Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-25
STOCK PRICES HELD O.
FIRM BY POWERFUL
INTERESTS IN STREET
Continued From First Pase.)

Hsavy buying orders continued to
commission house reporting that the
great bulk Of its business during the
morning was In the form of huge buy
ing orders for half a dozen of its veal
thiest customers
The thousands OF sightseers who
again descended upon the financial dis
trict today caused troublesome trafhc
problems At Broad and Wall streets a
! half dozen moving picture camsra men
gathered to take pictures of the crowds.
The crowds gathered to watch the
movie men. Traffic through these mar
row, h-walled thOroughfares, always
slow, soon wsdged itself into an i'm
movable mass. Extra police were hastily
summoned to disperse the gaping throng
and prevent newcomers from stopping
3ubtreasury Building.
Brokers' Offices Crowded.
Customers rooms In all leading brok-
eraRe houses were crowded this morn
ing before the market opened. Elk.
hausted employees were besieged by per-
sons seeking information about their
accounts. If they still had them, and
about the general outlook for stock
movements during the day.
The faces of customers, however.
showed little OF that grimness associat-
ed with sudden losses. One broker
offered an easy explanation OF this fact
! by pointing out that most OF those
who were watching the boards this
morning had lost nothing. They had
! been out of the market for several
| months he said, and were now back
with funds ready to pick up few BAR
! gains.
Advance At Opening.
A broad advance set in directly after
| the opening gong and trading was in
sharply reduced volume. although many
| blocks of 5000 to $4,000 shares changed
hands.
Canadian Pacific jumped $l2.62 and
Byers shot up sic. National Cash Reg
| ister American Power 81 Light and
Eastman Kodak mounted about 81 to
| SIS, and such stocks as American Tele-
phone and u. 8. Steel opened about 81
higher. A few weak spots were uncov-
cred, however. Fox Film dropping 50
and First National stores $3.50.
At the end of the first half hour OF
aged about 81, while several had scored
/ broader advances. A food of buying
recommendations sent out overnight by
commission houses brought fair
amount Of buying orders and but little
more distress selling made its appear
| ance.
While the general movement contin-
ued rather briskly upward, gains in a
| few of the leading issues were held with
difficulty. u. S. Steel, after selling up
$1.50 to $207.5O, slipped of to 9205.
American Can slipped back $2.25. East
man Kodak, however, soon extended its
/ gain to S112.25.
Trading became increasingly active
and sales during the first half hour to-
tailed / ,228, 200 shares.
Volume Of Trading Grows.
The stability of the market In the
! early transactions attracted huge
amount of buying on the part Of traders
who have been waiting for the bottom
of the decline, as well as considerable
further selling by nervous holders who
welcomed the higher levels to get rid
Of their stocks. During the first hour,
! however, buying orders continued to
overbalance selling orders.
| Trading continued to swell In vol
ume, the ticker falling nearly half an
hour behind the market. The turnover
Of ] ,228, 200 shares during the first half
hour was at the rate of more than H.
00O, 900 shares q day. bat compared
with !, 676, 900 shares during the first
half hour OF yesterdays record-breaking
market. 4f4st
Highly reassurink statements from
steel executives regarding the state of
this basic industry at the meeting OF
the American Iron and Steel Institute
| greatly improved confidence. The re-
cent decline In steel operations from
, the high levels of the Summer has
caused considerable nervousness and
accelerated the drop in the market.
| President James A. Farrell of the
! United States Steel Corporation said
| There is q good deal of pessimism
around in some industries, but I can't
| see where 1t affects the steel business
With one or two exceptions, we are as
business Is good when we can run at
IS to 80 per cent Of capacity at this
time OF the year."
Clearing Corporation Report.
After long hours of grueling labor
lasting through the night, the Stock
Clearing Corporation was able shortly
before ii am. to announce that clear
| ings Of all Of yesterdays record-break-
| ing transactions, totaling 12.S94, SOC
shares, had been completed. That all
! houses were able to make deliveries
| against their sales confirmed the state
ment issued at the bankers conference
| at j. P. Morgan 81 Co. yesterday that
no Stock Exchange houses were being
pressed to the wall.
Also uncOnfirmed rumors that as q
result of conferences yesterday leading
{ bankers had raised $1,000, 100000 to
support the stock market, gave traders
a renewed feeling of security. While
national banks and trust companies are
| unable to buy stocks for their own &C.
count. they may loan funds to private
| and investment bankers for this pur-
pose. One of the most salutary effects
Of the benkers' conferences, however
was psychological.
The following table illustrates some
: OF the approximate extreme gains OF
the first hours trading, as compared to
yesterdays net losses: