Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-03-07

SION VIII uIllniaIely exert WAOIesUiilt
and necessary restraint upon recent
business tendencies.
Had the railroads succeeded In max
ing their advances, increased demands
from labor would have followed
wholesalers and retailers would have
been obliged to charge higher prices
to meet the increased fright bills,
and the whole effect would have been
to still further elevate prices and in
crease the cost of living. In other
words, we would simply be continuing
the ridiculous process of lifting our
selves by means of our boot straps;
tendency that has much to do with
recent arrangement and came near
creating a serious crisis by placing the
United States upon level dangerous
ly higher than foreign countries. Or
late the tendency has been for re-
duced cost of living. Food products
have especially declined and many 9TH
er commodities, notably iron and steel
have been on the downward grade.
Bradstreet's Index Figure dropped
from 0.23 in January, 1910, to 8.07 in
February 1911. This declining tend
ency seems likely to continue owing
to quiet trade and restraints upon
speculation.
But had railroad rates been increas-
ed a movement in the other direction
might have been expected, for we
would certainly have had a temporary
period of increased activity, which,
however, would have proved more in
the nature of an intoxicant than
genuine recovery.
Market conditions are not entirely
satisfactory. There was good re-
covery from the slump following the
rate decision, but this was not we'll
for reasons just mention.
ed. Railroad traffic shows no serious
diminution and managers are likely
to quickly get over their present dis
General business is now
quiet, though showing recuperative
tendencies. More activity is shown
in the iron trade generally as the re-
suit of lower prices, which had much
TO do with stimulating the export
trade-once more an important factor
in the steel industry.
Money continues abundant and is
easy, owing of course, to dull trade.
And though firmer rates may be an
icipated between now and the first |
If April, no serious disturbance is |
in that quarter. Our new
security issues since January l have |
'een exceedingly heavy, amounting to
'440, 100000 against $3.50, 10000 at the
anne time last year.
A very large proportion of these
lew issues have been made up of
'onds and also short term notes.
'hese large issues are practical evil
ence of the confidence of our great
ankers in the railroad outlook.
The immediate outlook for the mar
ct is involved in considerable uncer.
ainty, which is not likely to be re-
moved until the consequences of the
upreme court decision and the out
ONE of the special session OF cong
ess can be determined.
Investment conditions are sound,
ut the speculative position of the
aarket is so complex as to render
uick returns more advisable than the
'rge operations on either side of the
.arket at the moment. The situation
broad is favorable to American Sc
urities, as demonstrated by the lib,
raj takings of the latter during the
st two months.
Paris seems especially cheerful fl
and is showing a noticeable
isposition to invest more freely in
merican securities.