Salt Lake Telegram | 1929-07-07 | Page 22 | Market in Critical Testing Period

Market in Critical Testing Period NEW XE yORK July 6 AP AP With tock stock prices again hurled tip up to j levels as Indicated by the Associated Press Pres indices the stock has filtered Another critical Four times times' prex pre pre- x this year the has reached a new high peak only to under the strain attain of credit un Un- certainty Although Mth ugh brokers brokers' loans showed nc of tile the largest gains gaind ever ic- ic in the past St week the federal useve total rising to v of its Its' record Icv- Icv Walt Wall street waa Inclined to the that weeks ecks will bring more stable money conditions than Juu Lus been experienced d in Nevertheless speculative sentiment Watt wall in a measure by the i largo go gain lu loans and pi of tak It-tak ing wa was rather rather- heavy late in the I Iho volume of cf trading picked up hat th the fh t three days daya of the but ninny many traders did not reto re- re n to town between the LI i day holiday and the tho week end Activity ty Blackened on I rida iii Saturday Call money was vas up to 1 IS per cent by the i settlements tho exe Cle of to new stocks stocks' and L Lut It lit dr dropped pied abruptly to G 6 per cent nt on Wednesday and held 7 1 all ahi day Friday Fida Time bankers banker acc acceptance rates cased 4 a little Tie The bulk buik of the midyear mid mid- year settlement checks be bet t y early next eck wack and foresee forese nothing to disturb credit structure until fall at least Vall street finds considerable the that tile tho federal rc ei have adopted a amore more attitude to- to the stock market and nd no fur further ther thera active tIyO measures to tu restrict credit aio looked for iti now that the thep crop p moving season is s In tho near offing TIt It 1 Is for Cor however that the ot ut to raise its discount s to 6 1 2 per cent by y Its heavy of cold more being shipped to t 2 New York this week Such action a a. few week ago would have been regarded us ts foreshadowIng foreshadow foreshadow- Ing a higher rediscount rate at New York Tile The federal condition condi condi- tion Uon statements disclosed that tile the B system stem 1 In again naIn at least Icat passively credit by allowing g its ts holdings of bankers bankers' acceptances auld government securities to fall fail falloff off ft again agan 7