New Britain herald., 1928-04-16
WALL STREET HAS
 NO RESISTANCE
Therefore the General Trend is
 Downward

Of least resistance in today's stock market was downward.
 Renewal of selling pressure against General Motors, Radio and other recent speculative favorites. based in part on fears Of an early increase in the federal reserve re- discount rates inspired rather heavy selling throughout the general list. Pool operations endeavored to main- tain bullish enthusiasm by bidding up selected list of public utility, oil and automottve shares. a score of which mounted to new high ground, but they met stiff opposi- tion.
 There was little in the weekend news to influence the price move ment. Mack Trucks and General Railway Signal sagged to new low levels for the year in anticipation of poor first quarter reports expected shortly. General Motors, Dupont, Radio. Adams Express and Liggett X Myers B solvent slumped 1-4 to 5 points before buying orders be- came effective. A number of others including American Smelling. Allied Chemical. Brooklyn Edison, Brook lyn Union Gas. Continental Can and Corn Products dipped points or more.
 | Union Oil of California was bid up points to a new peak price at 57. Richfleld Oil of California, Texas Corporation and Standard Oil , of California also reached new high ground. Other issues to cross their previous maximum prices included American and Foreign Power, Elec- tric Power & Light. Standard Gas X Electric, Gimbel Bros. Tobacco Products, Ludlum Steel. Fairbanks and Otis Steel common and prefer red. Chrysler was heavily bought, one block of l10.000 shares chang ing hands at =. following which the stock moved up to B. duplicating the years high, and 1-2 points above Saturdays close.
 i Irregular prices occurred at the opening of the stock market today with the larger number of changes toward higher ground. Large blocks of some of the low prices issued changed hands at the outset. notably 10000 Otis Steel at l6 7-S and 12,0oC Tidewater Oil (new) at l9 1-2. botf up a point. General Motors opened - i,,fS Electric was point lower at tho beginning. Advances of q point ol more were registered by Common wealth Power. Greene Cananea Cop per and Montgomery Ward.
 Pressure against the pivotal issue! during the first half hour result"' i'll several recessions of to nor than 2 points. Y. s. Steel and Du pont quickly fell back l6 and Brook lyn Edison retreated points. whll
 lesser losses were scored against At lantic Refining. International Nicke and American Smelling. Buying 0 various miscellaneous issues. includ ing some Of the public utility an tobacco issues lifted American
 Foreign Power to a, new top Whll Consolidated Gas and Loriliard nov ed up a point or so. Curtiss Aero plane jumped points in the earl dealings. There was little in tn overnight news to influence tn trading either way. Mack truck sol
 at S7, the lowest this year in .th early trading, while Ludlum Stef advanced to 59 5-s. the years bes price. Foreign exchanges wer steady at the opening, sterlin
 cables ruling unchanged aroun
 $4.Sss-s.
 Selling order predominated to
 large extent in the forenoon. Con structive interests were unable 1 carry on their campaign in face c the large offerings which presse General Motors and General Rail ;. way Signal down and Radio points. Losses of between and points were also sustained by othe
 influential stocks including |. Steel, International Nickel. Wrigf Aero, Mack Truck. Montgomery an . Ward and Johns Manvilie. Accl
 mutation persisted ill a number (
 the oils and specialites whic
 reached new high levels. The r'
 newal rate for call loans was mai1
 tained at 55 per cent.
 THE, MARKET AT 2:30 P. M. , Furnished by Putnam X Col