New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-13
Great Wheat Crop Indicated.

The record harvest Of winter wheat
indicated in the Department Of Agri-
cultures estimate Of crop conditions
will doubtless mean more TO traders III
securities when their view Of business
conditions becomes a little more opti-
mistic, for good crops are still one OF
the greatest factors in a successful
year for this country. The condition
reported by the government Of the
winter wheat crop on April was much
better thai IT had been put i'm the pri-
vate forecasts. Not since 1908 has a
higher percentage than this years 95.6
been seen. The government does not
give abandoned acreage in its April re-
port. so estimates Of the crop vary
from around $50, 900 900 70 600, 100000
bushels. AT lowest figures, record
breaking crop is indicated
Political considerations Of the week
were for the most part those arising
from the defeat Of the Democratic can
didate for Congress in New Jersey and
the success Of Representative Under
wood in the Senate primaries in Ala
bama. The results We're in line with
the apparent wishes OF the financial
district. By-elections however do not
in this country have great effect on
administrative policies. so 1t is unwise
TO argue that any setback which Presi-
dent Wilson may have received at the
polls will mean abandonment OF the
antitrust programme In Congress for
this session.
Control Through Stock Holdings.
The decision in the Lackawanna coal
case handed down by the United States
Court at Trenton may, If sustained by
the Supreme Court, modify the attitude
Of the Department OF Justice in ami
trust cases. Though Attorney General
McReynolds has been successful IN OBJ
tanning from the courts orders in dis
solution cases against common control
Of competitive concerns through stock
holdings. this common ownership by
stockholders was held by the Jersey
decision not presumptive evidence %
violation OF the commodities clause Of
the Sherman act. The court expressly
said that there was no law or decision
OF the Supreme Court prohibiting the
same individuals from holding stock in
two distinct corporations, even though
they might be engaged in co-rclating
business.
The general commercial situation
showed little change. Mercantile paper
failed TO appear in its usual April vol
ume. Crop planting money moved into
the interior in small quantities. Com
mercial failures were less than the
week before. Weekly railroad earnings
for March so far reported are only
slightly under those Of the correspond
ing period OF 1913 and bank clearings
make an appreciable gain.
Steed Business Decreasing.
The steel industry appeared TO have
lost the greater part Of lts momentum
OF early in the year. The United States
Steel Corporations untitled orders on
March ~ were 1853 800 tons, against
JO26. 40 the last Of February and
7.4Gs. $50 at the end OF March. 1918
The shrinkage OF over 10000 in un-
filled tonnage last month was rather
more than trade reports generally had
indicated. The corporations mills
now operating at e. 10 20 per cent OF
capacity, may be expected 10 slow
down unless some most unexpected
favorable development appears.
The Lackawanna steel report for the
quarter also revealed % heavy decrease