Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-06-26
according to the June report OF Tie
department of agriculture, to exceed
$4,000, 900 bushels.


department of agriculture, to exceed
7e4, 10000 bushels.
The price level of securities mas
Leen steadily raised during the last
few months and a period OF rest is
natural under the circumstances. On
March the average price OF 20 usual
" active railroad securities was l'3M
while today it IS above 1922, or an adj
vance Ok nearly points. In many OF
the active speculative stocks the gam
has necessarily been much larger 10
make this average, and, therefore,
there has been active encouragement
to take profits. Furthermore, it is
worth recalling that We are now at
the holiday season when large oper-
a:ors and many small ones are going
abroad .r elsewhere for recreation
and devoting themsel. es completely
to holiday pursuits. This IN itself is
responsible for quite substantial
amount of general liquidation.
Basic conditions. however, have not
materially changed and the reaction
that has taken place in the market
seems to suggest mercy temporary
recession to enable the upward move
ment to secure a better foothold for
further advance later on. The stimu'
lating feature of abundant money re-
mains unchecked, with no immediate
prospect of a change in this direction.
Should there be a sufficient demand
for banking accommodation either in
the stock market or il general trade
or industry to appreciably strengthen
interest rates, this demand will auto
matical]y start the mo. ement Of gold
from London to New York because
of the large balances that American
bankers are at present carrying In the
London market. 1t would be surpris-
ing if the month of July should pass
this year without seeing an inward
movement OF the precious metal on a
substantial scale; and gold imports
it should be recalled, usually con-
tribute factor of distinctly favorable
impulse in Stock Exchange specula-
tive circles. In fact should specula-
tive leaders feel it necessary to arti
fically stimulate the market. they
have at their command the usually ef-
fective agency of bringing in tho
precious metal. 1t Is hardly probable
that merchants or manufacturers will
require funds in large quantities for
several months, for the onward prog.
ress of trade and industry must nee
essarilv be gradual from It's financial
side Therefore there is no reason to
expect that any difficulty will be ex-
perenced I'M financing the crops this
year, even should foreign funds not be
made available in the form of gold
importatons. Any movement this way
of the metal therefore promises in
creased supplies of money for the pur.
chase of securities.
In addition to the nerv0u sness en-
anating from the crop uncertainties
there have been a number Of other
features exercising an unsettling in
fluence The circuit court decree that
the powder combination is an Organi-
cation in restraint of trade follows
the same lines as the supreme court
rulings in the Standard Oil and Tobac-
co cases. and is another indication
that our industrial corporations must
be conducted on lines that will bear
full examination. The report that the
local grand jury has been Investigate
Ing the steel corporation at the behest
of the interstate commerce commits
sion on charges that it has partici-
pated in discriminatory railroad
rates through it's cement department
is another example of the exacting
conditions our corporations are sub
ject to.
Pending the resumption Of tho ad-
yancing tendency a e.:od of irregu-
larity and nervousness with active
fluctuations appears. therefore. to be
the Immediate promise This is a sit
uation that will furnish many oppor.
tunities for quick in-and-out trading.
HENRY CLEWS.
HONOREO BY ADJUTAN1.
Tom Mccormick Receives National
Guard Medal.