New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-15
the Emperor of Russia has Il double VINO
impersonates his majesty on many pun
lie occasion.
MONEY AND BUSINESS.


Clearing House figures and railroad
earnings do not make satisfactory COM
PARSONS with the returns of this period IL
year ago. There is, however. nothing
alarming in the business situation. anu
no reason for the idea that gradual eX-
pansion will not follow the elimination
of the uncertainty over the position OF
corporations under the Sherman anti
trust law. The financial community
looks for decisions in the Standard Oil
and American Tobacco suits either to-
day or on May 20, and it believes that
irrespective Of the character of the SUI
preme Courts opinion change for the
better will soon take place in the mar
kets. following the handing down of the
DEGREES Business men and fnanciers re-
alze that the ruling of the court If in
fundamental conditions, which are now
extremely strong. but they feel that until
it is known along what lines the bust
ness of corporations must be conducted
camille operations will not run much be-
yond day-to-day transactions. Commit
ments for the future are light in all de-
partments of money and business. Re
tail trade has been stimulated TO some
extent by the warmer weather, but gen
eral consumption is much below pro
duCing capacity, while curtailment in
manufacturing operations continues.
The very fact that economy is the
watchword promises future trade expan-
sion. our industries will not remain
long inactive with accommodating sup
plies of money, increasing credits for our
account abroad and favorable crop pros
poets. Present crop conditions in this
country are satisfactory. Winter wheat IS
i'm better condition than Is usually report
ed at this period of the year. while soil
conditions for the planting Of spring
wheat oats corn and minor crops are al
most perfect in all parts OF the agricult
ural regions. with increased acreage re-
ported I'm all sections. including that for
cotton. Bank reserves are heavy. and,
although the ease in the money market
fails To create a speculative demand for
stocks. capital is moving into bonds and
short term notes in volume. while the
banks are actively competing for the
commercial paper coming on the market
The supply Of the latter. however. is in
adequate TO meet the demand. Discount
and money rates abroad exhibit the same
tendencies as are reported In the local
market. II is worth noting that the sup
PLY Of money I'm circulation i'm the United
states al Of Nav shows an increase Of
more than Sl33 e0.OOO. as compared
with the corresponding time in 1910.
Increased retail distribution Of dry
goods has caused somo improvement in
the cotton goods market but the textile
situation. as a whole is still far from
satisfactory There appears 10 be no
likelihood 81 price reductions in any de
uartment. while the character OF the
speculation I'm cotton does not suggest a
lowering ~ the option quotations In the
immediate future. Advances were re-
ported for all months last week. August
and July leading the movement. with a
new high record for the year In July
figures. the rise being based upon the
strong statistical position. which shows
rapid decrease In the certincated stock
Of cotton on hand here. and hard spot
markets az the South. The outlook for tho
now crop g. considered excellent. and
there ar" not few spectators who are
taking a position on the short side Of
tho new months Notwithstanding IA
vorable reports on wheat prices have adj
vanced in recent days on buying 10y the
shorts and manipulation 10y the bulls. the
latter contending that In spite Of the
.act that the visible supply is heavier
rent proportion OF decrease is large
enough 10 cause "A scarcity Of the cereal
before new crops can be marketed. The
worlds stock decreased - iO4.1o bush
els last week. compared with a decline in
the corresponding week in 1910 of ITS
opr bushels
Iron ard steel producing plants are
curtailing their operations. Additional
furnaces have been blown out 10y the
steel companies and blast furnace ca
pacty 1t present Is from 20 To 90 per
cent Of normal. but i'm trade circles there
appears 10 be no especial pessimism over
the future course of the industry. Price
concessions are reported on sales of
Southern iron for prompt shipment.
BUYERS. as n rule, however. are making
no efforts to bring about a general re
duction in quotations. The actual condi-
ton of the iron and steel industry doubt
less is better than is stated in advices
from Pittsburg and Chicago. whore for
speculative effects the situation is al
ways painted with an indigo hue when
the slightest sign of depression develops.
.le market for copper is quiet. with few
important sales reported Leather is I'm
better demand, while the domestic hide
market has developed considerable ac-
Itivlty. Business growth I'm all parts Of
Canada is well maintained.
--
Mayor Gaynor's week" is now rapidly
Ienethcning out To three weeks