Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-04-25

| at this session of congress and taxing
up the tariff question more earnestly
after the settlement Of the country
has been tested by another national
election. Present indications point
to this congress sitting well to the
summer. In the steel trade relatively
few orders are being received for the
reason that big buyers are economic
ing and defcrring purchases as Tar
as possible Some Of the railroads
are reporting large declines In gross
earnings, which they are seeking to
offset by rigid economics in every
direction. In the textile trades dull
ness still prevails. Many cotton mills
are suffering a dminutiOn OF profits
owing to high cost Of production, as
well as to the impossibilty Of securing
satisfactory prices for their product.
{ consumers are econOmiZing. while
dist ributers seem bent on carrying
light stocks and combining their oper-
ations to those of Il hand to mouth
character The brightest element in
Inc business outlook Is the crop stu
alton. Air advices received concern
ing wheat and cotton are OF Il very
satisfactory nature. Acreage is large.
condition Of the soil good and plants
generally are promising. AS rule,
business conditions are sound and
quite ready to respond to any favor
able influences. At the west. where
depression is now keenest. the out
look is somewhat complicated by the
consequences of past over speculat'
ing in land. Liquidation in this d.
rection is still incomplete and may
be an unsettling influence for some |
time to come. During the last ten !
years large areas Of agricultural lands |
in the west have trebled in value; a !
rise which unavoidably caused much |
violent imitation and an unwise en-
tension OF credit.
In the local stock market cheap mon
ely continues the strongest factor OF
support. Funds are piling up at all
eastern monetary centers. and easy
rates are assured for at least the
next four months. After that period
higher rates may prevail. Our for
eign trade continues In very satsfac-
tory shape. exports in March being
and the trade balance
rising to nearly $23.OOO.OOO in our ia
vor. against $l9.OO0.00O in 1910, and
six and Il half millions in 1909. This
is most welcome Development one
that Is materially strengthening our
credit abb DAD and will certainly slim
,,late foreign investments III the
United States. In Europe. and partic-
ularly III Great Britain. there are enor.
nous sums seeking safe and profita-
bic employment. In Great Britain
the socialistic tendencies. or the dis
position OF the state and municipali-
ties to enter the field Of private en-.
terprise. is materially limiting the
field for investment Of British capital:
and this disposition to invest abroad
is being further accentuated by the
policies OF Lloyd-George and Mr.. As
puith. who with their socialistic pro.
gram are increasing the burdens of
taxation in every direction. The
British investor is consequently nat
urally turning to this country where.
in spite of our similar political tend
encies. the attacks on capital are real
~ less serious in their consequences
than in Great Britain.
The investment demand for securi.
lies in this market has somewhat sub
sided and is unquestionably being
checked by public extravaganza. The
buying power Of those Of moderate =.
incomes has been seriously impaired 1
by extravaganza in living. in automo.
biles. their accessories. etc. The pub.
lie is saving less and consequently has :
less wherewith to invest in securi-
lies. These are conditions. however.
which will right themselves in due
season. certainly after period of |.
economy. aud the outlook is not with.
out its encouraging features. All
hings taken into consideration. we
advise caution in speculative opera.
lions until conditions become more
settled and promising.
Henry Clews.
ANCIENT JOURNALISM.