Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-08-21
Henry CIews Optimistic In
Summary Of Weeks Bust.
ness Outlook
llduSlriaI0utlOOk Satisfactory
Asserts the Wall Street
Broker
(ey Henry CIews.)

view lOTh, Aug. ILL HIS Is pre-
eminently a crop market. The West
cannot be expected to quietly sit
down and ignore the value of $1,000
0O0,0 of new wealth produced from
the soil in a single year, a sun equal
to nine times the national debt. To
the great agricultural sections of the
Northwest this will prove an lrresis-
tible stimuls. Merchants and bank
ers and manufacturers alike are pre-
pared for a good business season. Our
railroad managers anticipate a heavy
traffic and are distributing their equip
ment accordingly. A month hence
We may expect to hear loud complaints
of car shortage. Some time ago the
railroads placed LIBERAL orders for cars
and locomotives, and a crush of
freight seems inevitable when the
crop movement Eastward reaches it's
height in September and October.
Two or three months hence the West
ern lines are sure to report satisfac-
tory gains in earnings. The railroads,
however, will not benefit merely from
the large crops they will benefit inci-
dentally quite as much by what the
crops are turned into (meat, etc.,
by the general stimulus to manufac-
turing industries ana by the vast
quantities of manufactured products
sent back from the East in return
for the golden harvest and raw pro-
ducts of the West. No serious injury
can now happen to corn, for only
the northern section OF the crop is in
danger of early frosts. Cotton is
more exposed to this risk than any
other crop, and the next two or three
weeks may prove a critical period.
But at present there is no cause for
anxiety and the outlook is for a very
large yield-14,O00 900 bales or over.
industrial Outlook Unsatisfactory.
Our industrial outlook is very un.
satisfactory. The steel trade-al-
ways a faithful indicator of business
conditions-is exceedingly active and
prices show a steadily advancing ten
dency. Judging by the amount Of
business ahead for both railroad and
general construction purposes, the in
dications are for a heavy business for
some months to come. The outlook
for the export trade in steel is also
satisfactory. In foreign countries
there is a large demand for American
steel products owing to a worldwide
expansion. In both England and Ger
many the steel trades are taxed to
their utmost supplying foreign and do
nestle requirements. Last year the
United States exported $780, ZOO, 900
of steel fabrications which was about
one-fifth of u total product, estimat.
ed in the neighborhood of 81 500, OOO,.
900 per year. Plainly our steel IN
dustry is in splendid condition anc
not likely to be injured by any prob.
able tariff legislation especially as
the president promptly vetoed the
Stanley reduction bill. The steel
shares in consequence have lately
justitiable strength. The cop
per shares were another strong
group, the better feeling in this sec
ton of the market being due to the
that reflners were secur.
ing better prices for their output.
Quite a number of other prominent
showed an advancing ten.
dency because Of satisfactory bust
conditions and increasing prof
its.
Conflicting Reports.
In the railroad section of the mar
ket conditions were somewhat con.
1licting. Some roads are known to be
exceptionally prosperous. Others are
far away from obtaining satisfactory
results causing concern among far
sighted railroad managers. The heavy
concessions made to labor last year,
followed by the serious demand now
awaiting adjustment, have placed a
financial strain upon a number of the
larger railroad corporations. Every
thing that the railrod buys has ad,
vanced, but the companies have not
been permitted to make compensating