Show S I. I Prices Rally Briefly f Fall Back to Lo Low Levels Levels- By CLAUDE A. A JAGGER Associated Press Financial Edit NEW YORK Dec 29 AP AP- AP i f financial markets drew toward close of ot a n. trying year today tr trout out enthusiasm over wp the slate for a fresh start Stocks appeared to have temporarily oversold and recovered ered a little for a time during morning but by early afternoon list again was dragging close tho ho years year's lowest levels that business recovery 1 In Hill will vIli bo slow w if sure now are com commonly commonly heard in Wall street and an economic advisory services while indicating investment bargains say there need be no hurry about mak mak- in all of which tended to keep markets depressed S MOST LOSSES MODERATE Tax selling continued to into tho stock market and rails again conspicuously heavy i Losses in the tho main were moderate however and most of the tho pivotal industrials maintained a a. good urn unA U. U S. S Steel Can and Caso were among Issues soiling up a a. point or two then losIng losing los los- ing their gains Radio common and preferred B shares dropped to low levis and tho rails New York Contra Central Baltimore and Ohio Atchison Atchison Atchi- Atchi son and Chicago and Northwestern lost about 2 points the tho last named minimum Union recording a new Pacific lost 4 STEEL MERGER BLOCKED Important corporate news include ed cd the granting of an injunction lo t Cyrus Eaton and his associates halting the merger of Youngstown Sheet and Tube with Bethlehem Steel and the tho final drafting of u ti proposal to unify the New York traction companies Both developments appeared to been largely discounted by the stock market Republic and Inland Steels which are aro regarded aa as Eaton companies were firm for a time but Bethlehem and Youngstown vera little changed In the transaCtIons the Brooklyn Manhattan j is- is ues showed strength for a time In the situation Wall street Ja is primarily interested in whether tile tho Interests will appeal CALL MONEY FIRM Call money showed th the customary custom custom- ary year end firmness renewing at 2 2 1 per cent and moving up to 3 2 1 and then to 4 the tho highest since May as loans were called rather heavily Last year ear at this time however the rato was Wa 6 percent per percent cent and two years ago it touched 1 12 per cent Other monetary accommodations were virtually stationary Loan calling was to meet year end Interest and dividend payments and andin in part pait probably represented the window dressing by which cash balances are aro augmented in year end statements In the tho commodity markets cop per was quoted at 10 2 1 cents a pound up 1 4 for domestic ship ment Bar silver however eased close to its recently recorded low loY for all time CREDIT FAVORABLE The Tho Guaranty Trust company in its monthly survey said that the reduction in the federal rediscount re rediscount re- re discount rato will probably have a favorable effect on business sea sen It stated that the tho general general gen gen- eral banking situation is not only strong from the tho standpoint of safety but will be he found favorable to business expansion as soon as an conditions in other lines are aro such as asto asto to permit that development |