Salt Lake Telegram | 1919-11-25 | Page 16 | Not Even a Financial Ripple

tl C Not E Even yen a Financial ll Ripple jl By Ira C. C Tichenor- Tichenor o SOME Eastern brokers and speculators who were badly put out I Iby by the action of the federal reserve banks in raising rediscount Crates rates and thereby indirectly putting a bral brake upon speculative activities activities ties in Vall Wall street and who as a result expressed the fe fear fear that t the e federal reserve system was Vas not properly functioning and that the entire country would suffer cutter because because or this thia condition doubtless have discovered by this time tb that t their fears tears were groundless According to reports from the federal reserve centers located in different portion of ot the country county the action of C the federal reserve of ot New York did not create even a ripple in the financial w waters water's terl outside of ot I gw w York or In n fact tact outside of ot a a. very small email district In Wall Walt street I Even hven there th the effect upon Investments practically was nil and while the speculative bubble was wee puncture punctured In a most decisive manner trading of this description again Is fa proceeding but in a more safe and nd conservative manner wanner 4 i I The report from the twelfth federal district t. t of which San Francisco is the center and ot of which Salt Lake Is a a. part Is Js similar In tenor Jo lo to that of ot various other districts It Il says ays Money market la ls nor normal l in spite of ot Eastern developments e There is plenty for tor essential purposes and there has been een ho no perceptible tightening because of the shakeout in the stock market There Is no call caB money here and no carrying by br brokers kers on close margins The only effect or the rise of call money In New York wa was complaint on part of ot speculators of difficulty In borrowing money to trade with but this was Immaterial Money rates here are aro unchanged from 6 per cent to 6 per percent per standing as they have practically stood for Cor many months While there Is Isan an an tightening of purse strings for cause money rates in San Francisco remain practically unchanged at all times It would seem that once more Wall Vall street has baa taken Itself entirely too seriously for recent developments ments have proved that It is merely a spoke in inthe inthe the country's business and financial wheel instead of being the entire thing