Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-13
STOCKS IRREGULAR
IN ACTIVE MARKET
TRANSACTIONS on THE NEW YORK STOCK EXCHANGE EOCE
Price Changes Are Rapid as
Opposing Forces Struggle
for Control.
BY STANLEY w. PRENOSIL.
Associated Press Financial Editor.

NEW YORK, December 13-Friday
the 18th provided plenty of thrills for
both "bull' and bear" traders on the
New York Stock Exchange today as
prices swung up and down in erratic
fashion. The market opened irregular,
rallied spectacularly before the end of
the first hour broke sharply before mid
day. rallied and then turned heavy
again in the early afternoon when most
stocks were selling below yesterdays
final quotations.
The wild gyrations apparently re-
fiected the struggle for control of the
price movement between opposing
speculative forces, and was not directly
associated with any development in the
days news. However, the increase in
Federal Reserve brokers' loans, addi-
tional shipments of gold to Europe and
the publication of disappointing ce-
ment statistics tended to keep invest
ment buying in check, and discouraged
any extensive public participation in
the market.
Tax Selling.
Wall Street also was of the belief that
some of todays selling was prompted
by the necessity of raising proceeds to
pay the last quarterly installment of
bkIS Tcu6IdL JdAs WIl1C1I DCCOhl6S
due today. In some quarters the in
crease in brokers' loans was construed
as the return of weak speculative fol-
lowing into the market.
Bear" traders, who sold stocks heav-
lily in the last hour of trading yester-
day and resumed their selling in some
of the specialties at the opening, we're
driven to cover by the appearance of
strong buying support soon after the
nnnninp with the raSIllf that lnnD
line of issues was carried up 2 to Is
points. The rapidity of the advance.
however, brought forth heavy offerings
of stock, and when prices started to
go down again the bears" resumed
their attacks.
Changes Are Rapid.
General Electric advanced Az points
to 2361a and reacted to 22012, A. M.
Byers scared 10 points to 90 and
dropped to 80, j. I. Case jumped 13
points to 200 and fell back to 1872,
Columbian Carbon advanced 9 to 179
and slipped to 161, Standard Gas &c
and tumbled to 1121a and United States
Steel common climbed 51a to 172 and
dropped to l64A, but all made brisk re-
coveries from the low levels in the early
afternoon buying movement.
Meanwhile, Jersey Central dropped
40 points to Isl on a few sales, and
| Midland Steel Products preferred,
| Brooklyn Union Gas, Atlas Powder, Otis
Elevator, Detroit Edison and Fox Film
| sold S to IS points below last nights
closing quotations, the last named
| touching a new 1929 low at 81.
The market turned upward decisively
in the last hour and several important
shares registered large advances. Auburn
Auto rose 10 points above the previous
close. Western Union 91a, Pullman 7a,
Sears Roebuck 5, Radio Az, and Beth
lehem Steel and Public Service of New
Jersey 31a Prices generally did not
recover to the high figures of the fore
noon, but the rallies from the DAYS
low levels were substantial, General
Electric rising IA points. Final deal
ingS saw fresh selling in spots. The
close was irregular.