The Birmingham age-herald., 1911-06-01
Financial and Commercial Review

During the past month the long ex- pected decisions in the Standard Oil and | American Tobacco cases were handed down by the supreme court of the United States While the decisions in both cases were adverse to the defendant corpor- ations, they have been favorably inter preted by corporate interests in general, as the court applied, the rule of reason to the Sherman antitrust act, thereby en- abling all corporations not monopolies and who do not unreasonably restrain inter state commerce, to continue in business.
 No improvement is noted in the iron and steel business. Productive capacity is greatly in excess of the present demand, and within the past few days sharp cuts in the prices of steel bars. billets and plates have been made by all the large manufacturers, which cuts so far do not appear to have been followed by any con- siderable booking of orders. It is inter- esting to remember that a similar slash ing of prices occurring in the spring of 1901 was followed within a few months by sharp demand and tremendous advances, which extended over a period of several days. History often repeats itself.
 1 Official announcement has been made that the Tennessee Coal, Iron and Rail- road company will resume operations dur | ing the month of June at the Ensley rail mail, although no statement has been made as to the volume of orders in hand. The smaller industries in the Birming ham district, such as machine shops and l foundries, are running full time, and re- port the best business in years. The out put of coal in Alabama is about two thirds of normal, and no increased de- mand is expected until late in the sum- mer Merchants and jobbers report a satisfactory month, and many retailers say their business was never better at this season of>the year. Cotton mills are running on short time, but there has been la marked advance in cotton goods of all kinds during the past month. Stocks are low and the outlook for the textile in dustry is decidedly better.
 | The trade balance in favor of this country for the month of April was nearly thirty-eight million dollars, and for the first four months of the year. one hundred and eighty-two million dollars;' an ex- cess over any previous year except 1908. The gold movement for the year has been in favor of this country although there have recently been large shipments of gold from New York to Canadian points.
 Money rates continue very low in east ern financial centers and the indications | Aot inn of loo GOO of Panama canal bonds will be pronounced success a premium of two to three points being probable.
 Railroad Earnings
 Railroad earnings for April show gains over same month in previous years, and there is every indication of great actlVity on the part of the trunk lines later on. The Missouri Pacific has just sold $2o,Ooo,- GOO of short time notes, and the statement has been made that of this amount Slo'- | OO0,0O0 will be expended in betterments. The Louisville and Nashville system IS l credited with having authorized import ant additions and extensions, the Seaboard is reported as preparing to double track l142 miles of their main line, the Southern railway is steadily adding to it's trackage and equipment, and other important i southern lines are getting in shape to handle large volume of business this fall. From all over the country most optimis- tic reports are received as to crops of all kinds. The outlook in Alabama is par ticularly brilliant. The acreage in cotton appears to be about per cent greater than last year, and the ground has been better prepared and more thoroughly fer Utilized than ever before, and the weather conditions to date have been ideal. AL II though the boil weevil may cut some