New-York tribune., 1911-11-13
The humorous possibilities Of the subject
were clearly suggested last week In a
Los Angeles courtroom.
HONEY AND BUSINESS.

| IL was recently, q reflectlOn OF WHICH u
found in heavier operations In securities
and a disposition on the part of the rail-
road companies 10 come into the market
for general supplies and equipment. In
creased buying by the transportation
companies of rails, cars and locomotives
| Is under way. The railroads are the best
customers Of the steel companies, and as
the course Of the steel market Is consid-
cred our chief trade barometer the en-
! larged operations reported In steel are ol
the utmost significance In relation to the
country's general business transactions.
Prices on the Stock Exchange have en-
joyed sharp advances, the movement
| having been helped by an oversold ac-
count at a time when the acceptance by
the United States Circuit Court OF the
American Tobacco Company's reorgani-
zation plan has shown our corporations
how they stand under the Sherman anti
! trust law. The law was not enacted
with the intention Of destroying prop
erty. Reason" again has prevailed In
interpreting the law, and the business
man can now go ahead with his work
without fear of the confscation Of his
property.
Measured by the volume of payments
through clearing houses and by railroad
gross earnings. general business Is ex-
handing along conservative lines. Bank
exchanges last week increased about
rer cent. as compared with the same
time last year, the gain outside Ne"
York amounting to upward or lo per
cent. while railroad returns reported Tor
the first week in November showed note
worthy Improvement; likewise the re-
turns for the month Of OCTOBER he'asi
trade is good. Jobbers believe the sinai
supply of stocks in retailers hands VIII
soon lead to increased inquiries, espe-
cialIv In the drygoods market, when lor
many months has moved almost entireiy
under the influence Of demand Tor oaS-
to-day requirements. The textile situa-
,;on nc q whole is far more satisfactory
than Il was a year ago, while the same
m
In the primary cotton goods market III
o,irv for forward delivery gives signs
~ exnansion. Notwithstanding the tact
,bot MANY buyers are holding Off IN the
hono NJ lower prices. 1t is worth notlns
that the exports OF domesuc COW"
goods since January represent value
90 goo 1os117 compared with Sl5,oo''-
COZ In the corresponding period III 'ne
nrecedinp wear. Prices for cotton iu'-
,rae nresent a frmer tendency speou
lators basing their current operaliois vi
tho theory that the decline OF the ias'
few months fully discounts ahy'iiihe
hearIsh in the situation.
Encouraging reports are receiVeu iio
tho woollen manufacturing INDUSTRY anu
From, the shoe and leather trade iai &c
nronortion OF the woollen mills are op-
Grating 70 full capacity. the output peihs
-, II IN excess Of that of a year ago. Inc
inquiry for leather goods Is taxing eA-
ce,lent care of production, although 'he
high quotations on hides restrict proh's
statistics supplied by THE Iron age
.oat,fv ~ the more satisfactory condi-
,,ons nrevailing in the iron and steer IN
dustry. production Of pig iron IN octooei
showing n daily rate of Oholl .ons'
against 65,9O3 in September and uniilleu
s.oe, orders of the United States Steel
Cornoration on hand at the end OF Oc-
tober S3,O11 tons heavier than at the
close of the preceding month. buying
NJ rails for 1912 delivery IS increasing.
Quotations for finished steel materials
are no longer yielding to competition
and according to the best Informed men
in the trade prices are on the mend I'M
movement also is reported In the copper
metal market. Both the domestic ana
foreign demand reflects an increased In
ouirv from actual consumers, the effect
Of which is already noted in frmer
selling figures.
Time money is in slightly better de-
mand, owing in large part TO the eXpan-
sion in dealings on the Stock Exchange.
Rates, however. are easy. but bankers
are hopeful that the returning conf
dence in the securities markets and in
business circles will be effective in bring
ing about a higher level OF quotations
before the end Of the year. While cap
ital has not yet begun to move actively
into trade and investment channels, the
outlook for a heavier distribution of idle
funds is far more encouraging than it
has been at any time In many months.
Bonds and short term notes, represent
ing new issues. are readily absorbed.
Pressure OF outside money and the pay
Lent of loans recently made by this
country to Europe tend to keep rates for
collateral loans and commercial paper at
low levels We have seldom had such a
cheap money market at this period of
tn, year. Monetary conditions abroad
are stronger. and so far the Chinese rev.
olution has not been accompanied by a
drain upon Londons gold supply. The
chief result OF the disturbance has been
violent advance in the price of silver
In which China conducts it's chief busi-
ness transactions.
"The New York Sun" prints elaborate
analyses Of election figures to prove that
fusion in this city fails to secure the