Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-19
Unexpected Degree Of Re-
sistance of Some Stocks
In THE MARKET TODAY
PROFOUND AND EFFECTIVE I'M
PRESTON UPON TRADERS.
Heavy Selling in q. s. Steel and PENN
sylvania-Genuine Demand Absorb
ed Ofeerings-Prices Advanced.


Special Dispatch to The Star.
NEW YORK, October 19.-One of the cir
cumstances In today's stock market, which
produced a profound and effective impress
sion upon the professional traders, was the
unexpected degree of resistance which GER
tain stocks displayed In the face OF what
appeared to be extremely heavy and gen.
uine liquidation. Thus, in the instance Of
United States Steel, common, alone, it was
estimated that upward OF 10000 shares OF
that stock were sold by two or three firms
at single quotation, although the OFFSET
ting buying orders were in sea ttering and
comparatively small lots.
There was heavy selling also OF the same
general character in Pennsylvania stock,
which produced for the time similarly l.ega-
tive results. Opposed to the concentrated
liquidation there was a genuine demand
which not only sufficed to absorb the sell
ing, but when the latter was concluded.
actually advanced the prices for both
stocks
What took place in those instances was
repeated In other quarters Of the market A
lower range OF prices was common at the
opening of business, largely in sympathy
with the prices for American STOCKS cabled
from London. particularly as these prices
were succeeded by selling for foreign ac-
count in this market aggregatfng over co.
600 shares.
The London Market.
L hC A<ah0oil was not generally
weak, consoIs and other high-grade invest
ment securities showing some Improvement
on the retention by the Bank of England
discount rate at per cent. The bank in
creased its percentage of reserve to liabil-
tiles from Al. Al per cent last week to AZ. q
per cent, and for the first time in more than
month reported an increase in specie
holding to the amount of E652, 000 Local
monetary conditions showed moderate re-
Taxation, renewal rates being somewhat
below yesterdays figures for call loans.
while sterling exchange after reacting in
the early part of the day, became firmer
again.
The banks gained largely in their opera
tons with the subtreasury yesterday, and
this mornings figures showed favor
able cash balance in their dealings with
that institution since last Friday OF S'-
100000.
In the absence of any more striking de-
yelopments, discussion converged Chiefly
upon the various addresses now being de-
livered by the President on his tour through
the southern states, although thus far his
utterances have set forth nothing calculat-
ed to take the financial community by sur
prise.
In fact some emphasis was today laid
upon certain modification of previously
expressed views contained In the Presidents
speech at Raleigh. In the place of urging
that the interstate commerce commission
should have the power to name the traffic
rates to take effect Immediately, the Presi-
dent amended that suggestion today by the
word, THAT is, within a reasonable time. -
On the face of it this phrase would seem to
suggest quite a marked modification in the
views of the country's chief executive upon
the question of federal regulation of rail-
way traffic
During the first half of the business ses-
sion the volume of business was consider
ably in excess of that transacted yesterday,
but subsequently there was some contrac-
ton in activity Price movements through
out the day were irregular, but broadly
speaking the market reflected a much bet
| ter degree of support than~was apparent
yesterday. There was also evident a more
general distribution of interest than was
| the case then. Practically all of the more
extensive movements in prices were con-
1 fined to the local traction shares and the
| industrial and miscellaneous issues.
In fact, few of the active railway stocks
| showed fluctuations passing beyond frac-
| tional limits, and there was a virtual abb
| sence Of news or interesting gossip relat-
| ing to the dealers in that direction. Brook
| lyn Rapid Transit was today the most con-
| spicuous feature of the market, that stock
| rising sharply on large transactions. Much
| stress was laid upon the recent absorption
| of Brooklyn Rapid Transit apparently for
| Philadelphia account, but there was little
| otherwise of interest discussed in connec-
4 ton with the movement,