Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-10-22
Today's Dealings Lacked Yes
terday's Strength.
PROFlT-REAlIZING SALES
Natural Sequel to the Weeks Run OF
Advances.
MOVEMENTS VERY IRREGULAR
= Business of Commission Houses Suf-
fered to No Small Extent.
London Firm.
PROFIT-REALIZING SALES
MOVEMENTS VERY IRREGULAR
Special Dispatch To The Star.

Special Dispatch to The Star
NEW YORK. October 22.-In stock mar
kets exhibiting advancing tendencies such
as has been the case this week Thursday
is usually day upon which reaction
airy tone may be expected. although this
applies more directly to periods when high
rates for money prevail than to such oc-
casions as the present. Tcdays stock
market was. in fact, irregular rather than
reactionary.
The dealings failed to show the well
maintained degree of strength displayed
Tuesday and Wednesday. but, on the
other hand little other actual pressure
was evident beyond that represented by
profit realizing sales. That liquidation
of this character should have been wit
messed was not at all remarkable in view
of the extent of the weeks advance.
There was no apparent abatement in
confidence with regard to the success OF
the republican presidential ticket No
vember 3, but from the outset OF the deal
, ings the market showed a certain degree
of hesitancy. This was particularly true
in the instances of those stocks which
have for a long time been the leaders
of the market. such as Union and South
ern Pacific.
On the other hand, Pennsylvania, which
suddenly became active yesterday after
noon, showed renewed strength and car
ried upward with il. as is usually the
case. New York Central. Throughout the
business session, however. price move
ments in the market at large were char
acteriZed by great irregularity and 1t was
we'll nigh impossible to assign any specific
tone to the days dealings as an entirety.
Uncertain Fluctuations.
The business of commissio houses nat
urally suffered to no small extent by rea-
son Of the uncertain fluctuations in prices.
and during the greater part of the bust
ness session trading was conducted upon
a much smaller scale than on yesterday.
The London stock market. including the
American department.. was generally Arm.
and foreign houses were again buyers in
the local market upon fairly large
scale The discount rate of the Bank Of
England was left unchanged at 21 per
cent, although the banks weekly state
ment set forth the remarkably high ratio
for this period of the year of reserves to
liabilities of 81. 20 per cent, against 47.20
per cent In the corresponding week Of last
year. -
Local money market and foreign ex-
change conditions showed no material al
terations.
Railway specialties Active.
Reverting to the days dealings in the
stock market, it might be said that little.
or nothing of special interest could be
elected therefrom. The unusual anima-
tion In Pennsylvania was commonly at
tributed to the approach OF the dividend
declaration period, at which the usual rate
is commonly expected. Erie common was
also comparatively steady. Quite ex-
tensive movements for no explicit rea-
sons. took place In some OF the railway
specialties, such as Wisconsin Central
preferred and New York, Chicago and st.
Louis.
The Industrial and miscellaneous shares
moved as irregularly as the railway list.
The United States Steel stocks were firm.
while the other usually active industrials,
including Sugar Refining, were reaction
ary The traction group was again ne
elected. The commodity markets were
decidedly nrm.' although naturally there
were no particular developments In that
direction.