Salt Lake Telegram | 1929-04-28 | Page 35 | High Call Money Not Alarming Banker Asserts

HIGH L NOT II NEW YORK April 27 Press Press Charles Charles E. E Mitchell chairman chairman chair man of the board of the National City bank does not regard the sit situation situation sit sit- on the New York stock ex exchange exchange ex- ex change alarming despite yesterdays yesterday's market In which call money Jumped ump from 9 to 16 per cent the highest price since March 26 v In a statement Mitchell said that owing to withdrawals from the loan market of funds necessary for May 1 disbursement a periodic scarcity of money naturally re fleeted in iii the call loan rate is t to tobe be expected It was Mitchell who caused the tha market to firm up at tIle the close yesterday yesterday yes yes- by making large sums sums- of money available During the squeeze a month ago Mitchell eased the sit situation situation sit sit- when he announced his in institution institution in had to lend lend lend-In in inthe the call money market at rates ranging upward from 16 per ce C Mitchell indicated in an v that he did not hot expect easy money until after the first of the tho month stringency had passed Call money closed at 16 yesterday despite the late firming of the market Heavy withdrawals of funds front from New York to other sections of th country to meet payments of In Interest Interest In- In terest and dividends always at the first of tile the month cannot but result in a higher call money rate Mitchell said He said his bank bisk would guarantee the market Was not left without funds although he refused to the amount of money the bank had put In tile the market S The situation ext week when funds will start to iV w into New York from other parts oC the country These amounts are not expected to bo as large as usual however because of pressure being beine brought to bear on oh federal reserve member banks to hold down their loans on securities