| Show BEARS FORCE MARKET DOWN Strong But List I Drops In Early NEW Yon YORK Sept By 22 22 TIle Tle Associated Press Stock prices displayed a complete reversal re- re versal versil of form In today's market markt opening strong In response o to ng- ng at buying operations by pro pro- pro professional 10 traders but turning weak itt In tho the early afternoon when v bears gained the tho upper hand h nd and start start- started started start started ed to hammer stocks In nil all sec sec- sec of of the list Thero as w s nothing In the tho days day's news to 10 for Cor the sudden change In speculative sentiment but the tho maintenance of ot high call money rates and reports that banks were marking down the Iho loaning alue on several speculative speculative lathe Issues probably was an Im- Im Important Im un Important factor MAY Y SE TE n It ATE Directors of the th New York fed fed- fed federal eral oral reserve bank hold their Tog Tog- regular ular ree-ular ular weekly meeting after neter the tho close clos of the tho market tomorrow and tho tha possibility of an n Increase In inthe Inthe the tho rediscount rate rite at that limo may also have been an Influence I Jn in th the selling movement mo The Tho reaction started in such recent favorites as Allied d Chem Chem- ChemIcal Chemical lea ical American Smelting and United States Steel with 1 selling ot of the last bEt named probably In- In Inspired InspIred In Inspired by the tho announcement of a acut acut cut cut In steep step scrap semI prices In cao cI cago O International Cen nt and Electric w ere era driven down to new low levels level for tor the tho year ear Low and medium priced motors were thrown onto the market In largo large volume on re- re reports reports re reports ports that third Quarterly earn earn- earnIngs earnings ings logs of several companies would I Inot not come como up to earlier ealler expects although General Motors continued to receive buyIng buyIng buy- buy Ing Ins support LESS TRADING Tn Trading showed a n marked marled fall Inar fall fall- fallIng Ing off oft In volume and was easen- easen en of character the erratic price movements or of orthe the last list few wee weeks Its and the tho tin un- uncertainty un uncertainty certainty o cr the tho credit situation having x a ten i to restrict publIc participation The Tho closing was as irregular Re- Re Renewed Re Renewed bidding for tor the th oil all shares ne I coupled with wt the tho stronE siron support c tended to A Allied d omery Mont Montgomery omery Ward and and Lake Lik Eric Irle issues Imparted a better tone tono to the Ule market In Inthe inthe Inthe the final hour Rumors of favor favor- favorable tavor-abl tavor able dividend developments lifted Allied Chemical to a new around round while anol anolLa La Lake Erie preferred ad advanced nearly five points on revived merger talk Union of led an an an upturn In the tho oils Total pales les approximated shares shar-s I |
