New Britain herald., 1926-04-09
EARLY RAIDS ARE
 QUICKLY STOPPED
Wall Street Slowly Creeping
 Back This Afternoon

New fork, Aprll OP --- Bear selling Of supposedly vulnerable in- dustrial shares continued in the early part Of todays market, but met with stronger resistance. and prices began to creep up in the afternoon when q brisk demand developed for tET equipment shares. Calling Of abSut s2E,o00,oo fin bank loans, refecting the usual weekend readSustment Of banks. failed 10 have sts influence on the call money rate. which ruled un- changed at per cent. Lack of effective buying power in the mar ket was attributed to misgivings over the future course Of business. which have been heightened by the continued decline in commodity prices and the relatively small in- crease in commercial borrowings.
 While steel production Is usual- ly nigh, the margin Of profit at current price levels is small. L. S. Steel common broke below 120 during the morning but snapped back to around 12l in the early afternoon. Leaders In tho upturn were Baldwin, American Locomo- tive, General Railway Signal, Mack Trucks and Public Service of New Jersey, all Of which sold 1 10 . points higher and National Biscuit A pty reported by the federal reserve bank dropped nearly $l20.00O, 0oO in the week ended March 31, bringing the total down 10 $2,573.- 051,Qo0 as compared with the high Of SS,1SS,724,OQQ on February IT.
 Wall street Opening.
 Extreme irrcgulartty developed at . the opening Of today's stock market. Initial losses Of to nearly 2 points were recorded ny California Pack ing, American Water Works. Amer ! ican Ice, WoolWorth and Central Leather preferred, the last named touching another new low level for the year International Combustion i Engineering opened with q salc of 5000 shares at 4, up 5-S and Union Oil Of California anu Adams Express each opened a point higher Selling pressure, which became more pronounced as trading pro- grossed, was confined largely to the industrial shares, Reading being the only rail 10 show a loss Of more than l point In tho first half hour of ! trading. Bear traders were active in seeking out weak spots with the 1 food, merchandising steel chemical and motor shares bearing the hrunt of the selling. May Department 1 stores quickly sold down four points and California Packing. Woolworih, , Uud3ou Motors, American Water 1 Worl.s. south Porto Rican Sugar. lur"d Drug. American Car and Foundry and Commercial Solvents F extended their carly losses 10 2 points or more. Among the many is sues 10 sag | point or more were Cruciblo Steel. Johdan, Allied Chem | iCal, kreSge and Youugst own Sheet and Tube. National Biscuit showed Independent strength by moving up over points. Trading was only mod crate in volume. Foreign exchanges opened early. demand sterling rul- ing around S4.SJ 15-lG and French francs around %.4% cents.
 Repetition Of yesterdays buying movement in the Van Swcringcn railroad shares caused a slackcninG Of pressure elsewhere after q num- bcr of additional sharp losses had been recorded. Bethlehem Steel, 1 Cruciblo Steel and National Cloak and Suit common and preferred
 touched new minimum prices for the year. Atlantic Refining dropped
 points, Crucihlo Steel and West
 irghousc Air Brake 3 1-2 and Ma
 ional Cloak and Suit preferred
 and Universal Pipe preferred 3.
 The upturn in tho Van Sweringcn
 groun lifted Chesapeake and Ohio
 points and Prrn Marquette and
 Pore Marquette and Erie common
 and tho list preferred ] to l 12. Wheeling and IMkc Erie, American
 Woolcn preferred and Atlantic Re
 f1ninG also ruled 10 points high
 CT. The renewal rate on call loans
 was maintained q per cent.