Salt Lake Telegram | 1931-09-22 | Page 6 | U. S. Bankers Pleased with Market Trend

US U.S. 1 BANKERS PlEASED WITH M MARKET KET TREND No Organized Support of Stocks Plenty of Resources Resources Re He- sources Available By EL ELMER IER C C. C United Press Press' Financial Editor NEW YORK Sept pt 22 22 Bankers 22 Bankers to- to oday o- o pleased with the day daV generally were fol- fol performance of f the stock market lowin sIo nf not the e co gold cold standard standard stan stan- dard by Y Great Britain According to well Informed sources there was no organized banking barking support support sup sup- port of ot st stocks ks and nor nona appeared nc necessary The s stock k market however was considered in some qU quarters to be too to determine its eX exact reaction reaction tion to the British move A ban on short hort selling among other served to keep prices from go going going going go- go ing do down n In accordance with the lawor law of or supply and demand Reports In sin n Wall street that bl bin big bears had turned bullish were not countenanced in well Informed I It was pointed out that should the market need support there were vast resources on which to call caU New York banks according to tin an international banker are In excellent condition to cope with any situation that might develop Bankers did not appear worried over the situation abroad broad They were of or the opinion Great Britain would work vork out a a. solution of oC her problems and that the country would again go on a gold basis None would venture a n. prediction as asto asto to toO whether the new gold standard would find the pound sterling at a 3 revaluated basis of say pay 4 It was pointed ed out that nearly all other countries marked down the price of their then currencies while Germany repudiated re repudiated re- re hers and start started d anew The first repercussion of the abandonment abandonment abandonment aban aban- of ot gold redemptions was psychological here and abroad Great Britain stands to bear the brunt brunt- of the difficulties to come out of the pr present ent situation America it is pointed out will not suffer except inthe Inthe in inthe the export of goods to Great Britain Eventually this country Is expected expect expect- ed cd to benefit since funds that have been withdrawn from England arc eventually expected to f find hid their way in part of ot America Brokers were divided on their opinions co concerning the movement of the stock market in the immediate future Some of ot them recognizing the artificiality of the market held that prices might be kept up for Afew a afew afew few days Others advised sales on rallies It is js now Impossible t to o sell a stock sloe short If shorts continue to cover their commitments the technical po position position position po- po of the market will be weakened i and stocks stacks will be subjected to pressure pressure presure pres pres- sure ure when the artificial barriers to selling are removed according to some authorities