The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-01-02
STOCK PRICES turn
D0WN;EARLY gains
VANISH IN SELLING
Merchandising, Public Utility
and Speciality Issues Are
Under Pressure

OF the new year on the New York
stock exchange today was greeted
with a brisk rally but 1t proved TO be
pressure against the msrcha ndising,
public utility issuer. and high priced
~specialtics, turned the general course
OF prices downward around mid .day.
Scores OF early gains of l to nearly
and many Of them were converted In
to declines running from ? to Sc
points.
Tho early rally was based on the
belief that the competition Of the
poses had strengthened the technical
position OF the market. Early in.
vestment demand was disappointing,
however, n pools, which had re.
sumed activities were compelled to
dissipating all OF their buying power.
Commission houses continued to
urge theft customers to exercise care.
full determination In the making Of
new commitments.
ressimisn Greets ODtlnlsM
Optimistic ysar-end statements by
secretaries Mellon and Lamont and u
number Of banking, business and rail-
road executives were not received
with the same enthusiasm as in years
past. Except for the rather general
belief that security prices probably
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.
Among the bearish factors stressed
as q result Of the recent crash in
stock prices: curtailment In freight
traffic and general industrial produc.
ton; loss Of gold: uncertainties over
the tariff; prospects Of congressional
investigation Of the federal reserve
and securities speculation: Increased
unemployment: additional business
casualties, and the forced l~iquidation
Of securities tied up as collateral for
loans in banks.
Frame Bulllah Factors
Bullish factors set forth wcre: The
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
construction; the admtnistration's
relatively small volume Of bank loans
to corporations: and the presence OF
4 large short interest In the market
which Is expected to act as = cushion
on minor reactions.
8 per cent. Short maturities III bank
cent.
General Electric rallied s a. points
70 24sA and then broke to 240. J. !.
TO 1941z, Columbian Carbon advanced
3 IA to 179 ga and fell 10 10 and
Y. S. Steel common climbed 2 "a to
l73 S-4. and tumblcd to l6S c-4. Al.
lied Chemical fell 81 points below
Tuesdays close. Standard Gas and
Electric 5. and Sears Roebuck, r. III.
Macy. and Simmons 1 each. Among
the many issues to lose 2 points or
more were american Telephone.
Ing and American Ind 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 s points, but the
whole list turned downward later in
sympathy with a rapid decline in Fox
Film 4 and T. s. Steel. Fox. which
had risen to 23h in the morning,
crashed to II. the lowest price on
record. following an announcement
by counsel for the class A stockhold-
ers committee that q receivership for
h corporation must be resorted to
at once In order to protect all in
terests." l.. s. Steel sold as low as
166 after reaching 173 50 in tho
morning. The close was weak. Total
sales approximated :,o0o,0 900 shares.