Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-03-28

ments to the interior have been on
more liberal scale owing to prepare
tons for April settlements, after
which these funds will return to New
York.
During the eight months of the ifs.
cal year. or up to March I, our foreign
trade showed an excess in exports
over imports of $41S,0OO,000, compars
ed with an excess of $1SS,000,000 a
year ago. This is a turn for the bet
ter of $23O,OO0,0OO in our foreign trade
balance; a change of almost startling
and certainly very encouraging pro-
portions. Conditions are such as to
favor a continuation of this tendency,
for commodities are declining here
and tending to rise abroad; situa'
ton which naturally discOurages i'm
ports and stimulates exports. In the
two months of January and Febru.
airy our exports were $1p4,OOO,OOO
larger than in the same two months
last year, and left a trade balance in
our favor of $127, 100000.
Crop reports with few exceptions
are OF satisfactory character. The
winter has been a favorable one for
both the soil and winter wheat, a
liberal covering of snow and plenty
of moisture having done thus far
all that nature can to secure the next
harvest. All Indications point to
liberal increase in acreage of our prin-
cipal crops, also marked increase OF
care in cultivation. The farmer,
equally with the manufacturer, will
now be obliged to consider efficiency
and economy; only in his case inten-
sification will be the policy, the object
being to secure a larger product per
acre along with higher degree Of
quality.
1t will be argued by some that
business reaction, tariff agitation. SUI
preme court decisions and other un-
favorable conditions with which we
are all familiar, will prevent any i'm
provement in the stock market. There
is one reply to this argument, which
is that these conditions have been
known for months and are thorough
ly discounted. They no longer have
the effect upon market opinion which
they once had. For months Wall
Street has been the most pessimistic
spot in the country, and this when
business and industrial activity was
at its height. The truth is that Wall
Street was then discounting in I'D.
vance a situation which is now gen.
orally recognized. 1t may not be
pleasant, still it is proper to call at.
tention to the fact that Wall Street
was correct in its representations.
No doubt it is equally correct in now
assuming more hopeful attitude,
for today Wall Street is unquestion-
ably the most cheerful spot in the
country. Our leading financiers ap.
preciate full we'll the power of cheap
money as stimulent to values and
enterprise. and they realize better
than anyone else the significance of
the return to our foreign trade to
more normal conditions. 1t is not the
volume of this foreign trade that is |
of influence, so much as the signif- !
cant changes in fundamental condi-
ticns which it implies.
Already there has been a very con-
Siderable absorption of bonds and |
high class investments by wealthy in |
dividuals and concerns who consider |
.. good business where principal is |
safe, to invest in sound securities,
paying 4 and per cent when money |
can be borrowed as low as 2k per
cent. Operations of this character
give the market a hardening tendency
and show encouraging bed rock con.
ditions. 1t is quite possible that the
market may receive temporary set.
backs, and it is realized that the poor
of business must affect in.
'estment conditions. Nevertheless,
good securities. bought with discre-
ton at present levels will undoubted.
ly yield good profits in due season
Wall Street is already beginning to
discount trade recovery. although the
latter may be deferred until liquida-
ion is more complete.
Every resident of the two Dakotas