The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-12-23
WALL STREET NEWS
Market Is Dull, Due to the
Approach of Holidays.
RESTRICT FOREIGN TRADING
Conditions Make II Unwise TO In
2 vest While AAbitrage business Is
Under Fire-RaiIroads show De-
clines in Net Earnings-Bank of
England Reports Decrease.

New York. Dec. cit was a dull and
stupid market to-day. Trading for for
eign account was greatly restricted by
the investigation which the stock ex-
change has been making ina the meth
DDS OF conducting arbitrage business be-
tween the local exchange and foreign ex-
changes, and with arbitrage trading re-
duced to a minimum orders from abroad
amounted TO very little. Foreign markets
were dun on account OF the Approaching
holidays, and for the same reason trad
ers here We're unwilling 10 undertake new
commitments
Most OF the days business IN stocks
consisted OF an evening OF accounts in
advance Of the Christmas recess. and
the declines in most of the active stocks
were probably due TO nothing more than
that realizing sales somewhat overbal-
anced the covering of short contracts.
The trading was almost entirely profess
sional. and after the first hour not even
the professional traders on the floor did
anything more than TO preserve the SEM
blance OF a market. In this first hour
transactions totaled u7o00 shares. or more
IMAM iAd4A ol the ud4 TOTAL
Bond Market Healthy.
BY comparison with stocks the bond
market was strong and healthy, more
than 100000 bonds changing hands on
the stock exchange. Sales over the coun-
ter in the banking and bond houses were
also reported active. although the total
was a trfne rs than on previous days
of the week
There was little in the days news TO
stimulate market activity. a great deal
of interest was taken in the reports
from the Chicago FIRE. but up to the
close of business not enough was known
of the damage TO induce any liquidation
OF stocks Stocks Of companies with
property in Chicago were no weaker
than any of the others. and 1t was no
ticeable that the FIRE in the stock yards
was accompanied by no advance in pro-
vision prices, such as might have been
expected had general credence been given
10 some Of the exaggerated reports of
damage which reached Wall street. IN
stead OF advancing 10 the accompaniment
OF the reports from the fire. prices OF
pork and ribs declined on the day
The Pittsburg, Chicago, Cincinnati and
ST. Louis, one of the most important
subsidiaries of the Pennsylvania, gave
out a November statement of the same
general tenor ass those previously re-
ported for the month. The statement
showed decrease OF S93, 600 in gross
earnings and a decrease of 100000 In
net earnings.
No Formal Statement.
The budget Of railroad news also con-
tanned semi-oficial estimate Of the
earnings of the Western Pacific. which
has submitted no formal statement OF
earnings. though the railroad has been
IN operation since August. According
To the semi-oficial statement, the COM
pany is earning an amount equal TO
about half of IFS fixed charges. stock
holders OF Denver and Rio Grande,
which guarantees Western Pacific's fixed
charges, seemed to consider the showing
satisfactory enough; at any rate, there
was no pressure Of liquidation on the
Denver and Rio Grande shares
The weekly statement OF the Bank OF
England showed a decrease OF four
points In the ratio of reserve TO liabili-
ties and loss Of SllG0.000 gold, as
compared with the preceding week. but
the fdJO was sun higher than on any
corresponding week in the past ten years,
and the condition Of the institution
stronger than is customary on the week
before Christmas, when large amounts
are cust0marly withdrawn from the
bank for window dressing" The ster-
ling exchange market was dull. with
rates unchanged. Both call and time
money continued easy, with very little
activity in either danartrnani