Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-04-18
chiefly in the direction of what will be
considered public welfare.

chiefly in the direction of what will be
considered public welfare.
The main difficulty with business is
that it is passing through a period OF
Iliqut tEation and reimbursement similar
to that through which the security mar
kcts passed year or two ago. Our
commodity markets have been upon a
too high level. The public buying
mower had become exhausted. Fever
ish activity and imitation had carried
rise in prices to standstill. Credit
wa, unduly strained Liquidation
wa, inevitable. and there is no cure in
sight except return to normal con-
ditiCns through the general decline IN
commodity values. This curative pro-
cess is now under way. 1t has made
considerable progress in some dir
cctcns, notably, in food products.
Brcadstuffs have declined about q
Der cent. while rork products have III
many cases declined 40 per cent.
Steel products have shown consider
Able depreciation, while copper and
cotton have also shown a downward
tendency since the high records of last
wear. a new factor has arisen in the
situation; that is the consumer. The
campaign against general extravaganza
is having its effect Economy is now
the order of the day, and the average
man is either spending less on food and
clothing or else making his money 60
farther by substituting cheaper ma
terials. This is unquestionably having
a distinct though silent effect upon
many lines of business.
Another cause for reaction is the
cessation in new enterprises. brought
about by the OVERRIDING which culmlnat-
ed in 1909 and 1910. Doubtless this
has been accentuatcd by uncertainty
attending the court decisions and tariff
legislation, as we'll as by adverse rail-
road developments; but had these fac
tors not intruded it is certain that
there would still have been very con-
siderable degree of hesitation owing to
inevitable reactionary tendencies. In
the steel trade the outlook is bright
as a month ago. Railroads are econo-
MIXING, something they are we'll able
to do because of the present excellent
physical condition. The refusal of the
Interstate Commerce Commission to
grant the railroads permission to raise
their rates is being met III practical
fashion: economies are being intro
duced wherever possible, and the rail-
roads, before carrying projected i'm
provements any farther are calculating
upon buying cheaper iron and steel.
The copper situation is another illus
tration of an important industry which
is suffering from purely artificial con-
dtions. Production has been unduly
stimulated. by persistent maintenance
Of high prices. the result being ire
menduous oversupply. Probably no
cure for the situation can be found ex-
cept by lowering prices and thus slim
ul;!t;ng co,s,rnNion-a policy WHICH
producers at present are unwisely op-
posing.
Ia the west a very conservative bus
mess spirit prevails; the wave of de-
preston which began on the seaboard
is now working its way slowly but
surely towards the Pacific coast, where
in due time it will completely disap-
pear. So far as the business outlook
as a whole is concerned there is notl
ing to cause anxiety. 1t is doubtful
is reimbursement is yet completed, and
we may look forward to period of
more or less quiet. Business is really
taking the rest cure, treatment never
quite acceptable to the active Amcri-
ca nspirit.
We see no reason for Withdrawing
the hopeful views recently presented i'll
these advices. Wall street has dis
counted all current reverses. 1t may
not be Immediately prepared for a
fresh forward movement, although the
situation is certainly favorable for a
new start when conditions are ripe.
Easy money and good crop prospects
are certain ere long to promote re-
newed activity within the precincts of
the Stock Exchange. Another very