The Birmingham age-herald., 1910-01-11
SPECULATION IN
 STOCKS HALTED  Supreme Court Decision Is inc Main Cause of Weakness CALL MONEY IS HIGHER Demand for Money From Various Sources Adds to Tightness of
 Money, But Banks Are in
 Better Shape.

New York. January 10.-Speculation in , stocks halted again today. the dealings after the activity of the first hour rum nis down to nominal proportions. The most obvious explanation was the retarda- ton in the relaxation of the money mar ket, but the supreme court decision sus- taining the interstate commerce commis- sion increased the weakness.
 Call loans touched 6 per cent in spite of the easing tendency of the latter part of last week and the greatly strength ened position by the banks in the weekly bank statement after business for last week was concluded The question sug- gested that so many had expected in- creased credit facilities after the first of the year as to more than take up the resources offering, was still apparent.
 Tn foreign money markets the steady ing Of discounts and the sentiment over the money outlook presented much the same conditions. With the general cleo tions at hand in England, and polling to begin this week, special requirements converge on that market In which are i. included the need for government bor-
 
 money market for advances made to London In the autumn.
 Our own interior money markets re- port no softening of rates. mercantile de- snands for credits being well maintained. storm blockades on the railroads obstruct deliveries of merchandise and tie up credits. The loan account of interior banks was lifted to @ high figures at the period of the last returns to the con- troller of the currency, by reason of large transfers of loans from New York bflnlSs in November, and this constitutes claim on the New York money market on be- half of the banks of the rest of the country.
 Various financial projects now work ing out make another requirement on the money market For instance, the New York insurance companies are part ing with various securities, of which they are required to divest themselves in given period, including bank and trust company stocks. The formation of syndi cates and combinations to take these in- wolves the employment of large credits. It was apparent also that various rail- road companies are increasing tho minor ivy holdings in other railroad companies fn anticipation of the changes in the law applying to such holdings recom 7nended in the Presidents message pre- scented to Congress last week. Various new stock and bond issues by corpora tions also have to be provided for.
 The effect on money rates of the sea- sonabls reflux of funds to the banks is modified by these causes.
 This weeks statement of the Imperial Bank of Germany compared with last weeks, in which the annual settlement figured. affords a striking example of the elasticity in banking resources so much discussed at present The Ger man banks cash had Increased this week S1S,sl575O after last weeks $23,57s,000 de- crease; loans and discounts were re- duced ss9, 9,o23.o00 following last week & Si1607AT50 increase, while the notes in circulation have contracted s61, s.250 fol- lowing last weeks s107 75o expansion.
 Discounts naturally fell in Berlin to- day on account of this recuperation.
 The strong spots in today's market were attributed to special causes. The re- markable rise in United States Express was unexplained, but was similar to for mer movements in other stocks of that group. The Fertilizer stocks were af- fected again by reports of an interna- tional combination. Copper trade ad- vices were favorable and the copper stocks were relatively firm. The decrease in stocks Of the metal for December of between Il, 900 900 and 12 coo was sup plemented by trade views of Q demand likely to be stimulated by any indica- tions of a material depletion of the exist ing surplus of the metal.
 ts Bonds were irregular; total sales, par Value, S3,060,000.
 United States bonds declined 1s per cent on call.