The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-12-15
WALL STREET NEWS
Sales Fall OFF, but Prices
Show a Hardening.
NO PRESSURE TO SELL STOCKS
Stronger Tone Exhibited in the
hond Misunderstanding Exchange
Receivers from Tuesdays Break.
Regular Quarterly Dividends on
Several of the Railroads.

New York, Dec 1.-THE rather unusual
spectacle was presented in Wall street
to-day of rising or at least hardening
tendency OF security prices coincident
with decided falling OF in the activity
OF the stock market No doubt the mar
ket to-day was stin as strictly pro-
fessional as 1t has been at any time in the
past month with no pronounced indica-
lions Of any increased participation In It
by the general public.
IL was very plain, however that there
was not only no pressure to sell stocks.
but that offerings OF stocks on any terms
were not numerous. Whether or not the
Inference may be rightly deduced from
this that the stock market is again as
1t was in the first weeks of September,
IN a sold-opt condition. remains for the
future TO decide
Stronger Tone shown.
But it is not without bearing on the
question that a stronger tone was again
shown to-day by the bond market. and
that the conviction was emphaticaIly ex
pressed In more than one large banking
house that a decidedly better market for
tnvestmen- securities proper was an
preaching. This statement was made
more strongly than elsewhere in houses
or International connections and was ap-
parently based to a large extent upon the
more favorable disposition lately mani
tested by European fnanciers toward the
American market.
While percepuble, if slight, improve
INT fs e, 10
was noticeable. the securities leading the
rise we're the Central OF Georgia, second
and third income bonds. Reason for this
advance was found in the decision an
nounced this morning by the Supreme
Court Of the State of Georgia, holding
that all these securities were entitled 10
their fun rate of interest.
An important legal issue that has been
IN controversy for some time as TO the
method Of determining the proper income
or the Georgia Central Railroad, so far
as purposes OF distribution of bond in
terest are concerned. has thus been de-
clded IN favor Of the junior bondholders
Of the company.
sterling Exchange Receivers.
Sterling exchange. which fell SO
sharply yesterday. recovered all of its
break Nevertheless, negotiations for
gold imports from Europe were con
unued, and our bankers are undoubt-
edly willing to encourage metal remit
tances OF this kind. provided the opera
ton be not attended with strain.
Here money rates fell to 2lh per cent
in the afternoon. after the hulk OF renew
ais had been commonly made at So
per cent The most nOtew irthy occur
renee in the whole money 81 Aation was
however, fall in rates in iany Of the
large Western cities, joine Sith an ad-
vance in exchange on r York A
fair deduction from this would seem 10
be that the secondary movement of
money to tie West from this city, which
has put in an appearance in the present
month and has originated chiefly in the
necessity Of moving the California fruit
crop. has reached its elimination.
The regular quarterly dividends to-day
were declared by the Chicago, Burlington
and Quincy and New York Central Rail-
road companies and by the Western
Union Telegraph Company and very
little attention was paid to the reduction
of the semi-annual dividend upon a small
iron and steel company whose business
mostly consists in the manufacturing of
pig iron.