New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-22
MONEY AND BUSINESS.

Developments of the last week had the
transactions in the stock and money
markets. while they brought about i'm
provement in sentiment and In actual
business operations In all parts of the
country. The elimination Of the uncer-
tainty Of the status OF the Standard oil
Company under the Sherman law and
the construction placed upon that law
by the Supreme Court so that IT'S pro-
visions must be applied I'm the ght of
reason naturally have induced more
optimistic view in money and business
circles about the future, especially as
fundamental conditions are sound. In
Guiding large bank reserves and light
stocks Of goods in merchants hands
For the first time in many weeks the
volume Of trade and speculative trans
actions as measured by bank exchanges
shows distinct expansion Clearings for
all cities last week present total gain
preceding year OF more than 8 per cent,
New York and New Orleans leading. In
addition to the Supreme Court decision
as a favorable argument for business
growth, we have seasonable weather,
good crop reports and the prospects Of
peace in Mexico to help the movement
along. Retail business is better than
il was few weeks ago. likewise the or
ders being handled by jobbers are
heavier than was recently expected. The
securities markets are responding to new
conditions, and apparently have begun
TO discount coming active forward move
ments in all departments Of industry.
A decided change is reported in the
local money market. Rates for time
funds are distinctly firmer and call loans
no longer are made at the recent mini
mum OF per cent, while in commercial
paper higher quotations are looked for
as a consequence OF the prospective in
crease In the offerings Of bills. The out
flow Of currency from interior points 10
New York has been unusually heavy so
far in the current year. and in raising
rates for accommodation the New York
banks are taking n precaution incident
10 the expectation Of large Withdrawals
Of out -of-town deposits I'm the event OF
widespread resumption Of industrial ac-
tivity. Money is moving from this CEN
tire TO Canada. where n better price for
accommodation can be obtained than in
this market, and international bankers
have begun To draw bills upon London
and Paris. as funds here are worth more
than at those centres. our position in
the international money market has
been further strengthened by the April
merchandise exports, which show an ex-
cess over imports to the value Of $3I.-
$1,000. Demand for high grade bonds
is excellent. and the SjO,OOO.OO0 Panama
IS are expected to find a quick market.
a better feeling prevails i'm wholesale
trade. especially in cotton goods in which
freer buying is reported for the fall. and
even into next spriug. the improvement
In the textile markets being especially
significant In view OF the continued high
cost Of production. The best feature of
the enlarged orders for cotton goods Is
found in the fact that they represent
buying for actual requirements rather
than for speculative purposes. Tarln
agitation continues TO restrict opera
tons In woollens and worsteds The
stock of raw cotton is steadily dwindling.
and both the spot article and July con-
tracts have sold at more than 10 cents In
recent days in spite of the outlook FOR
large acreage this year and yield
much larger than that reported In lslo'
bulls basing their operations on the the-
DRY that even with n big harvest the
present falling off in worlds supplies
and expected growing demands from
spinners Will serve TO maintain prices AZ
stiff figures. Exports OF the staple IN
the cotton year 10 date from this couh-
try have been 7O5O,0OO bales, against
$4,000 bales In the corresponding Time
in the year before. Grain crop prospects
are promising Winter wheat Is APP
preaching harvest time with the pros
poets OF one OF the largest returns on
record. while high temperatures nave