The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-12-21
MARKET Is FIRMER
Buying Strong, with No Re-
action in Prices.
RESTRICTION IN DIAMONDS
Action of De Beers Syndicate Has
Marked Effect on American stocks.
Discounts Become Harder i'm Lon
don = Sugar Quickly Receivers.
Many Small Deals Recorded.

New York. Dec 2O.-The slightly frmer
tendencies in the stock market which have
been noticed in the last two or three
days were so accentuated to-day that a
more considerable rise in prices occurred
than has taken place any day previously
for a fortnight
The market, however, retained its pro-
fessional and interesting character and
the advance undoubtedly largely repre-
scented the buying back Of stocks sold for
the fall. There were, on the other hand.
no reactions in prices worthy Of the name.
and whenever changes in valuations oc-
CURED they We're almost invariably in the
direction Of a higher level
Some little selling of stocks took place
in the early trading. through foreign
houses, and appeared to be the result OF
the more or less unfavorable impression
made in the European financial markets
by the passing in London Of the divi-
dend on the De Beers shares in the stocks
of the Great South African Diamond
monopoly.
The De Beers Company also issued or
ders restricting the production OF dia-
monds. and the change in the prosperity
Of the diamond trade is said TO be di-
rectly due to the financial and business
depression in this country.
American Market Affected.
II viii, in all probability, be found that
the reduction of over 100000 in The
value of our country's imports during No
vember bore a distinct relation to this
question. Discounts were also a little
harder in London to-day in view of the
financial preparations FOR the end OF the
year. Nevertheless. sales of stocks made
here for London account were really
small and were well absorbed.
The retreat of the short interests was
especially undisgUised in the case of the
American Sugar Refining stock. and the
quickness of the recovery here was such
as 20 Indicate that much the greater
share OF the recent fall in the price Of the
American Sugar Refining common shares
was due 10 speculative sales of this ma
ture
The market was helped too. to-day by
number Of small developments which,
although Of no great consequence indi-
vidually, Yet taken in the aggregate COM
bined 10 produce a more cheerful feeling.
In the local District Court of the United
states a decision was handed down con
nrming the report OF the master ap-
pointed 90 take testimony and conduct a
general examination in the constitution
atty Of the State law reducing the price
OF gas in the city Of New York to 50 cents.
The master, as will be remembered. held
that this law was unconstitutional be-
cause II was conhscatory.
Expect an Appeal.
The ruling as to-day made was really
OF formal character, as il was a foregone
conclusion that the case would be taken
10 the Supreme Court Of the United
states whatever the decisions OF the
courts might be- II is the final action of
the Supreme Court Of the United states
at Washington that will alone be really
decisive in the matter and yet undoubt
edly the opinions so deliberately expressed
by the master and district judge go to
establish presumption that the decision
Of the Supreme Court Will be favorable
20 the gas company
There still remains TO be settled the
much-veXed question of the legal value
Of the franchises under which the local
gas lighting concerns are at present do
ing business. but the opinion commonly
held in the financial district is that this
is a matter that viii be eventually SET
tied by a compromise between the gas
companies and the State and municipal
authorities