New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-22
FINANCIAL RECORD
HERE AND ABROAD
Market Waits on Supreme
Court DeCisiOns-GOOd
Tone at Close.

For a good part Of the day the Stock
Exchange was quiet, waiting 70 see If
the Supreme Court would carry on the
more favorable Interpretation Of the
laws in regard to business combina-
tons which has been evident Of late.
Decision that the Lackawanna Railroad
was violating the commodities clause
Of the interstate commerce act in the
sale Of its coal 10 a separate company
before transportation still left the
road an indirect interest in the product
was practically disregardcd as a special
case Particular interest was taken IN
the action against the Harvester com
many. IN which the adverse judgment
Of the lower court had seemed TO many
ont Of harmony with other recent opIn-
ions. As the Supreme Court merely
ordered q rearEument Of the points at
issue and did not confirm the Judg-
rent against the company, there was
disposition TO consider the result as
favorable. and the market closed nrm.
The action against the Lacka"Ahha
was one Of q number pressed against
tho anthracite carriers as result OF
POPULAR Indignation wnen, after an IN
crease in wages 10 avert a serious
strike in the coal fields, the price Of
anthracite TO the consumer was, II
was charged, advanced altogether out
Of proportion to the increased cost OF
production. Investigation was begun
by the Interstate Commerce Commls-
sion into the rates charged for trans
porting hard coal, which Is still pend
ing. Yesterdays opinion of the SUI
irene Court held that, in divorclng
itself OF ownership of coal at the mines
10 a company owned by practically the
same stockholders, the road had not
complied with the provisions Of the
law forbidding a railroad to transport
commodities other than timber in which
II had direct or indirect interest, since
il still controlled the coal company so
as 10 carry out its own policies.
Stocks Of the anthracite road were
scarcely affected by the decision. AT
the end of the day Lehigh Valley and
Reading were unchanged, and Lacka-
wanna, closely held, had not been trad
ed in. There was little uncertain
tendency toward lower prices by the
market generally when the news came
in the early afternoon, but il was short
lived. When il was later announced
that the Southern Pacific had been
successful in defending a government
action TO forfeit the unsold portion Of
p land grant of one of its subsidiaries
the market went higher, and the order
in the Harvester case assisted IN the
better feeling.
Early in the day there had been little
reaction shortly after the opening, fol-
lowed by recovery and frmer ten
dency. A number of special issues
were advanced, among these being
Baldwin Locomotive, Westinghouse,
Interborough Metropolitan issues,
American Smelling and Refining and
Bethlehem Steel In the late trading
Bethlehem Steel went to new high
record. United States Steel was over
6 point higher in the forenoon, and
maintained good deal Of its gain at
the close.
So great Is the supply of loanable
funds that Saturdays S200,O00,OOO sur
plus had practically no effect on money
rates Call loans were renewed at
per cent, and time accommodation was
quiet at about the same levels as the
end of the week. Sterling exchange
opened at around the low levels of
Saturday, and was only trife higher
at the end of the day.
Though the expected announcement
Of the arrangement through which our
securities owned in France are to form
the basis Of loan here was not forth
coming, it was understood that the
credit will be granted as planned and
will be followed by others. Daily i'm
ports Of gold were interrupted, no
shipment being received from Ottawa
Yesterday. In London the terms Of the
new government borrowing were finally
made known. The amount, 100000
900, is greater than expected, and ne
offering will be at par, with interest at
Az per cent. The former war loan and
consols may be converted into the new
issue.