE RELAPSE CARRIES WALL ALL STREET PRICES TO LOWEST LEVEL IN PAST THREE YEARS YEAR arket Tone Slightly Stronger f l fI I As Week Closes Development of I 3 r Substantial Buying Checks FallA Fall A iders ders Encouraged When Volume of Business Quiets po wn own Interest of Financial Community Centers Upon Loan Market Where Shares Bring Premiums Premius Anxiety Concerning South Sout America Calms CaIrns Cars Down Dow j J. J t. t 1 t r By CLAUDE A. A JAGGER NEW 5 y NEW YORK Associated Press Pres Financial Editor Edior Oct 18 AP AP The The stock market appeared to have tn n resuscitated for a time this week only to lapse lapie into another faint faint- faint IpeI who ho o carried share sharo prices the e aggregate to new low Jow levels the past pat year three period but markets markels pulse puls did not flicker a aa as seriously as it did the pre pre- ia is S week and and seemed to be a lit lit- stronger as S the week closed cosed WS tears ears were restrained during the thet It t two days ds of ot the week but raly rally was not not vigorous enough indicate any seriously over- over short Interest and brokers 0 v 0 have havo opposed artificial re re- Lints nt upon short s selling com corn ned Ined that tho the market had bad been bed of Its Is normal recuperative ere er a ii n sharp break on Friday support appeared on sufficient to check If not nott t t. t the tho de decline lne and much of or this port ma may have been tho the result resul urther short covering co The mar mar- however howe e. failed to turn sharply ard rard as aa It frequently docs does under Influence of a n bear retreat retreat ADING ACING QUIETS DOWN DOWNall all al street was as encouraged that Ing ling quI quieted ted markedly during durinS week although selling develd devel- devel el de d considerable volume late 1 Fri 1 w. w and Saturdays Saturday's turnover was the rt rate of more moro than a million milon milons r res z s an an hour The lie price index of ot ninety leading leding res rose 4 2 1 points during the Kit t. t two days of ot the week but tumbled 9 0 10 7 points a a net et loss for tho the week of ts eins 5 points A long long list of lead lead- tumbled to new low els 18 for tor th tho year ear although Telephone and U. U S. S frel l I failed to penetrate tho low lowes ices ces es of or the previous week week The share hare price Index came close to e 1928 low 10 reached in February t. t to the Standard Statistics s comy com com- ny fly y index Inde of 40 shares showed It at prices In the aggregate were the levels level of ot late 1927 1921 Interest In the financial t Ly y converged upon the tho stock loan in which shares aro are bor- bor wed we t to complete short short sales Such scarcity of stock for tor purses purses pur- pur ses sea atho oldest observers could t remember remember- developed For the st time In jn history U. U S Sr Steel ned med cd at a a premium and ally ly all active issues loaned Lat which means that borrows borrowe borrow borrow- s I are willing to forego Interest Interest on eds ds deposited as security 9 RESTRAINTS MADE kom bouses houses were wera said sid to be re- re tr from m. m lending as apart part of ot a campaign to drive e th thears the tho ears er to cover cove There was WS even Jk k that that the tha exchange had asked embers to curtail their lending no Ce report was that the exchange A r forbidden members to use long ock in their own offices to deliver lust short sales forcing them to toi i into the tho loan market market Confirma- Confirma n m of ot these reports was wa lacking several houses it was wa said that t V restraints were in force and at tt they were lending aa as a usual In Incase case case there was an city of ot stock for tor several da days s 's Dg ng extraordinary aspect to the aton rokers' rokers loans dropped another Reports current in erae circles said aid that much of weeks week's selling represented daton of ot stock held by banks collateral against a loans Joas This cd ed considerable credence re enco in r of or the drop t f f in inra ral ra reserve member banks banks' loans securities in the previous k and ad the figures Iges to bo be released y next week were awaited eUY ex- ex e antly UY constructive o development of 1 week weel was wa a calming down of l anxiety about conditions in tIL 1 America and a sharp re reci rend re- re nd d ci in foreign bond prices gen gen- Jy y 7 Money rates were were a little littler r 1 r in tone after fer tho the passing lassing passing of of ot the month but but call can canI I cy held at 2 per cent