Show STOCKS FIRM AS ASNE NE YEAR OPENS Prices Develop Strength After Selling Flurry in Opening Trades By CLAUDE A. A A JAGGER Associated Press Financial Editor NEW YORK Jan 2 AP AP The financial markets began tho now 3 year ear soberly but blit hopefully today Tile The stock market developed quiet after a selling flurry during dur dur- lug ing tile the early caily trading and bonds re reflected rc- rc Investment buying ing Tho early selling was presumably tn In part profit taking on tile tho upturn In thelast the tho list last two sessions of 1930 Profit taking deferred until today will not bo ho taxed until 1032 1132 mil flail oil and motor shares pointed after midday An unsettling unsettling unset unset- development In the early tradIng tradIng trad- trad Ing was a flop back In tomo sorno of the utilities which were hurled upward lato Wednesday Shares selling belling up upa a point or two Included New York Central V C Haven Illinois lilt Illi nois Central General Motors Stude- Stude baker Nash and Standards of New NewYork York and New Jersey Morning losses of oC a point or two In United States Steel American Telephone American Can Bethlehem Steel and Alt Alt- Reduction were replaced iced by advances ad- ad ances vances of like extent American Waterworks and American Power antI and Light lost 5 points in the tho first hour or most moot of Wednesdays Wednesday's nd- nd Allied Chemical tumbled r to a new low since 1923 then re recovered re- re covered CALL MONEY DROPS Tho rally lally was facilitated bv by an ac unexpectedly quick breaking of tin year end credit firmness Call money at 3 per cent but dropped later to 1 1 2 tIle the lowest since Reduction o of the discount rate of the tho Bank of France from 2 2 1 to 2 per cent placing it itOn iton on a a. par ar with the New York rate was viewed constructively With the tho Paris rate lato a full 1 per cent louet lowet thin than London the tho drain on London gold stock should bo lightened rue Tho rail shires were helped b tho knowledge that heads of the eastern trunk lines had conferences to work out tIle tho details of the tho four party unification uniti- uniti cation plan Although Wall street understands that developments developments develop develop- ments in consolidation may be dc- dc some somo months it Is believed that eventual consummation will result in tho tilo expenditure of or moio noro In deferred tm- tm Tho rho oils were were- braced by developments developments develop develop- ments leading to tho that the tho slump In gasoline prices may bo at atan atan an end Standard of New Jersey announced an Increase In tank car carlots carlots lots to 7 cents a gallon f. f 1 o. o b. b At Atlantic At- At lantic seaboard This Increase amounts to l 20 at N. N J J. J and l 1 at Baltimore GAS PRICE ADVANCED Earlier in Ill tho week Sinclair an an- an an Increase In ill tank prices in In tile the cast The Tho motor shares responded to announcements of new hew models arId and pi Ices although prices arc lower In Inmost most cases i have o been made mado in the tho hope of stimulating sales salet WillIe While estimates of 1931 production pro pro- are aro around against ii ly 1930 and in 1920 1929 makers makers- have made drastic drastic dras dras- tic reductions In tile the large overhead o costs which eloped developed during tho thu peak year jear of 1929 |