New Britain herald., 1927-03-18
SELLING PRESSURE
 QUITE PRONOUNCED
Attempt to Maintain BuIlish En-
 thuSiaSn Not Successful

New York. March 1S lP-Sa'ung pressure was more pronounced Iu
 toiays stock market. Although spectators for the rise attempted 10 maintain tullish enthusiasm by bringing forward new taroritys whenever tho oEI leaders showed
 signs of v0veriug. The persistent hammayi0s Of bear traders against vulnerable s0-cialties had ag uo- setting effect.
 \ growing he'ict tha. the recent strength oi |. < Steel Cc"mou.
 General Motors and other hish rrig- od issuaS was being used as d screen
 to cover distribution Of cheaper
 stocks which reflected in tho iu- cryasrd offerings which occomranl- od every rally. There was little in the days news 10 influence the price movement. although operators for
 'ho rise found encouragomen' in
 fact that the country's gold hoIdlrss as shown in the federal reserve board statement were tho lars st since 1924. Banks called about S1o.- oWH.oo1 in lolns before the session
 was half over but there appeared
 to bc plenty Of call money avail able at the renewal figure of four per cent,
 Collapse o' the Burns Brothers 1 issues checked q rally which start 1 uI shortly after midday. The sud- dan realization that the warm spring weather had a1vrrs,ly affected coal safes brought a flood Of offerings in Burns stocks. the "A' dropping 1ol2 points and the "B' siN. Furth,r
 weakness also cropped o1t in rho haking, amusement and electrical supply jssuas with Continental Eal- | ing A, Ward Baking E, Pathe. War her Brothers Pictures. American ! Telephone. Manhattan Electrical Supply and American Brown, Bo-
 yeri as the chief sufferers.
 Pools We're actively &t work 'r
 such issurs as American Safety Ra- zor. PhiIadelphia Company and Fed craI Mining and Smeltins, the last named jumping 1 l0 points.
 Rails Quietod down after Southern Pacific had touched the highest price in several years.
 Wall Street Opening. Stock prices displayed q firm ,onc at the opening of today's stock mar I>ot. Tho establishment of several new high records by the high priced industrialS yostetlay had resulted in
 q fair sized accumulation of buy- ing orders in recent favorltos. Du- pont and Chile Copper each opened abou, a roint higher
 Prospect Of special dividend dis i tributionS continued 10 arouse bull- ] ish enthusiasm for a number Of in- { 1Vstriu's and specjaties, Nairta- nance Of t." I per cent rtai.gount ! rat" by 'n- New York Federal t--
 serve bank caused no surprise. Ihy 1 raising Of inc Tr"yport TrNas djyi- ] d"nd to 8 { per cent basis was di- i r"c;ly rosponsitle for an early 6
 noiu; jump in that stock. Baldwin quickly moved up points with i carly strength also shown by Chile ! Copper. Famous Players, Younee- town Sheet and Tube, pUront and Foundation Company. |. s Steel common and General Motors. which established record highs yesterday, oncountcrcd a large volume of real izing but offerings were well absorb ed. Bear traders continued to fer ret out weak spots. Burns Brothers
 X broke points and the F dropped on selling probably inspired by the relatively poor coal business this spring, Continental Baking \ was again subjected to attack, quickly $agging over points to a new low record.
 Foreign exchanges opened frIn with demand sterling and Spanish prsetas at new high records of St.- 1 s 5-&2 and l7.5o cents, respectively. French francs held steady just un- der 3.91 cents,
 Stocks were poured out in q steady stream later causing a num- | ber ot declines of from to f points
 despite the efforts made to halt the reaction hy marking mp several popular issues General Motors made new top at 1&o 1-4. and
 pools pushed up certain stocks ma jcrially. before they all crumhlcd under the weight of professional selling. Weakness Of snch repre- sentative stocks as Atchison. Amer ican Telephone and National Lead caused good deal of offerings for both accounts in numerous low priced shares. The renewal rate for call loans continued to be main faiNnl nf 1 nor cnDt