Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-12-18

it is quite certain that railroad man
ayers with their exceptional oppo1tu.
mites for observation would not be
placing such large orders for equip
ment unless sati fled that a turn for
the better had come. Their action in
the matter shoulds be accepted a
proof of confidence in the future.
In banking circles there is also a
mort hopeful feeling. Slight improve
ment in investment conditions is OBJ
servable, and this tendency will prob
ably become more marked as the time
for the 100000 900 January disburse'
ments approaches near. There is an
abundance of capital awaiting employ
ment and only two conditions appear
to be necessary for venture, viz,
safety of principal and good returns.
Investors are insisting upon the lat
ter more firmly than usual. In other
words, capital, too, as we'll as labor
is demanding better returns A fair
amount of new issues have recently
been placed upon the market and have
met with good success. The coming
month will probably witness number
of additional new flotatiOns.
The financial situation abroad shows
further Improvement International
friction is passing away. In London
financial conditions are better, and
less uneasiness is shown over the
large amount OF new security issues.
British foreign trade is exceedingly
large in volume. and this lis the main
source of British prosperity. In Ger
many there has been a very marked
revival of trade since settlement OF
the Moroccan dispute. Banks in Ber-
lin have stood the recent financial
strain satisfactorily, and the situation
there is gradually righting itself. Re-
markable activity exists in the Ger
man iron trade, which just now is
surprising all previous records in out
put. The German steamship business,
like the British, is active and prosper
Gus. promising to pay better dividends.
The German cotton trade, like that of
England and the United States, is be-
ing greatly assisted by cheap cotton.
All Europe in fact is now enjoying
a very fair degree of prosperity. 1t Is
hardly rational to suppose that the
United States will stay long behind.
This country has been taking an
enforced rest cure for nearly two
years. Since the panic Of 1907 condt-
lions have never been entirely salts
factory. Liquidation, however, has
been long and severe. There is less
initiation and more soundness than at
any time in the last four years: At
least a moderate recovery seems JUS
Titled. Business is already feeling
somewhat invigorated and seems pre-
pairing to try for fresh start in 1912.
This is shown by the stronger under.
tone and the development of a more
hopeful spirit. The chief drawback at
the moment arises from uncertainty
at Washington. Big business has not
yet recovered it's equilibrium from the
sudden interference with it's former
methods of doing business. The coun-
try is wading deep in period Of re-
construction of it's business pachin-
cry, which inevitably means tempo
rary uncertainty as to what the ma
tional legislature may do. Neverthe-
less as the adjustment to new cond1-
lions becomes more complete there
will be less complaint on this score.
The world refuses to stand still. Our
own population is rapidly increasing
Food, clothing and shelter are being
required in increasing quantities. Our
transportation facilities are overtaxed,
and there is earnest demand for in
creased production and activity on
all sides. This demand cannot be in
definitely ignored. New enterprise
may be deferred until uncertainty is
at least partially relieved, but produc'
ton upon an increasing scale must
go on as the country grows. In some
cases consumption has been checked
by high prices and the consequent re-
duced purchasing power Of many con-
sumers, but this hindrance is already
finding relief in some directions by
lower prices, notably in the iron and
cotton goods industries. There are
indications of a more conservative
spirit developing in cogress, though
it must not be forgotten that the
temptation, If not necessity, for max
ing an occasional display for political
effect will remain until after the pres