Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-05-29

knowledged prerogative of the stock
market to recognize and act upon and
thus discount the future of the coun'
try. The trust decisions being FOR
all practical purposes out of the way;
the threat of extremely radical tariff
revision having been measurably re-
moved: the possibility OF international
complications in connection with the
Mexican situation having been elm
mated by the obviously improved
PROSPECTS for early and permanent
peace-all these are influences that
the financial market has been sur
ficiently wideawake to recognize and
properly apraise. 1t remains for trade
and industry to in turn appraise them
at their proper value.
The fundamental factor in the stu
alton which merits close attention IS
the progress Of the crops. We Lave
now arrived at the period when this
will be the controlling consideration
in the calculations of experienced op'
orators. Thus far the promise is an
excellent one. The acreage OF winter
wheat has been largely increased and
tha condition of the plant is sugges-
tive of a harvest that will rank well
with the best of previous years. The
planting conditions for spring wheat
have been excellent, and it is estl-
mated that there has been an increase
in acreage of 10 per cent. The month
" report of the department of agri-
culture, which will be issued early
next month, can hardly fail to prove
satisfactory in this connection.
There is always degree of season
able uncertainty at this period, and
it is hardly probable that the current
season will prove an exception. This
means, in view OF the sharp rise that
has taken place in the general stock
market price level, that the immedi-
ate future is likely to be favorable
one for traders, furnishing numerous
opportunities for securing quick prof
it's by operators who are satisfied with
moderate returns instead of waiting
for large profits.
The price cutting that has been so
spectacularly begun in steel bars and
other steel products is development
whose intrinsic value as stock mar
ket Influence it is difficult to prompt.
ly appraise. The spectacular and
open part of the cutting was begun by
the Republic Iron & Steel company,
which is one of the largest compel
itors of the United States Steel Cor
poration, and which is credited with
being largely dominated by interests
who, in the past, have operated in the
stock market in a highly sensational!
way. The mills of the Steel Corpora
ton promptly met the cut of their
competitor and thus, SO far as steel
bars are concerned, the policy of
agreed prices has been abandoned.
The explanation offered on behalf OF
the Republic Iron & Steel company is
that it has not been receiving its fair
share of business because of the cut
ting of prices by its own smaller
competitors. The market for steel
products at the momemnt, therefore.
seems to be an open one, and the de-
velopments of the next few days will
probably indicate the degree of seri-
BUSINESS that this arrangement in the
iron industry should be accorded.
The current break in the price agree
ment is a result that frequently &C.
companies such agreements. When
the demand for the products Of the
mills is active there is no necessity
to reduce prices as an inducement to
secure business; when It is a ques-
ton, however, Of the mills securing
orders or shutting down and thus i'm.
pairing their organizations as going
concerns, the smaller mills have al.
most uncomfortable inducement to
use every agency in their power to
keep running. Their most effective
agency is that Of selling equal goods
at cheaper prices than their competi-
tors. The larger concerns stand the
uneven competition as long as posi-
BILE with the hope Of holding out until
sets in. Then they jump
In and name prices sufficiently low to
restore to themselves their previous
share of the business. The
current iron and steel situation is
therefore merely repeating previous
The investigation by the committee
of the House of Representatives into