Salt Lake Telegram | 1929-08-11 | Page 26 | Federal Reserve Action Gives Bulls Bad Spill

edral Reserve Action ives Bulls Bad Spill EW You YORK Aug b 10 AP The AP-The Thc federal reserve took the bull marh mar mar- t by tho horns and gave it one of h w 8 violent and surprising surp i In Its it recent history this week t a time when Wall aIl least it the thc New York reserve IC UI Its rediscount rate rn t 8 per Pr cent This corn corn- the developments of the Ilia week The rates lates- latest t f evening brought it Hood flood Hooda which wait larze a as correcting In lit a somewhat In- In ate situation result result- thC extraordinary advance f last prices since the reactions reaction y Prices rebounded ln In tt a dull du session today loday- f third one Cek Jn in the thea th market had a hIghly indicating n a rat ti havO af- af f th the K Utilities ties most mom severely Severely 5 rB not P. P in view of the of o l i of last Week e J toMay tho to Standard d n ft- ft Pi Press ess essa oC leading fIt d a lo of 7 20 poInts point Irit of fifty twenty points rally the e eJ c came t 34 the thc Industrials 35 2 0 idia g reaction was waa generally at at- li f to the psychological shock of tho sudden Increase in bank rate Bankers were of the opinion that the Increase should help to stabilize the money markets mar kots and should produce no higher average average- call loan rates than the market has for the past several months Governor Young of the thc hoard indicated that the higher rato ratu ns is put Into effect a tt part 6 of a aplan aplan plan to conserve credit to meet au autumn and agricultural requIrements H a plan which for the thelong long Ions pull puli should be considered con considered con con- bullish As a tangible Indication that the tho reserve 3 plans to alt agriculture and commerce several of the reserve b banks reduced their buying rates for acceptances S 8 1 of 1 per cent to 6 8 1 per cont cort Walt Wall street expects expect the system will rill now reverse its policy In effect sInce last December of withdrawing support from the ac acceptance tic tic- market Business news of the tho week w was largely lamely f nt la factory the weekly re reviews reviews re- re views pointing out that not only in industry in- in but bat retail and industrial trade were maintained at levels substantially nb above vo this time l last t year U. U S. S Steel corporation 10 ro- Ported a decrease of approximately tons In In unfilled orders dur dut- during lug ing July but the thc total at tho end of the tho month w va tons above that of July 31 1928 and the waa wd more tIia than had been expected In view of the heavy