The Birmingham age-herald., 1911-03-13
WAITING FOR ANT|- TRUST DECISIONS Security Market Continues
 Sluggish LITTLE SPECULATION Effect of Decisions Is Problemati- cal But the Settlement Will
 No Doubt Relieve the
 Situation

New York, March 12.-The sluggish
 ness of the securities market last week
 in face of happenings with an import ant bearing on affairs testified to the previous anticipatory moves which had been made in speculation. Other events still awaited obviously having part also in restricting speculative activ- lity. Most influential in these in stock market estimation Is the supreme court decisions in the antitrust cases. The immediate effect of the decisions of course Is problematical, but 1t Is hoped that when they are handed down the financial market will be made respon- sive to other facts which are now held in restraint by the desire to see the question cleared up.
 The proportions suddenly assumed by the Mexican problem tended to reduce speculative activity, although the au- thoritative explanation of the govern ment military movements had reas- surfing effect The reported disposition to exclude from the activities of the extra session of Congress an attempt at general tariff revision had its part in modifying the influence of the sub
 ject.
 
 earnings had a part in halting specu- iation. The United States Steel cor pora tion's monthly report of thrilled or ders. however, showed that the steady improvement which has been in pro- gress in the steel trade of late has not been interrupted and the increased total of unfinished business at the first of the month made the showing sat- isfactory one. But there were few in- dications of material improvement else- where. The effect of last years trade reaction, as shown In the annual re- norts of a number of large corpora tions, was emphasized by reduction Of the New York Central dividend rate. The official explanation that the rail- road rate decision was responsible for action did not alter the conviction that decreased earnings called for the
 step.
 don are asserted to be on large scale and are kept available for employment should any change occur in favor of profit In the interest of New York. The index number of commodity prices con- tinues to rise in London and to fall in this country with the effect of sus- taining the volume of mercantile cred ltts of the country's foreign commerce. The governments report of farm re- serves made 8 brilliant showing of supplies remaining to supplement- the coming crops as feeders of railroad traffic February's increase in iron pro- auction seems to have turned the tide in that basic industry following the earlier revival in steel orders.
 The jobbers have been able to hold prices fairly steady, but they have been forced to sell goods in small lots, thus increasing the cost of do- ing business and compelling mills to nno a nr1nrOaCh nf the fall sea son before getting orders on which they can work. The volume of business passing on wash fabrics, prints. per- cale and ginghams for immediate ship ment is relatively better than the trad ing on domestics in white or brown cottons or in colored cottons.
 It Is the common belief of merchants that the lowest prices of the year in
 cotton goods will be seen in the next