The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-12-20
WALL STREET NEWS
Security Prices Move Upward
IN Marked Degree.
TRANSACTIONS ALSO LARGER
Conditions in General Are Quite
Satisfactory and Gold Imports Are
Expected After the HOIIdays-FaiI-
are Of Raid Indicates Firmness
and Is Responsible for Strength.

New York, Dec. IA rising tide of
security prices. moving somewhat more
rapidly than Il lately has done, seemed
TO follow naturally enough to-day upon
the distinct-even il as yet but moder-
ate-fnprOvement in the general finan-
eial temper. and transactions in stocks
and advances in prices were alike larger
than on any day Of hast week. The
bond market too. gained decidedly in
breadth and strength.
Fo~ a little while after the opening of
business exaggerated reports OF the ex-
pi0siOn at the Grand Central Station
caused some market hesitation, but after
a temporary pause the upward move
ment went on vigorously Sterling ex-
change rose rather sharply during the
day, and if our bankers made any at
tempt TO purchase any quantity OF the
South African gold offering this morn
ing in the open London market no
traces of such efforts were apparent.
No Gold Imports Now.
The nearness Of the end of the year
financial settlements makes ii now
highly probable of course, that there
Will be no gold imports during the pres
ent year: but after the beginning of the
new year, il seems 10 be the current be-
kef In banking circles that a consider
able amount OF gold will flow from Eu-
rope TO this side.
There was no change here to-day in
call money rates. and time money was
II anything. slightly easier. The local
banks opened the week with a loss OF
only SSloO to the subtreasury. and the
Indications. therefore. are that even
more favorable statement will be pre-
seuted at the end Of the present weeI,
than was exhibited last Saturday
The character OF the Saturday stale
ment undoubtedly had something TO do
with the briskness. with which prices
advanced to-day. II is plain that our
banks are entering the new calendar
year IN a position much stronger than
tney did IN 1909, and that indications Of
ease IN the money market for a long
Period are accommodating force.
Poor Success of Raid.
Presumably the stock market to-day
was largely restricted to professional
operations. But buying for the rise bv
habitual spectators was stimulated in
some degree by the poor success that al
tended the raid on the market made
last Friday when the shutting down OF
TWO or three steel producing plants was
announced. IL was discovered then thar
orders for the purchase of stocks slightly
below the current level of prices existed
III pretty large quantity. or in a quantity
good deal larger. at any rate than
has been sUrmised.
Therefore the thing to 90 to-day was
TO try and move the market in the other
erection Al the same time, close OBJ
servers Of the daily trading assert that
the short interest in the market Is still
relatively great. and il is fair 20 assume
that some part of the buying of stocks
to-eaE represented covering process
As regards matters of more construc-
tive nature, attention busted itself in no
small degree with Indications OF a pros
pecuvc enlargement Of dividend distrbu-
lions III many quarters, and a resump-
lion Of snch distributions IN other direc-
tons, where payments have been sus-
pended ever since the 1897 troubles.