New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-12-16
FINANCIAL MARKET
Local Banks Show Heavy Gain
on interior Currency
Movement.

After lrreBuldrlNN anu Spiie S4''" "
weakness in the early part Of the day
stock market prices became strong in
the afternoon under the lead of the
anthracite coal shares, which appar-
emily we're bought on the idea of inn
rortant developments in tho near future
affecting .No various cor'par.c The
hard coal .,nranios aye making money
and they are producing at rapid rate
evidently with the idea In mind Of the
possibility Of a strike on the part of the
miners az the expiration of the present
agreement between them and the opera
tors on April /. Production probably
never has been heavier. and while the
increased output does not represent an
enormous demand from consumers, the
actual consumption at current high
prices is large enough to add materially
90 the surplus account of the anthracite
carving and producing companies. The
consumer Of coal is paying in higher
prices the cost of the big coal strike of
few wears ago. and he will do the same
IN the event OF a strike in 1872. We
venture TO say that no man connected
with the big hard coal companies can
produce satisfactory evidence showing
that the prevailing price Of the anthra-
cite product is warranted by existing
conditions. The companies are making
big profits. and II Is no wonder Wall
Street is talking Of melons for the
stockholders. but 1t hardly appears prob
able the directors will make extra dis
tributtons pending the termination of
their agreement with the miners.
No less an authority than Mr.. Baer.
president Of the Reading. is said to have
told certain interests in this city that
ne believed hard coal strike would
take place next spring. Prices main
tanned their improvement in the late
afternoon, in spite of rumors that both
Congress and the Treasury Department
would start an immediate investigation
Of the local banking situation. II there
Is such thing as money trust and
II II IS operating outside the law, honest
men Will welcome an investigation. The
fact that money moves TO this centre
when il can find more profitable employ
ment here than at home and leaves this
centre when crop and outside mercan-
tile demands are urgent apparently
strikes the Congressman from Mime
sofa, who wants to smash the money
trust" end who believes all evils have
their beginning in the nations chief
financial centre, as 8 crime against the
home, the family and the old-fsshioned
heerthside. Mr. Lindbergh, Of Mime
sofa asks for committee 10 investigate
the money trust" Doubtless he will be
accommodated, as the present Congress
finds its chief delight in appointing in
vestigating committees.
According TO the known movement Of
money in the current week the local
banks have gained upward of S11, 100000
In their cash holdings owing TO heavy
receipts from the interior that more than
offset shipments 30 out-of-town points
and heavy shipments to the Treas
my. As d matter Of fact, the inward
movement Of currency was extraordi-
nary, amounting 10 more than $4,000,
600 end exceeding the receipts of any
preceding week since the early part Of
1905, wien funds that were tied up in
the panic Of 1907 began to return to
normal channels. OF course. the higher
rates that have been ruling in the money
market since the first Of the month ac-
count for the present heavy flow Of cur
rency 10 this centre. OF the shipments
Of currency from New York amounting
10 a little more than $1,000. 0OO. upward
of S6,OOO,0p of this sum represented
national bank notes sent to Washington
for redemption. Heavy receipts from the
interior always are accompanied by
large banknote redemptions The fact
that the New York banks have gained
70 much money from nearby and West
ern points causes no surprise i'm circles
where persons are familiar with condi-
tions affecting the money market Do
nestle exchange rates in recent days
have pointed to a substantial movement
of funds TO this centre. and unless loans
of the local banks have been materially
increased in the last week to-day's state
nent Of the Clearing House showing the
position of the members at the close of
business last night should show marked
expansion in the reserve above legal re-
auirements. The local demand for time
and call money was not active yesterday,
but the banks found fair outlet for
their available balances in Boston and
other Eastern points, where loan quota
lions were higher than reported here
Sterling exchange was easier. The No
vember foreign trade statement, issued
IN the day, showed an excess Of exports
over imports 10 the value Of more than
S75,C00O00, making total excess for
the eleven months Of the year Of more
than S47S n00 OoO