New-York tribune., 1910-12-10
FINANCIAL MARKETS
Banks Lose Heavily on Weeks
Movement of Money.

II Efl5 early II -
stock market prices throughout the ilst'
especially those for Reading and Len1sh
Valley, showed marked Improvement
over the closing figures Of the preceding
dav as a result OF buying paseo upon
the decision by the United States circuit
Court in the so-called anthracite Case
The finding of the court is a techr1ca1
,-ictorv for the government. with little
value from a commercial point OF view
as the Temple Iron Company, "h1ch pS
fhe decision is declared Illegal unoer the
provisions Of the Sherman antitrust
law. is a miner of only q small amount
Of ccaI. and has as its chief excuse lol
existence the fact that it is a cornplna-
+ion of six anthracite coal companies
This combination is declared concern
onara-ine in restraint Of trade, but the
court does not hold that the defendant
railroads are operating contrary to la"
ar that they should be enJolned from
holding stocks of other railroads or coaI
companies or from continuing the 90 per
cent contract existing between them and
independent concerns
The Reading owns the larger part OF
the stool, of the Central Railroad Of New
Jersey the Erie owns the New York,
S1,soueharna. & Western and the Penn
sylvania Coal Company, and the Lehlsh
Valley owns the capital stock Of Coke
Brothers & Co. big producers OF coal
r71t the contention OF the government
that such ownership is illegal is not up
held by the federal Judges who hearo lhe
suit. The Temple Iron Company coulo
he dissolved without any effect upon me
coal trade. but it is quite certain that the
coal interests will appeal to the Supreme
Court against the decision in the case or
the Temple company, while the govern
nnent doubtless viii appeal on the points
decided against it. From this decision
nothing can be drawn, as Wall Street al
fected yesterday, regarding the attltuoe
that the Supreme Court will take on the
CORPORATION cases now pending. nor does
the decision of the lower court warrant
the conclusion that the higher court will
take the same view Of the question The
early strength and activity in stocks was
not fully maintained in the afternoon,
prices in the larger number of issues
losing a part Of their advance under the
influence of renewed selling by the pro-
fessional element. The mornings rise
was due chiefly TO covering Of shorts, and
the fact that the Improvement failed 10
attract buying by commission houses for
outside account naturally encouraged
traders 10 change their position There
was. however, no pressure Of long stock.
while in the late trading d frmer ten
dency was reported with last quotations
at net gains in most parts of the list
According TO the known movement of
money in the current week, the local
banks have lost upward of sS,SO0,000 in
cash holdings. owing in large part to
operations with the Sub-Treasury. which
showed a balance in favor of the govern
ment Of sc. $50, 600 On the interior
movement the New York institutions
suffered a loss of more than S3.0p0p,
including transfers of large sums TO San
Francisco and New Orleans. with the
heaviest direct shipments to the South
west. while receipts were chiefly from
nearby points and Chicago At this time
OF the year money. as a rule, moves TO
the East III ND4IlIit. dIA0 laNN ti4ct IAiD
outward flow from here has been far in
excess Of recent expectations suggests a
much better mercantile demand for ac-
commodation at interior cities than in
dicated by the pessirnistic reports of
trade conditions that are multiplying
daily in Wall Street circles. Although
the course Of the money market in the
week has not indicated g heavy falling
off in bank reserves in to-days Clearing
House statement, il is quite likely that
a further contraction will be reported,
unless the liquidation in loans against
speculative commitments in stocks has
been large enough to Offset the decline
in the cash item. Call money is f1rmer
than reported week ago, but there has
been no appreciable change in quota
tions on time maturities, for which the
demand Is exceedingly light. Most bond
houses are looking for a gradual increase
in bank reserves after the beginning OF
the new year and a more active move
rnent OF funds into railroad mortgage
issues.