The Birmingham age-herald., 1911-07-03
REVIEW OF HALF
 YEARS BUSINESS Marked Improvement Now Generally Expected UNCERTAINTY IS GONE No Indications Point to Revival on Pronounced Scale But Signs of
 Betterment Are Not
 Wanting
UNCERTAINTY IS GONE

New York, July 2.-The month just ended brought to it's close a half year ol
 uncertainty and dulness in both finance and business with many decidedly un- 1 favorable conditions. The beginning oi the year found the steel trade unsettled the copper trade demoralized, the capita
 awaiting rather fearfully the supreme courts interpretation of the sherman antitrust law, pending which many new enterprises were held back; foreign trade unsatisfactory; the political outlook set tied and general business at low point. The six months which has just passed brought about changes of such decided character that marked improvement is quite generally expected during the re- mander of the year.
 The supreme courts decision in the Standard oil and American Tobacco cases and the interstate commerce commits sion's refusal to permit railroads to in- augurate a general increase in freight rates removed the chief cause Of un- certainty. While the commerce commits sion's decree resulted in a temporary de- pression of security values conservative opinion seems to have adopted the belief that the rejection of the railroads peti- tions was beneficial rather than other wise. By enforcing a policy of rigid economy most of the transportation com panies have been able to maintain dlVl- dends. while at the same time the ten- dency toward increasing the cost of living was checked effectively in one important direction. The supreme courts decisions were immediately interpreted as favor able to what is known as "big business and relieved the financial world of many forebodings, paving the way for large enterprises which had been delayed for many months.
 While improvement in general business conditions las been slow and there are no indications that a speedy revival on pronounced scale may he expected. slgns of betterment are not wanting. The copper trade has recently experienced an awakening as a result of more vlg- orous domestic and foreign demand. Steel orders are considerably larger than the early part of the year. Foreign trade has e6ceeueQ all pTeNlOuS eApOilS ing reached the value of s2,000, 0o0,GO0 in one year for the first time.
 Crop prospects are on the whole favor able The financial situation IS sound with an abundance of money and abnor mally low rates. Uncertainty as to the extent to which tariff revisions may be carried still constitutes a restraining in- fuence, the effect of which IS heightened by the government proceedings against corporations and their officials and the investigation of great industries oy Con- gress
 The course of the stock market indi- cates general expectations of an improve ment. Trading has been narrow and dull during the greater part of the year, but the market recovered effectively from the depression of 1910. Stocks reached their highest prices of F months during May, and in June the movement was car ried further. The dullness of the market is shown by the relatively small total number of stocks dealt in during the six months, the aggregate having been 57. 0I2 GOO, as compared with 97,9S9,000 in the first half of 1910.
 The stock market maintained it's dull and rather uncertain tone last week. Its hesitation was ascribed as in recent weeks to the undetermined crop prospects ana the chances of politics. The report of the commissioner of corporations on United States Steel had no adverse effects on the shares of the various industrial companies