The Washington times., 1911-07-09

trust under the Sherman antitrust act
except IN the one particular of its con
trol OF ore bodies. Whereas in the be
ginning the amount of water on tn,
corporation was so per cent, the repor
shows that it is now reduced to about 2
per cent. Since the company's organi
zation the earnings have averaged II pei
cent on the capital actually invested ir
| the corporation.
The weeks contribution to antitrust
matters. however, was not the report OF
the steel Corporation, but a suit insti-
Iuted by the Government against the
Lehigh Valley Railroad Company. As
nrst announced, this action Was regard
the Government to disassociate the
great coal-carrying roads from their
| control OF mines, establishing a test
case; and thus give force to the COM
modify clause of the interstate COM
merce law, and the charge ic directly
made in the moving papers that the
Lehigh Valleys manner of noiding va
rlous coal properties is a device for
eVadlng the commodity clause" as the
coal companies are mere dummies
transports, and sells coal
Not Considered Disturbing.
Since the report of the action was
first published, there has been a con-
siderable modification of opinion as to
the full scope of the suit, and corpora
ton lawyers and bankers now believe
that the case does not go beyond the
company directly concerned ia the ac-
tion. 1t Is pointed out that the Lehigh
Valley road can. and doubtless will,
comply with the literal provisions of the
statute. as was done in the case of
the Delaware, Lackawanna and West
ern railroad-that is. by making the
coal companies actual independent con-
Germs, instead of dummies. or course.
there Is another case against the hard
Supreme Court. also involving the COM
modify clause. but the financial district
does not consider ii disturbing
The decided Curtailment in bond trans
actions on the exchange attracted some
attention during the week, pS rticularly
in view Of the emphasis which had
been laid on the large amount of the
July disbursements, but II seems scarce
ly necessary to say that money distrib-
uted on July is not likely TO find Its
way into the investment market on
July >. and that continued easy rates
gives definite assurance of a developing
demand. Money conditions
remain unchanged, and rates on COL
Id dlti dI Tuleu easy. some OF tne COM
mercial banks, however. reported a bet
ter demand from mercantile borrowers.
The Bank Statement Changes.
Yesterdays bank statement was, Of
course, largely Influenced by the July
interest and dividend payments, and
several changes have also been made in
the manner OF compiling the report.
These were necessitated by the fact
hat ever since the trust companies
we're admitted, it has been difficult
natter to figure out what the statement
actually showed. Instead CT including
rust company deposits with members
carrying a . per cent reserve, as part
II the trust company reserve, as here
ofore, this item has been eliminated so
hat surplus is now based entirely on
.ctual cash holdings of both banks and !
rust companies. The extent of the |
hange may be illustrated by saying |
hat, according to the present plan, the |
urplus reported a week ago as $50, ,763, 900 |
would under the method followed today |
ave shown a surplus Of $23,449, 600. |
This must be taken into account in |
onSidering todays statement, which |
iscloses a decrease of surplus of $751;
IS, 800, and a surplus reserve Of $40 924, II
80. Hereafter the statement will af-
ord some intelligent basis of compari-
on.