New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-12-12
FINANCIAL MARKET
Stocks Generally Higher and Call
Money Rates Firmer.


/ the close on Saturday many traders as
sumed position on the bull side of spec
ulation on the belief that the advance
which began with the decision of the
1 United States Circuit Court in the So
called anthracite case would continue in
/ the current week despite the low posi-
! ton OF local bank reserves and the
/ flrner tendency in call loan quotations.
The banks protected their reserve above
legal requirements last week by shifting
loans To trust companies and outside in
! situations. but the surplus of a little
more than S5,Go0.00o did not suggest to
| conservative operators the wisdom OF
operating for higher quotations without
/ the surety of improving conditions in
! the rest of the month. Money has not
| yet begun to return from the interior in
/ volume, but any advance in loan rates
! should serve to attract funds to this CEN
tire. while it is possible that New York
| will be able To secure gold in London if
| the Bank of England places no obstacles
| in tho way OF an outward movement
/ T>ne English institution is in a strong
position and open market discount rates
/
suggest that an urgent need of exports
to this country would not be opposed by
foreign banks, but it is d question
whether not sterling exchange here
viii repain at prevailing low levels long
| enough TO make substantial Withdrawals
| OF the yellow metal abroad for our &C
| count possible. This is not the period
of the year when sterling moves in favor
! Of the United States. and in view of the
! demand for remittance incident to end
! Of the year settlements it does not ap-
! pear likely that the present easy situa-
ton in exchange will prevail for any
! length of time. Wall Street may inau-
| gurate a bull movement in stocks on the
| expectation OF q plethora of funds at
| this centre early in the new year, and
| already gossip of a January rise is
( heard, but so far there has been no re-
! Spouse from the public to the bullish an
! ticipations of bull traders, either in the
/ speculative or investment market If
! money accumulates in large volume here
| II Will he because Of reactionary ten
denotes in our industries. Easy money
on this basis would not be much of a bull
| cerned. but ii doubtless would create a
better demand for bonds and investment
| buying of stocks on declines
/ The finding of the court in the anthra- |
| cite coal suit brought under the pro-
visions of the antitrust law is tech
/ nical victory for the government, but It |
! has little value from the commercial |
point Of view. Wall Street interprets it |
as distinct victory for the corporations |
! because, while the Temple Iron Company |
is declared TO be an illegal corporation, |
! the defendant railroads are not held TO |
| be operating contrary to law or violating |
| the law in holding stocks of other rail- |
/ roads or coal companies. Unfortunately |
| for the companies. the decision was not |
rendered by the highest court of the |
/ land. and it is possible that when the
| case is appealed to that tribunal a diff |
ferent disposition of the case may be |
made. This suit injects another I'M |
| certainty into the situation on the uues- |
ton OF the standing Of our corporations |
under the Sherman law, while the proba- /
bility OF the postponement of the hear |
ings IN the American Tobacco Company |
and the Standard Oil Company cases can |
! hardly be construed bull argument on |
! the stock market.
/ Government action against corpora |
| tions to determine whether or not they |
are combinations in restraint of trade is |
not an argument against the purchase of |
/ investment securities. If the suits finally |
/ are decided against the companies reor- |
! ganization viii be effected along lines |
that viii conform TO the law and which |
! in no way viii work an injury to vested |
/ funds The worst feature of the federal /
suits is the adverse effect upon current |
/ business due 10 the unwillingness of !
! business interests TO dc more than a hand |
to mouth trade until they know where
government prosecution viii end. Rail |
road companies are restricting purchases |
of rails to small tonnage pending the |
outcome of the railroad rate controversy
! before the Interstate Commerce Com t
mission. and a consequence the steel |
/ industry is suffering d heavy loss in new |
orders but holders OF railroad securities
! and owners of the steel shares need not |
assume that such conditions viii long
/ continue. The railroads will have to
have rails and equipment, no matter
what the Interstate Commerce Commits
sion may decide To do. and it is quite
/ likely that by the end of January. when
u decision probably will be given. a
marked change for the better Will de
/ velop in the IRON and steel market, which
/ al the present time is showing i material
/ contraction il new orders received.
Business in this country next year viii
! have the backing OF total value of
( farm products raised in 1910 Of upward
/ of S9.U00n00.00n, to say nothing Of an
enormous production OF metals. Just rs
/ long as we have prosperous years in
/ agriculture we need not worry over the |
+ future Of business. And the fact that
! the country Is so large, with such varied
weather crops and soil is, as Secretary
of Agriculture Wilson says, safeguard
against nation wide calamity to our |
farmers The cereal crops in the current
wear Welded > 40 S36,eOO bushels, Il rec
/ ord l.; per cent above the average for the
/ last i've years. although in money value
: there WAS a loss, as compared with tile
totals of 1909 and 1905. owing largely to
/ the decline in the farm price Of corn In
| animal products there Was a gain over
/ 1863 to the value of S42i,eD,p1