The Washington herald., 1910-12-13
WALL STREET NEWS
Trading Lacks Snap, and
Prices Show Decline.
NO INDUCEMENTS FOR BUYING
Prevailing Disposition Is Among
Conservative People to Take a
More Hopeful View of the FL
naRciaI acknowledgements ON Ju-
diciaI Appointments Is Favorable.

New York, Dec. 12-Trading in stocks
to-day lacked snap, and prices declined
moderately. The chief cause for the fall
appeared to be that during the four pre-
ceding stock exchange sessions the mar
ket had moved upward continuously
making net gain, on the average. Of
nearly two points No decided or strik-
ang inducements for buying stocks have
in the meantime put in an appearance.
and the advance in the market has been
due. apparently, to the mere play Of the
natural forces of reaction that began to
be effective after the recent sharp de-
cline.
These impulses are. OF course. tenn
porary and with no new element enter
ing the situation the normal tendency
Of the market was to recede somewhat
on realizing sales and on, perhaps, some
slight renewal OF speculative selling. The
truth seems to be, at the moment, that
The market is in a narrow range, where
no great reason is disclosed for moving
stocks. notably in either an upward or
downward direction.
More Hopeful View.
Tho prevailing disposition plainly is,
however. among conservative people, to
take more hopeful view of financial
matters than they did a few weeks
since. An exception 10 the general move
ment OF prices to-day was found in the
hard-coa stocks which, under the lead
ership of the Lehigh Valley shares ad-
Vanced considerably in the early part of
the day. A good share OF this rise was
lost later on, but sentiment regarding
the investment position of the hard-coaI
stocks has been improved by the deci-
sion lately handed down in the Temple
Iron company case.
In the case Of Lehigh Valley the pros
pect is believed TO be fair for an in
crease in the near future in the dividend
distribution on the stock. and such IN
increase as viii rather more than Justify
current quotations for the security.
In so far as there was any comment
whatever In Wall street to-day upon ap-
pointments made by President Taft 10
the Supreme Court it was favorable. At
beast one of the new Judges appointed is
well known TO financial interests here
as being man of conservative turn
of mind and Ia no way affected with rad
lcaiism.
May Divide Court.
1t Is, of course. recognized that as
one Of the appointees has already
passed in a judicial capacity upon the
Standard Oil case now on appeal to the
supreme Court, he might be likely TO re-
frain from taking part in the delibera-
tons OF the Supreme Court in the case
with the possible result Of leaving the
court then composed of eight judges as
regards this particular case equally de
vided in the decision of the issue
Question was also raised as 10 the
effect likely to be produced upon the
railway case now before the Interstate
Commerce Commission by the transfer
ence of Chairman Knapp, of the COM
mission. TO the new Commerce Court and
the failure Of the President 10 reappoint
Commissioner Cockreu. 1t IS doubtful,
however. whether these views OF the
matter were in any way to-day an i'm
portant or substantial factor.