Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-06-06

curtall their purchases 10 Tue very
smallest volume that their day-to-day
requirements will permit. Thus the
mills are without forward orders and
are in their turn compelled to oper-
ate very largely on d day-tO.day basis.
Under these circumstances the neces-
sity generally develops of clearing up
at one bound this uncertainty OF buy.
ers and at the same time meeting the
reductions in prices made by the small
Ter class of manufacturers who, not
having as a rule sufficient capital to
carry them over periods OF business
depressions are compelled to offer in
ducements by marking down their quo
tations to obtain whatever little bust
ness is available This brings the
larger corporations into the positions
of holding the bag for their smaller
/ competitors, and when in time las
was recently developed) the smaller
! :)cOUlt dlt lOuIu ~ w SSIeAHo WV
large ii proportion OF the limited bust
ness that is offering. The larger peo-
pie are finally forced to meet the low
err range of prices. The effect will,
i'm the long run, prove beneficial to
business, since the fear OF further
price reductions is now quite gener-
ally removed and railroads, builders
and others requiring construction ma
tpral can feel that they can enter
their contracts without fear OF their
competitors later on securing more ad-
vantageous terms. The steel price
reduction therefore, may. | believe. be
considered in the light of Il reassurinS
influence in any long-range view OF
The stock market situation.
The prospects for the harvests con-
tinue the main feature to watch dur
ing the next few weeks. These pros
poets constitute the fundamental IN
nuence on which experienced opera
tors base their market calculations.
Complaint OF dry weather in some viii
ter wheat sections has been heard this
week; but this has not assumed I'M
portant proportions. and it is always
desirable to bear in mind that crop
damage that is local can at times be-
come quite serious without in any way
affecting the country's production as
a whole. 1t is we'll to recall for i'll
stance, that the winter wheat area
this year is, in round numbers. 4S9
million acres. Local damage could.
therefore, be severe and quite extern
sive without in any appreciable de-
gree affecting the general result from
such a tremendous eXpanse OF terri.
tory. In Texas, Oklahoma and in
some pSrts of Kansas. winter wheat
harvesting is already in progress, and
every day from now on will mean just
so much additional area out of danger
from either drouth or insect life.
Spring wheat according to authorita-
tive accounts, is from one to two
weeks in advance of normal. and is
also doing very nicely. The govern
ment will issue on next Thursday its
monthly report on grain conditions,
and it can hardly fail to prove a salts
factory document. The cotton acre.
age this year reflects the stimulus of
high priced cotton. The area is about
6 per cent in excess of of last year.
Another influence that merits active
appreciation is the continued abund.
ance of money available for invest
ment. The recent offerings by under.
writer's of new securities have been
taken with spectacular activity with
by investors: and with additional Of
ferings to be made in the near future
he efforts OF large financial interests
will most naturally be enlisted on the
favorable side of the market in order
to facilitate the success of these ap-
preaching distributions. During the
month OF May the issues of new securi'
ties reached $l55. 100000, or within
$27, OOO, 900 of the large movement of
year ago. The activity and success
in introducing American securities on
the Paris market are also a feature
of strength since each listing abroad
represents each listing abroad repre-
SCENTS virtually just so many securities
taken out of our own market. 1t is
we'll to recall that it is not our secur-
tiles themselves that are listed in
Paris. but certificates representing
them, and for which they constitute
a specifically deposited collateral.
Distinct recovery in the tone of the
market was evident during the clos
ing days of the week, with every indi-
cation that the large interests have
the situation we'll in hand, The i'm
mediate outlook suggests continued