Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-07-08
Times
NOW PERFECTED
|Clews Says the Wilson Bill Of
Tariff for Revenue 0nIy
Likely 10 Disturb
10 Commercial Circles More
Attention Is Paid Crops
Than Politics
BY Henry clews.

NEW YORK, July S.-Politics and
independence holiday combined to
check activity on the stock exchange
during the first part of the week. The
close of the Baltimore convention and
removal of all doubt as to who would
be the candidates in the coming cleo
ton exerted a favorable effect upon
business in general. The tariff fea-
ture, however, Of the Baltimore plat.
form excited some attention and start
ed a selling movement which was
accelerated by p%rofit-taking on the
recent advanse. The Wilson plan of
tariff for revenue only is likely to
prove disturbing, since manufacture
ing interests often ned some protec.
ton to equalize the high cost OF labor.
Revision may be necessary, but it
should come n schedule at a time
or by some other gradual and conser.
vative method. Technically the mar
ket is unsettled for the time being
and any further advance would be
likely to bring out additional long
stock.
Better Times Ahead.
Aside from approach Of summer
quiet and the vacation period, there
are signs Of better times ahead. Es-
sential conditions are sound. There
is nc er-expansion in either the
financial, commercial or industrial
fields. The political situation con.
tinues to clear. Each week makes IL
more evident that extreme radicalism
is on the wane. The country wants
no excuses in either conservatism or
prOgressiveism. 1t is evidently going
to select at the next election a man
who possesses the happy medium be-
tween these two policies. OF course,
in the battle between two political
parties a good deal of smoke and
confusion must be expected. But
through the conflict there Is reason to
hope that we are likely to emerge in
to more stable conditions than have
existed in the last two or three years.
Progressiveism is established, not the
kind that tears down and destroys,
but the kind that builds up and es-
tablishes institutions more in line
with the interests and will of the
people than has been the custom in
the era which Is now passing away.
Capital has been suffering for its past
misdeeds. The penalty has been Sc
we're. In the future better standards
of business conduct will be impera.
lively necessary, and so long as our
great financial leaders maintain a
closer regard for public welfare they
are likely to be less subject to the
attacks Of popular disapproval.
Crops, Not Politics, the Question.
In commercial circles more atten-
ton is paid to crops than politics. We
have had another week o. favorable
growing weather in nearly all parts of
the country, and the agricultural out
look has been growing steadily better
for the last three or four weeks. The
confidence thus impaired will tend to
encourage merchants to stock up for
a good fall trade, which is sure to
follow another profitable harvest. Our
fruit crop is large. So, too, is the hay
crop, and prices are high. Both cot
ton and corn are late, but their con-
dition is otherwise good and with a
week or two OF warm weather a large
yield is almost inevitable. Commodi.
ty prices are high and show a general
tendency; chiefly, however
in metals and products, tn e cost Of
which the consumer only feels very
remotely. In many cases food pro-
ducts are considerably lower than last
winter owing to this being the grow
ing season and quantities frequently
abundant. Meat is a conspicuous ex-
A slight cessation of activi.
ty has been noticed in the iron trade,
but prices are strong at the recent
advance and steel producers should
be able to make a somewhat better
showing than was possible at the re-
cent low level. Steel prices, however,
are still very much below the high
prices of two years ago. Copper is
and higher, owing partly to a
better consumptive demand, but large
ly to the combined manipulation of
and domestic interests.
Railroad Improvement.
The railroad situation shows steady
Several roads report
decided gains in gross, although net
are sometimes unsatisfactory
owing to the large increase in ex-
Probably there will be no
strike on part Of the operators whose
demands for better wages are now in
course of arbitration. Bank clearings
Indicate a larger commercial activity
in all parts Of the country; the week.
ly increases being maintained In spite
If lessened speculative activity. There
has been no abatement in the expan.
sion Of our foreign trade, which COM
pared with q year ago continues to
show liberal gains in both imports
and exports. In the fiscal year just
ended their combined total was 49,.
)OO,O 0O, 900 q gain Of $424,0OO,000 over
last yehr. The growth of our exports
If steel products Is particularly graft
lying, not only because 1t compen-
for the loss in agricultural pro-
ducts, but 1t demonstrates our In.
,reasing ability to compete with Great
and Germany in the foreign
markets. So long as our steel Indus
try is so well able to meet foreign
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