Salt Lake Telegram | 1929-09-22 | Page 26 | Stock Market Falls into Pronounced Slump

Market Falls Into Slump T Sept Thc AP-Thc P fell Into a pronounced eD thu this week after rallying r had nad convinced trader that the declines of InK fortnight had ad lt position and set the ti fot broad advances were ft a notable the downward eri- eri strop itron In reg re re- g tint ji of 01 many i im- im EW merger developments The lr Oon price twenty stocks stocks' of group rose roe tile week to a S level while the tho In- In leading Industrials S rails showed net tile the week o of 44 and 17 Ct nl or most yn r i-r week wt Tras another Vrn In n brokers brokers' loans to j b been en eno o total Jn hi the past tWo five upturn for the latest HI it M riy A bf tt lh which had bad Irel in durIng the period ll dJ that the theof of new y ner listIngs might cancel of loans loan the tho market was lr some quarters ai as Indicating tOek Pa from m ak i possibly f from tn ln- ln Ill s to the public were the S S S S sharp break In the trie group Is Issues is- is sues on the London stock Mock exchange and the failure of definite of-definite evidence a as to the fall trends In the steel and automobile Industries The rhe Hairy debacle was Bald to have re resulted re- re In Ins a unloading of New York stocks held In London A further was reported In the steel Industry which was generally 5 regarded afi aS to have been expected In of the Hie high Tut j os of Activity but was vas somewhat disquieting with Indications as to the fourth quarter lacking Inciting A. A bet better better bet bet- ter Inquiry for railroad and d heavy construction materials however was regarded as of good The turnover of funds Including g the treasury refinancing ad the rt Income tax pay payment ment brought an earlier tightening of call money titan than had ben been Sf- Sf sending Bending the call money rate from 7 1 2 1 to 10 iier per Tues Tues- day This Tha was somewhat of asur prise but was explained by a a. more rapid collection ana clearing o of the Income tax checks ard a smaller mailer and more ly dl gov i- i ment overdraft than has been the rule In new treasury fi I The rate rato dropped t to 7 p per r cent on Thursday arid and closed the at S. S Time Tine money tightened tight ened up up from S 4 3 to 1 per cent to L n flat 9 J pet per cent for all ma ma- The federal Condition disclosed further pur pur- clinics chases of bills bills' Ils ani and as- as hut but ve- ve e- e in a o thal the amount of reserve credit outstanding out out- standing was slightly reduced