Bismarck daily tribune., 1912-06-18
pIscoNTENr WILL DISAPPEAR.

bined to interfere with resumption OF
activity on the Stock Exchange.
These were the so-called Money
Trust investigation and the Presiden-
tial convention at Chicago. Both OF
these affairs naturally exerted very
diverting, If not unsettling influen'
ence. AS for the Money Trust aunt,
says Henry Clews, that came at a
peculiarly inopportune time, and serv-
ed to create unreasoning prejudice
rather than solve serious problems
in a calm and rational manner. For
tunately the inquiry has been practi.
cally postponed until after election,
when there will be less temptation to
use the proceedings as political capt.
tai. So far as the Chicago conven-
ton is concerned, Wall street shows
much less uneasiness than at any
time during the last few months. Po-
litical possibilities, however, are no.
toriously uncertain; hence the re-
straint upon trading is likely to con-
tinue until the outcome can be reas-
onably foreseen.
There are other influences of i'm
portance which also contribute to in
ertia. Chief of these is the crop sit
uation. The season is late, especially
in the South. In some sections con-
ditions are very favorable, notably in
the North Atlantic States, in the far
Western and Northwestern States.
In other sections the outlook on June
1 was not as satisfactory as might
have been desired. According to the
report Of the Department of Agricul-
ture, the average of all crops on June
! was only 0.3 per cent better thar
year ago, but IL per cent lower
than the usual average at that date.
This is not highly encouraging re-
suit, and considering the country's
requirements would be actually dis
couraging were it not known that
since the first of June there has been
considerable improvement in the
grain crops and that our fruit and
hay crops promise exceptionally WE'LL
The crop situation at this date, there
fore, is one that warrants moderate
hopefulness
, There is also another element in
the stock market which sooner or
later will have to be taken into con-
sideration, and that is the enormous
quantity of new flotations which have
occurred since the beginning of the
current year. This urgent demand
for new capital is worldwide. In
England, Germany, France, Canada
and elsewhere there has been an un-
usual expansion in new issues. In
Germany and in Canada there are
signs already Of congestion and over
doing Even England is showing
symptoms of financial indigestion. In
the United States there are no signs
of disorder as yet, except the known
fact that some of the less desirable
issues have not been as successfully
disposed of by banking syndicates as
was anticipated. Nevertheless there
Is good demand for high grade in
vestments, whenever these pay salts
factory returns. Those which pay
low rates of interest or relatively
small dividends are neglected and
show declining tendency in conse-
quence. The demand now runs upon
fairly safe investments which pay
not less than per cent and as high
as per cent. There are still pend
ing other ip"ortant new flotations,
which explain lie silent but very per-
sistent support which is accorded the
market by banking interests in gen.
eral. Since January l the amount Of
new issues In the United States has
gone much beyond $1,300, ,00o,0 900. If