Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1905-06-05
STOCK CONDITIONS.

STOCK CONDITIONS.
Some improvement could be noted
in the financial situation during the
week. An important contribution to
this result was the extraordinary Jap
anese naval victory, which promptly
removed a very decided element of
doubt. Had the fortunes Of war been
less marked, or the result even ques-
tionable, the effect upon the worlds
financial markets would undoubtedly
have been detrimental. Togo's great
victory, however, insures a much earli-
er termination of the war. Russia
may, out Of sheer pride, seek to pro.
long the contest, and Japan, flushed
with success, may now be unwilling to
listen to peace terms until she has
completely vanquished her foe and
taken Vladivostock; but all the world
recognizes that Russia has but one
alternative, and that is to make peace.
1t is quite certain that the war can
not be carried on by Russia without
further important loans, and it Is
equally certain that foreign bankers
would be more disposed to loan
money for a peace indemnity fund
than for the purpose of continu-
ing the present destructive and entire
ly hopeless struggle. Both Russian
and Japanese bonds were STRENGTHENED
by the news of Japanese victory, pre-
sumably on the assumption that the
money markets of the world would,
not be under a much longer drain for
this purpose. In Paris tremendous
efforts have been made for the support
of Russian credit and to prevent a
crash during the war: so that it still
remains to be seen what the latter's
effect will be upon Russian bonds
after bankers withdraw their organ
lied support and allow these securities
to take care of themselves. In this
connection it will be remembered that
the greatest decline in British consols
took place after the Boer war and not
during the struggle, when the national
credit was strengthened by universal
support.
4 The fear of hostile railroad legisla-
ton seems to have spent it's force for
the present. Considerable selling oc-
CURED at one time owing to this ap-
prehension, and 1t is now understood
that the railroad legislation which it
is proposed to put into effect next fall
or winter will not be as radical as
feared. and that no serious attempt
will be made to have the government
NIX the rate. Such legislation as
seems probable will seek to do away
with determinations and other we'll
known abuses which have been objec-
tionable to both railroads and ship
pers alike. We are destined to have
period of tariff agitation which may
temporarily check business and re-
strain new enterprises. AS yet, how
ever, there are no indications of seri.
Gus changes in the tariff, particularly
as general business is good and there
Is little discomfort in the ranks Of
either capital or labor. Our national
revenue appears to be insufficient to
meet growing expenses, consequently
the revenue producing schedules in
the tariff will not be seriously dis
turbed. In a few cases where the
tariff Is practically prohibitive a mod
crate reduction would increase the
revenue, while lowering in the rates
OF certain raw materials would IN
doubtedly receive popular favor, Great.
Ing minimum amount of friction here
and proving a desirable stimulus to
many OF our manufacturing industries
besides giving additional EMPLOYMENT
10 American labor. Any further in.
crease of revenue can be readily Sc.
cured through some form of internal
taxation. The latest information ia
mat the president call the special ses.
sion OF congress for November instead
OF October, as at first expected. This
would bring the special session very
close TO the regular session and desir.
ably lessen the period of agitation.
Another favorable element in the
stock market is the recent restoration
q harmony between the Hartman and
HillMorgan interests. It Ia unite owl
dent that the interests Of these two
powerful railroad cliques are SO close
y interviewer that both sides wish
g avoid serious friction. Since the
rivalry between these two factions has
frequently been the storm center on
sne stock exchange during the last few
years y = some satisfaction to know
mat peace between them IL dependent