Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-06-12

900, and it is probable that this years
totals will exceed that figure by a
considerable sum- The policy of dis
counting the reinvestment of some
part of these distributions is one OF
the oldest professional practices in
financial circles. 1t is, it is true, a
highly indefinite question of how large
proportion OF these distributions are
each recurring season reinvested in
securities; but there can be no ques
ton that in normal times the amount
is sufficient to justify careful recOvni
ton as a factor in the market. tx.
perienced operators, therefore, antici
pate by their own purchases the pur
chases that will be made by recipi.
ents of these dividend and interest
payments when the latter actually
have their cash in hand. January AMI
July are the months of greatest vol
umc in this respect.
! General business, it is true. has not
yet shown appreciate increase in
volume, and the iron and steel indus
try seems to be awaiting to some ex
tent on the result of the congress- "nal
investigation. that is now in progress,
of the position and influence of the
United States Steel corporation. The
market has been temporarily inliu'
enced from time to time during the
week by reports that the sovernm III:
had decided upon legal a.tlons in
connection with the operations Of the
steel corporation. but these reports
carried their own REPUTATION in the
fact that as long as the investigation
was in progress and no report had
been submitted by the committee that
is conducting it, it is highly unlikely
that the department of justice would
take definite steps in instituting lew
suits. With the favorable harvest
prospects. however, there is ever rea-
son to believe that demand from
for the products of indus
try will begin to make itself felt in the
near future. Stocks of goods in the
hands of wholesale distributors are
not large, and Investigation in retail
circles shows like condition. There
fore, when the consumer begins to
purchase merchandise to meet MS &C.
ual requirements he. will be apt tc
start a movement in merchandise dis
tribution that will promptly extend
through the various channels from re.
taller to producer, and not only will
retail stocks have to be increased to
normal proportions, but the various
other channels which have been drawn
upon in the day to day demand that
has been the feature of the last few
will necessarily be readjusted
to the urgency Of consumers accum-
ulated requirements. This Lleans in
it's turn, a sudden advanc, from pres
ent unsatisfactory mercantile condi-
tions to distinct activity, 70" III due
course the filling up to normal proror-
tons of the various avenue; of dis.
tribution must take place coincidentiy
with the commencement Of the act
ual demand. We have, therefore. in
sight a period of mercantile and in.
dustrial activity which needs bu:
slight encouragement to assume large
The Copper Producers Associations
statement for May showed an increase
in stocks of the metal of 44O,024
pounds, Notwithstanding that domestic
deliveries exceeded the April total by
more than 100000 pounds. The iron
and steel industry also showed a lui.
eter condition towards the close of
the week.
Money conditions still remain one
of the most favorable factors in the
the general situation. Not only do
the banks throughout the country
show abundant reserves, but a con-
siderable balance in our favor is avail
able abroad and will become evident
in the form of gold imports as soon
as money rates on this side justify
he transfer. This means a continu-
ance of ease in the money market f,r
some time to come, extending at least
until the agricultural sections make
their usual demands upon the money
centers for funds to finance the mar
keting of the crops.
Prospects continue to favor an ex.
cellent market for traders, with active
and wide fluctuations to furnish fire.
quent opportunities for profitable op-
eratiOns.
HENRY CLEWS.