Bismarck daily tribune., 1912-06-18

20 per cent of this amount be deduct
ed for refunding purposes, it will be
seen that the net amount of new
capital in tais country absorbed dur
ing the first half of 1912 has been
enormous and far beyond all prece-
dent. 1t is but proper to note, how
ever, that this movement of new cap
ital into industrial and other enter
prises inevitably means renewed
business activity. 1t means enter
prise is reviving in spite of discour-
agements. The building and exten-
sion of new plants and the develop
ment of new enterprises mean con-
tinued employment for labor. This in
turn involves an active distribution
of all classes of merchandise; con-
sequently our merchants in the in
terror have good reason to expect
good fall trade, particularly if the
crops prove satisfactory. 1t should
not be overlooked that the United
States is rapidly turning from agri-
culture to manufacturing; and that
while the farmer is still our mainstay,
tie manufacturer and the mechanic
are rapidly becoming a more and
more important factor in our national
prosperity and development. This is
demonstrated by the comparative
standstill Of our exports of agricul-
tural products, while our exports of
manufactures have grown by leaps
and bounds and now constitute ap-
proximately about one-half of our to-
tai exports.
The monetary situation is easy, but
requires watching. Banking condi-
tions are generally sound. Low rates
may be anticipated until crop re.
quirements begin. 1t is in Germany
that the nrst signs (if any of trou-
Bile are likely to appear. Much com.
ment has been excited by the reduc-
ton in the German bank rate at a
time when Germany is known to be
facing financial crisis. Apparently
this step was taken by the Reichs-
bank to promote confidence. Berlin
has recently been borrowing money
actively at Paris and London for the
purpose of temporary accommoda-
tion, and distrust will not be entire
ly removed until 1t is seen how the
approaching July settlements will be
adjusted. 1t is not at all improbable
that the German bank rate will be
again advanced to per cent as a
protective measure.
General business conditions in the
United States are more satisfactory.
In spite Of political agitation there
is spirit Of hopefulness every
where, which augurs we'll for the fu-
ture. Bank clearings in the United
States in May showed an increase Of
10 per cent over last year, while for
the five months of the current year
they showed gain of 97.10 per cent.
These figures dispel all talk of busi-
ness curtailment. They are support
ed by continued good reports Of rail.
road earnings, which for the third
week Of May showed a gain of more
than IL per cent over last year. The
steel trade conditions active, and
while there may be a slight slacken-
ng in new orders the mills have large
enough contracts on hand to keep
hem we'll occupied for months to
come. All things considered, the out
ook financially and commercially is
satisfactory. Some tenn
porary hesitation may be caused by
he drawbacks referred to above, also |
BY the approach Of summer quiet, |
out the general tendency of affairs is |
progressive. Much relief to the bus
ness community would be afforded |
~ an early adjournment of Congress,
but it now looks as If the session |
might last we'll into August, affording |
for all sorts of harmful |
political demonstrations. Give us
good crops, however, and much of the |
present discomfort will disappear.
ATTENDED CIRCUS.
Ralph Keller, star reporter for the !
News, was an Exposition |
City visitor Monday and attended the |
performance Of Barnes circus in tie
evening.
political Advettising.)
FOR ATTORNEY GENERAL.
-