The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-07-30
VAIL STREET NEWS
New High Records Estab-
liShed in Some Issues.
RIFF CHICKERING'S IGNORED
AfoubIes In Spain Taken More Seri-
isly, but After Sharp Break Span
III Securities Recover in London
nid Paris-FInanciaI and CONNER
ciRl Conditions Favorable.

New York, July 29.-Both railroad and
illlstrial stocks again advanced to new
high records for the year to-day in a
n.a-set which, though firm throughout,
: at times very duh and which waited
tor the late trading to display a broad
and decided strength.
T 10 indecisiOn of the greater part OF
tpt day was due in part to the continu-
o1on OF the uresome chickering's over the
IN BILL but the financial community Is
n9t greatly interested In the matter still
1leer discussion at Washington. and IN
dolbtedly the troubles in Spain and
ms troubles In Morocco were more
sf eotive in lettering purchases.
the early trading It appeared that
t-e foreign markets were taking this
natter seriously. for Spanish bonds
broke sharply in London, and In Paris
the bourse was depressed It was noted
however, that American securities ruled
strong IN all the foreign markets, and IN
the late trading there was a recovery in
London. Paris, and Berlin. with Spanish
securities closing well above the low and
all others developing a firm tone.
Not Considered Serious.
In Paris, for instance. they closed well
Up, and it appeared generally from the
action OF all the foreign markets at the
close that important fnanciers in Euro
pean capitals did not consider the situation
In Spain serious enough to constitute an
element OF disturbance in financial affairs
outside that country and its securities.
IN H.
there was thus removed the only impor-
tant objection to a continuation OF the
upward movement IN the New York
market, and IN this connection II Is well
worth noting that important and repre-
sentative bankers here consider the
chance Of unfavorable developments
abroad tho only contingency which may
retard the Improvement IN the financial
and commercial situation. Such a pros
pect is by no means alarming. but, how
ever unlikely, It is. IN the opinion Of these
students of the situation. much more
probable than is any development or
important adverse influence here.
The day brought no development OF
particular importance as affecting the
security market. Neither IN wheat corn.
nor cotton was there a movement attract
ing or deserving any great interest, and
the broad and sustained strength in
stocks was probably due 70 a realization
of the fact that every fundamental basis
OF business and agricultural prosperity
is found, and that a continuation OF IA
vorable factors in business and aEricul-
tlIre throughout the month is rapidly
bringing the business improvement up 20
the mark attained IN previous periods OF
great prosperity.
Advance II Rapid.
In some stock to-day the advancing
movement was Unexpectedly rapid. Con-
spicuous among them were New York
Central. Louisville and Nashville. Allan
tic Coast Line. and the stocks Of those
Gould roads watch arc not In the hands
Of receivers. The advance OF "a points
in New York Central was accompanied
by a gain OF ~ points and 21b points in
Nickel Plate and Big Four respectively,
two OF the companys most important
subsidiaries, and there was much inter
ested conjecture over the circumstances
bringing about these concurrent gains.
Western Maryland and Wheeling and
Lake Erie, two Of the Gould roads in the
hands of receivers, sold off, the former
20 8@t after the official announcement of
the preferred terms OF reorganization
plans.
Reports OF early completion Of the long
pending Missouri Pacific financing ac-
companied the advance in other Gould
stocks