Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-07-28
STOCK BUYING DULL
Street Wondering What Mar
ket Is Awaiting.
BUSINESS ALMOST CEASES
Trading Practically at Standstill for
Three q Four Weeks.
MORGAN REMAINS INACTIVE
Financier's Return From Europe Not
Yet Felt-Industrials Given
Preference.
BUSINESS ALMOST CEASES
MORGAN REMAINS INACTIVE
BY w. G. NICHOLAS.

| BY w. G. NICHOLAS.
| NEW YORK. July N.-Wall street is
wondering what the stock market is wait
ing on or waiting for. Stocks have been
practically at standstill for three or
four weeks-that is. the great majority of
them have been In the apathetic class.
Some Of the specialties have gone through
eccentric gyratons, part Of them climb
ing skywards and others taking the
rapid back-track Most of the seasoned
things. that the public is familiar with,
have done very little either way. Not SO
with quite q number of the newer issues
and with some OF the old ones which ap-
pear to have taken on new Life. The
shares of the Electrical Manufacturing
Company, for instance, have assembled to
higher levels, making great speed in the
travelling. The tobacco stocks, TOO, have
caught their second wind, and are show
ing renlal kable agility on the up-track.
Sears Roebuck, described by many as a
freak stock. has been doing some won
dertul stunts, and has become quite a
tavorite with traders whose operation
are conducted surety In The gambling
spirit, and VINO do not Gaze what they
gamble In SO long as they get quick &C
zion. National Biscuit, one or the nigniy
successful lndustrAals. has sold off TWEEN
ty-f1ve points from the hIgn quota ION
about the Isl OF April and twelve points
N the last ten days. There is reason to
believe that INSIDE interests stopped the
advance in this STOCK, not carlne to taAe
too conspicuous a pace on the staga
There is prejudice among the control
ling interests in some of these money
making industr ais of the food-producing
class against too much notoriety. They
do not care to be identified in any way
with the high cost of living, and naturally
prefer background qu.et.
Meantime conditions are steadily inn
proving. Stock exchange prices are about
where they were year ago, and the
general situation is unquestionably very
much better. Business expansion is re-
ported in every quarter. Unskilled and
partly skilled labor has never been in
such demand. immigration Is at flood
tide and the demand for low cost labor
is universal. Not only are the farmers
| clamoring for help, but the large COM
munities are SINH arly situated. The ad-
vertising sheets Of the New York Sun
day papers contain scores of solid
columns of advertisements for male help
and weekday issues are crowded with
| the same kind of Help Wanted" adj
vertisements in only slightly minor de-
gree. Manufacturing centers are alive
with action. a condition that is almost
universal Railroads are now being work
ed almost to their full capacity, and al
READY CRIES LOT nep are DelKlS uedTO III
the farming regions where they have
great surplus crops to move to market.
In four .arge communities out of five
the country over building operations are
very large, ard construction companies
are having all they can do. Not only is
the Steel Trust up to Its eyes with
work, but all the independents are crowd
ing on steam and exacting higher prices
for product For the first time in several
years consumers are paying manufac-
i yn-inn l.
together the present situation Is satisfac-
tory in a material sense. and prospects
are bright. Therefore, why is it that
the market remains dumb and stupid
perpetual query Of Wall street. The
whole market Is waiting for somebody
to come along and start something"
1t is waiting for leader.
Morgan's Presence Not Felt.
True Mr.. ]. p Morgan has returned,
but he has not been back long enough
to make his presence felt. The fact is
that he is here quite as much to learn by
personal contact just what conditions are
as he is to lead off. He has been away
from home seven months. and feels the
need of making personal inquiry into
conditions and prospects. 1t may be said
win entire accuracy that he is taking
live interest in politics. although it is be-
| lieved he has not made up his mind
exactly what he would like to see hap
pen.
The drift Of speculation continues to
run strongly In favor of industrials in
preference to railroads. The reason for
this has been explained in previous dis
subject is particularly timely just now
The feeling is that railroads have gone
about as far as they can under existing
| conditions. whereas the field for indus
trial expansion and exploitation is prac
tically boundless. The result is that the
market is filling up with a lot Of new
things, many Of them of very doubtful
value. and some of them actually of the
widest OF wildcat order. There is al
most as much allurement, however, in
the Industrial situation now as there
ever was In gold-mining booms. Gold
mining promoters eternally harped on the
| colossal prizes in that field. and spoke
familiarly and lovingly of the Comstock
They pointed to the stupendous fortunes
| made in Australia. South America and
| Mexico, and infiamed the speculative
| imagination OF the public to high ten
sion. In this Industrial boom which is
| being organized the bait is continuous
reference to the astounding success Of
the Singer Sewing Machine Company.
Eastmans kodak enterprise, the tobacco
and Standard Oil trusts Patterson's cash
register. Stetson's Hat Company. Ma
tianol Biscuit. the steel. sugar and har-
vester trusts and many others of only
lesser magnitude Every buyer of the
| hand painted things that are now being
foated on flimsy foundation and in
hot-air balloons is led to believe
that similar success awaits the new
5, tiotations. An awful collapse Is be-
ing organized in this sort OF promotion
| The public is dead ripe for trimming
and is gluttonousiy feeding on worthless
stuff There seems to be no help for it.
Hard Times for Railroads.
Judging from the confessions and testi-
mony given before the commission that
| IS hearing the wage demands of the
locomotive engineers. many OF the
| poorer railroads are entering upon a
| period Of hard times. They have to
| pay the same wage scale and other
costs Of transportation as the stronger
roads. and they have to do it with
less money and less credit proper
tionately. They are surely up against
it, and do not hesitate to say so. That
is the one great reason why the pub
lie Is fighting Shy Of speculation in
that class of stocks. Cheap railroad
shares are distinctly not In demand.
either for speculation or investment
nor Is the situation likely to improve
Immediately. The securities of the
stronger systems. especially the COM
mon stocks. find a steady and strong
4 rx.@.