The Washington herald., 1910-12-21
WALL STREET NEWS
SPECTATORS in Ten
tative Way After Rise.
LEHIGH VALLEY LEADS FALL
Discussion OF Possibility of Advance
In Dividend Rate Fails TO Hold Up
Friee-hirmness IN Foreign Mar
kets-Southern Paciac's Annual
Report Considered Favorable.

New York, Dec. 2O.-The fact that the
stock market had advanced In the last
nVe business days without any reaction.
and that to-day was Tuesday, the occa-
sion favored above all others by de-
Ginning movements in prices ever since
hias uInmer, was sufficient 10 induce
spectators TO sell stocks in a tentative
nay IN to-day's stock exchange session.
II Is true that the rise recorded since
wednesday of last week was very mod
crate, being barely couple OF points in
me so-called statistic stocks. but this
was enough under the prevailing cir
cumstance 10 lead traders TO declare
mat the market ought 10 be sold, and
they acted accordingly Nevertheless,
perhaps somewhat 10 the surprise of
theSe operators, the market did not de-
cine In any degree worth mentioning
and advances were even shown in a
number OF prominent stocks.
FAN Led by Lehigh Valley.
The tall was led. so far a. it was led
at all. by Lehigh Valley stock. a security
that has lately been especially strong
because OF general belief that at the
meeting OF the directors of the COM
pany tomorrow they viii advance the
dividend rate on their stocks, so nobody
Knows. OF course. whether such action
VII or VIII not be taken but It was
argued to-day that, as a possible per
cent stock, Lehigh Valley was still sell
ins considerably above the level OF
Union Pacific. which pays 10 per cent
Should the directors raise the dividend
rate on Lehigh Valley 10 10 per cent
instead OF S per cent, a better compari-
son would naturally be made, and It
may be said that. in conservative est-
nation, The continuance of d 10 per cent
dividend distribution on Lehigh Valley is
better secured than upon Union Pacific.
Curiously enough. however. while Lee
high Valley was going down to-day. the
Reading common shares advanced.
Perhaps this might have been con-
nected with the circumstance that the
directors OF the Central Railroad of New
Jersey to-day declared a 2 per cent eXtr..
dividend in addition TO the usual quar-
terly dividend OF 2 per cent, from which
the Reading Company. as a large holder
OF Jersey Central stock obviously bene-
hts, But the course OF other stocks to-
day, besides Reading, testified TO the
strong current undertone Of the market
Good Buying of Northern Pacific.
The movement Of Northern Pacihc
which has been one OF the heaviest fea-
lures OF the security list for months back,
showed that good deal of buying Of this
stock was being conducted by people who
believed that the price Of the stock had
been unduly depressed and that it was
too low in view OF the practically GER
tainty that chances Of a reduced dividend
upon 1t are remote. Southern Pacific re-
fected the highly favorable impression
made by the cOmpany's annual report
steel common, in spite of renewed stories
from the iron and steel district of trade
depression, left of for the day at a de-
cline OF only one-eighth of I per cent.
F1rmness and a better feeling were
generally expressed to-day in all the for
eign markets. Here sterling exchange,
which was strong in the morning upon
heavy buying of bills 10 cover remittances
TO Europe Of dividend and interest money
due on January l. declined in the after
noon when these purchases were seem
ingly completed. Call loans were made
during the day almost entirely al the
single figure df SIS per cent. while time
money was again easier