The Washington times., 1909-07-29
WALL STREET IN WAITING MOOD
WITH SOME MODEST GAINS
IN THE LIST.

NEW YORK. July 29-There are
MANY characteristics of waiting mar
ket, an indisposition toward any espe-
cial activity pending another Govern
Inent crop report, the settlement of the
troubles in Spain, and a new buying
movement Many traders who have
held stocks for months, waiting for the
20 mark on Union Pacific. sold out
yesterday and on previous days Of the
week. They took some stock back
this morning, but not very much. The
situation abroad is not 10 the liking of
conservative operators and they are
therefore disposed 10 await a reinstate-
ment of Spanish civil authorities There
were some bearish stories on Southern
Pacific. but they did not find conirma-
tOn ia the action of the stock which
showed good strength even To the eX-
tent of p point rise in a market not
noticea BILE for its strength, despite the
fact that the undertone was satistac-
tory and rather indicative of higher
prices later on. Southern Pacific now
has about $40. 100000 free cash on hand,
as compared with floating debt OF
100000 a yea ago. The favorable
change amounting TO Sg2,OOo.0oo. would
seem TO be a reason in itself why
Southern Pacific should not be sold.
Moreover the Hartman plans for
Southern Pacific have not been carried
10 completion.
There have been more or less crop
damage reports, and the action Of chi
cago wheat market has partially con
urmed the stories OF rust ana OdHld6S
from other sources. This IS anolhcf
cause for cessation in activity.
Brokerage firms and commission /
un-Hn #HHH 81
houses nave expected that july "o ,l
show light returns from business exc
cut6d but they have been dlsagreeably /
disappointed in that the business mas 4
been satisfactory, the last lew days /
making up for the earlier quietness-
Changes Unimpcrtant.
After all, the market vas not especial !
" important one way or the other /
With a firm undertone the price luctu- |
ations were within half-point range and |
usually in the direction of slight better /
ments. Clearly the leader of the day !
was New York Central which made the /
record advance OF ~ points from a /
closing at 137 last evening. No one
knows just what is up IN New York |
Central, but the tip is that II VIII sell 4
uUch higher This was the only i'm |
pOrtant betterment in the list. Many /
sax point gains were recorded, South
ern Railway moved up 8, Pennsylvania /
q, with good buying, St Paul Is and /
Rock Island a fraction Union Pacific !
was a little easier. Missouri, Kansas
and Texas rose nearly a point and went |
back. Interboro was strong and tipped j
for a rise on the preferred shares.
In the industrials the Steels were very
steady Cooper moved up p point and !
Smelling a fraction. The pointer is
still out on Colorado Fuel and a point
advance was not met with any rush
Of selling.
Dull and Steady.
Passing through the second hour of
the afternoon the market -ontinued TO /
present many of the features of the /
morning session There was but little /
IF any improvement IN the volume of /
trading, and.the waiting attitude of the 1
market was more prominently en- /
phasiZed. The price changes were un- /
important between the 1850 and p m. !
quotations The chances were for a l
continuation OF the dullness throughout /
the session, with changes within the
naFrOwest Of ranges
There was slight increase in trading
jn Missouri Pacific and Il rose 10 "a
Southern Pacific added 4 TO its high OF
the morning, holding at 1928. Union
was steady at 1884,.
IndustT1alg generally firm. but very
dull.