New-York tribune., 1911-12-11
HONEY AND BUSINESS.


! National City Bank in local magazine
conservative pessimism. If there is suci
thing is expressed over the future oi
money and business, owing TO the gov
ernment's determination to enforce the
/ Sherman antitrust Law. Coinciden'
with the publication Of the Views of the
| head Of an institution that represents
powerful group of financial interests We
have the weekly reviews of the CONNER
| cial agencies reporting decided improve
ment in most lines OF industry in this
! country and individual reports by disin'
terested observers indicating expansion
| in general trade. Furthermore, We have
! in higher rates for money reflection 81
an increased mercantile demand for ac-
commodation, which does not bear ou'
/ the idea held in somo circles that seri-
Gus situation is in the process of torma'
| ton. Mr.. Vanderlip is supposed 10 be
the spokesman for certain influential
Wall Street interests, and the ordinary
speculator. whether right or wrong ir
his conclusions is naturally more ol
less inclined to sell or buy. stocks ac'
cording to the tone Of Mr.. VanderllpS
public utterances. Important capitalists
are grieved because the Sherman law nc
longer is a dead letter. but the chances
are they will respond TO any active de-
mand for their funds for purposes OF in
dustrial expansion. That a demand OF
this sort is slowly developing is shown
by current movements in the money and
business markets.
Measured by payments through clear
| ing houses and gross earnings of thJ
railroad companies, the volume OF busi-
ress is improving. In the last week
bank exchanges increased Is per cent as
compared with the same time a year
ago and IS per cent over 1909 outside
New York, while clearings at this cen
| tire showed gain Of per cent over
| 1910 and about per cent over 1903
Railroad earnings for the month Of No
vember were S2,310,3S0 in excess Of those
reported in the corresponding period last
year "Bradstreet's" says that expan-
sion in holiday trade. earlier than usua
clearance sales by jobbers. a seasonably
! frmer prices for finished steel products
and activity in pig iron are the chici
current favorable developments. Tc
these developments should be added the
| Improvement in sentiment in strictly
! business circles over the final effect upon
trade and industry of government activi-
! ties in the matter Of compelling corpora
| tions TO readjust their affairs TO comply
with the law. President Taft points out
that the purpose Of the antitrust statute
is not TO conhscate the property anC
capital Of offending trusts. but TO pre-
vent their violation OF the law, whlC
he asserts that the recent decisions Ci
the Supreme Court make clear that ther,
is nothing I'm the Sherman measure con
demnlng combinations Of capital or mere
bigness of plant organized TO Secure
| economy in production and a reduction
I Of its cost. Despondent capitalists shoulC
ponder over tho Presidents exposition q
the intent and meaning of the anti-trus
statute.
Local and foreign money market rates
are appreciably firmer than they were &
few weeks ago. but the general none
tary situation does not suggest the de-
velopment of stringcncy or disturbanc,
in the closing weeks Of the year ON
bankers are still lending substantial
amounts abroad at a period when ordi-
nariy they arc borrowers In the foreigr
market, and international trade returns
continue TO run in favor Of this coun-
| try, our exports of grain and cotton
being exceptionally heavy. while ship
ments Of manufactures also are large
| Tariff uncertainties are restricting i'm
ports of merchandise. In view OF al
conditions governing the movement OF
| trade and money between the United
/ States and European countries, ii is faiI
| to assume that If the necessity should
arise New York would be in a position tC
attract gold from foreign countries. In
vestment demand for securities is mod
erately active, but speculation in stocks
reflects no widespread public inquiry
| from traders who operate on borrowed
money. Little change is reported In
prices for commodities, except i'm sugar
which Is decidedly lower. and in some
/ lines Of cotton goods, the decline In the
| latter being accompanied by a slightly
! frmer tendency in cotton futures. in
spite Of the record breaking cotton yield
The drygoods market as whole j,
maintaining its recent improvement.
The favorable turn in general cOndi-
/ tions is reflected in increased purchases
Of pig iron and a growing disposition on
| the part Of the railroads To come int,
| the market for rails. equipment and
supplies IL is believed that the decline
I'm prices of steel products has been ar
rested, and II is worth noting that tn,
volume Of pig iron and finished steel or
ders in November was larger than an any
preceding month in the current year, al
though profits were not heavy, owing tC
t,.e low quotations prevailing. The Iror
Age" states that the remarkable burst OF
activity I'm tho pig iron market Of tor
! days ago has been followed by liberia
/ buying particularly I'm foundry grades
| The copper market * stronger and thc
outlook FOR new business Is more en-