The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-01-02
STOCK PRICES turn
DOWNEARLY gains
Vanish IN SELLING
Merchandising, Public Utility
and Speciality Issues Are
Under Pressure

New York. Jan. 2.-tAP)-opening
OF the new year on the New York
stock exchange today was greeted
With a brisk rally but It proved 70 be
pressure against the merchandising,
public utility issuer. and high priced
s~pecialtics,. turned the general course
OF prices downward around midday.
s points were cut down. or wiped out.
and many OF them were converted In
to declines running from : to So
The early rally was based on the
heavy liquidation. for tax loss pur-
poses had strengthened the technical
position OF the market. Early in
vestment demand was disappointing.
however, and pools, which had re-
curtail operations or run the risk Of
dissipating all OF their buying power.
Commission houses continued to
urge theft customers to exercise care.
full discrimination In the making Of
new commitments.
FessimisM Greets OptimlsM
Optimistic year-end statements by
secretaries Mellon and Lamont and i
number of banking. business and rail-
road executives were o received
with the I enthusiasm as in years
past; Except for the rather general
would be better in the last half OF
tho year than the first half, few
brokerage houses ventured any
prophecies as to the trend Of the mar.
ket during the next few months.
were: loss Of general buying power
as q result Of the recent crash in
stock prices: curtailment in freight
traffic and general industrial produce
ton; loss Of gold; uncertainties over
thn TARIFF. nPOSncofo ~ on~~~AkvkHnu 4
investigation of the federal reserve
and securities spe~culation; increased
unemployment: additional business
casualties. and the forced liquidation
Of securities tied up as collateral for
loans in banks.
Frame Bullish Factors
Bullish factors set forth were: The
strong position OF the banks: absence
of any extensive inventories except in
the automobile and a few smaller tn
dustries: prospects Of easier money
and its stimulus to building and other
program to stimulate business: the
relatively small volume OF bank loans
to corporations: and the presence Of
a large short interest In the market
which IS expected to act as = cushion
Call money renewed unchanged At
8 per cent. Short maturities In bank
ers acceptances were cut X Of I per
cent.
General Electric rallied s a. points
to c4SH and then broke to $40, J. /.
Case moved up ~ to EOS and dropped
to l941z, Columbian Carbon advanced
8 "a to 179 "a and fell to TO and
=. s: Steel common climbed 2 3.4 to
l13 3-4. and tumblcd to l6S "a. AL
lied Chemical fell 81 points below.
Tuesdays close. Standard Gas and
Electric 5. and Sears Roebuck, II. III.
Macy, and Simmons 1 each. Among
the many issues to lose 2 points or
more were American Telephone.
American Can. Thinker Roller Bear
ing and American and Foreign Power.
Upward tendencies were resumed
for a time in the afternoon, when
New York Central. Public Service
Of New Jersey. General American
Tank. United Aircraft and Newton
Steel mounted 2 to 5 points, but the
whole list turned downward later in
sympathy with a rapid decline in Fox
Film A and L. 8. Steel. Fox, which
had risen to 23M in the morning,
crashed to Il: the. lowest price on
record. following an announcement nj
by counsel for the class A stockhold-
ers committee hat q receivership for
n corporation must be resorted ia
at once In order to protect all in
terests." L. s. Steel sold as low rs
166 after reaching 173 81 In the
morning. The close was weak. Total
sales Appropriated 5000, 900 shares.