The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-07-25
SECURITIES MOVE
IN NARROW RANGE
Fluctuations for Week Show
About Three Points in
Wall Street.

wall Street.
NEW YORK, July 25-Speculation last
week in the Wall Street market was at
low ebb and stock movements were
confined within a range Of about three
points. The exceptions 10 that were
Delaware, Lackawanna and Western,
which added sixteen points TO its price,
Detroit and United States Railroad.
which gained seven points, and General
Chemical Company, which scored six
points.
The mass of rails and industrials were
content with adding fractions to the
closing prices Of week ago, and many
stocks show an actual loss. The mar
ket as a whole closed where il did a
week ago, while the majority Of stocks
have hung FIRE thorugh the week within
point and a half Of a general average
that was reached about the middle Of
the week,
Small Room For Comment.
There Is little to say Of such a mar
ket- Among most traders stocks are re-
gaTded as high, but the market does not
move downward when once started.
Crop conditions, considering the late
spring. are good and business is surely
Teviving along ali lines. The argument
that the stock market Is waiting for the
end of the tariff deliberations in Wash
angton no longer holds, as il is pretty
well established now what is TO be ex-
pected In that quarter. Good crops, bet
ter railroad business, increased orders
in the factories and the effects of the
tariff long 40 HAGeOunfnH
and yet the market shows no life, no
buOyancy or heaviness. The speculative
sun hangs in the sky, moving not from
one constellation TO another, in one
continuous and unchanging glare of
light.
Bears and bulls lay their lines for q
move in stocks and later the cards come
fumbling down with nothing affected
Pools form and break up and STOCKS
do not move The public IS apathetic,
professional traders ART grouchy and ia
despair, and the work of buying and
selling stocks grows dubious as the days
80 oy. The situation. which is one Of
satisfaction to the holder Of dividend
paying stocks, IS cherries to the spscu-
lator. and fortunes are not made swiftly
in Wall Street these days.
Brokers Want a Change.
Everybody hopes there viii be
change, and that it win come soon, but
when brokers begin to calculate what
the change viii be, aid what il is 70
be based upon they are as much at sea
as If they had been taken from the
avoTatiOn which they know and under
stand, and were called upon to try out
their talents in an entirely new and
strange field OF endeavOr.
The course of the market last week
may be fairly judged by Reading which
was one of the leaders. It sold 3SS zoo
- he hrc-I,
was 15ll4 the low point 155s5, and the
close l551s- Compared with the close
Of the week before. Reading had lost
three=fOurths of point.
Southern Pacific. which during a part
of the week was looked upon as the
Moses which was to lead the bulls out
OF the wilderness, sold about $4,000
shares. It's high point was lajis, its low
point 1928, and the close 1921 For the
week IL lost rs points. 49,
United States Steel. one Of the most
active securities Of the week, sold 5o2, 900
shares. It's fluctuations were between
"a and 693l, closing at 71i,, with a net
loss OF one point for the week
Rock Island common which in the
last two days was exceedingly active,
sold 2SS, 7s5 shares. Il huctuated between
SIS and s.. with a close at 31fs, gaining
rs points for the week
Stocks Change Points.
So one might go through the list,
and the average Of losses ana gains
would about even up. and il would be
seen that the market had kept in the
range Of about three points.
For the most part business has been
dun during the week. For the last
three DAYS the aggregate of sales was
well down the list among the small
days OF the year. There Is little in
centive 10 buy stocks, and those who
hold them wont sell in sufficient GUAM
tity to start a break. Old spectators
say they do lot remember such an
other market In the range OF their eXpe-
rieuce.
Stocks seem to be slightly above TIE
normal level based upon their dividend
paying quSlity, but all in all probably
most railroad shares and the better ones
OF the industrial group are selling at
Just about what they are worth for ia
vestment, and stocks have not much
speculative value In the present COndi-
ton Of the market II is probably true
that the man who buys now 70 hold
would be buying at the top, and il is
equally true that the thousands Of per
sons who bought stocks when they were
much lower are not selling them for
profit, but having a good thing in the
way Of probable investment, are holding
on TO them.
Panic Might Break Prices.
IT would seem as though it might take
hard times and a demand for ready
cash to cause any general unloading Of
stocks which would be felt in Wall
Street Many think it is just this hold
ing OF stocks In the way indicated THAI
has brought about the situation, seem
inglv so difficult 10 understand BY the
dved-in-ths- wool Spectator who does
not think ne is doing his duty unless he
is dipping into the market all the time
and scalpiug out his meaRer profits.
One OF the Indications that a change
in the situation Is pending is 10 be
found in the growing impression thar
-She end Of the cheap money period IS ma
sight Not q few Indications were seen
I'm New York this week that the low
rates AZ which money is 20 be had Will
be raised. Should this occur. Il IS prob
able that IL would Immediately have ;Ls
effect on the stock market By lowering
the price of securities.
Indeed. the raising or the money rate
per cent might be drastic enough TO
preclpltate break IN the stock market
which would carry prices down ten
points. which ia itself would create a
nerce buying movement that would eff
fectually stop the duh. heavy evenness
Of the present situation.