Stock prices continued to resist selling pressure today. Speculative interest in low-priced issues has widened, President Roosevelt's revelation that he favoured an extension of the oil production regulation to embrace the regulation of refining brought activity and strength to oils. The technical position of the market has improved, following yesterday's shake out. Favourable factors today included: Bank clearings reaching new high for the year; prediction of the continuance of the building Boor; and, indications of a sharp rise in automobile production. However, some chartists believe that a reaction is overdue.
By Courtesy of Swan, Culbertson & Fritz Featured by heavy volume and early strength in utility shares, prices on the New York Stock Exchange for the current period under review fluctuated in a narrow range. The sharply higher opening on Monday, when utilities and aviations changed hands in blocks ranging from 3,000 to 30,000 shares, appeared overdone. Observers pointed to this factor as well as the heavy turnover and small net price changes in the general list, indicating an impairment of the technical position. Following early.
"weakness, prices advanced Tuesday to within striking distance of the years high under {he leadership of motors. On Wednesday, stocks were under pressure of profit taking, especially pivotal issues, in which the largest advances have been recorded since the September 26 war scare lows. Near the close Thursday, the market developed impressive strength though volume was much smaller than on
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