Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-02-26
BUSINESS CONDITIONS
Affected BY RAD|CAL|SM
Special to The Tribune.

Special to The Tribune.
!, NEW YORK, Feb. 26.-Operations
on the stock exchange were material
ly interrupted by Intervention of the
holidays. Nevertheless fairly steady
and somewhat more hopeful under
! tone prevails in financial circles. It Is
becoming more generally recognized
that much Of the activity in politics Is
chiefly for effect, and that the
chances Of positive radical legislation
are more remote than is generally
supposed. The investigation mania
which is still rampant at Washington
is very disturbing, particularly as
there appears to be no limit to 1ntru'
sions upon privacy. But those sub
jected to Investigation appear to be
becoming hardened to the process,
while the public Is wearied and con-
fused with the mass Of information
disclosed which they neither under
stand nor care very much about.
Apparently this phase Of the war upon
capital must 60 on for some time to
come, or until 1t has exhausted itself.
1t seems to be good asset Tor tne
average politician who is incapable CT
realizing the injury which he Is In
flicting upon his constituency by keep
ing up. the unsettled feeling in bust
ness. destroying initiative and dimin'
fishing the chances Of employment.
Business would be better were 1t
not for political hindrances, says
Henry Clews, yet in spite OF these the
volume Of business is not falling
much behind. The chief injury comes
from an almost complete arrest OF
new enterprises and consequent
shrinkage in the demand for labor.
In some sections of the country the
Injurious effects of short crops are
being felt, and farmers are not meet
ing their obligations as promptly as
usual. These drawbacks, however,
are local and confined mainly to dis
tricts tributary to the Missouri
river, where the harvest was leas:
satisfactory. Advices from he IN
terror show that business conditions
are exceptionally sound owing to the
conservative policy which has pre-
vailed for over year. The land spec
ulation which at one time appeared so
threatening has been sharply curtailed
and liquidation has been made easy
by the profitable prices generally o.
tanned for farm products. For this
reason there is much less anxiety than
usual concerning the annual settle
ments made about March and April
1. 1t is now believed that these obll'
cations will be met without dimculty'
except in a few isolated spots, Ad'
vices concerning the crop situation
are very encouraging. Owing to the
heavy precipitation Of rain or snow
during the winter the subsoil has nad
a thorough soaking, and all the con-
ditions are favorable for a good start:
This appears to be true in nearly all
sections Of the country. The impor'
lance Of good harvests in 1912 cannot
be over-estimated, since large yields
would do much toward lowering the
cost of food and thus alievating pop
olar discomfort.
In financial circles better under
tone is reflected by the increasing
confidence with which new issues are
being put forth. Some Of these issues
paying liberal returns have been ab-
sorbed with surprising avidity, prov
ing that there is abundance OF Cap
ital seeking investment when safety
and profit are sufficiently satisfac-
tory to buyers. Tho only drawback
to this feature of the situation Is Its
effect upon high priced securities
which at present figures, are yielding
only small returns. The temtption Is
for investors to part with such hold.
ings and transfer them to newer Is!
sues paying better returns.
Money rates continue easy and are
likely to remain so until the demand
from the interior revives. or unless
the European demand becomes more
pronounced. Gold shipments bave
been made to South America on Euro
peaa account, and German borrow
ings in this market have been re-
newed on a considerable scale owing
to the easy conditions at this center.
So far as foreign influences are con-
cerned they are generally OF favor
able naure. Our foreign trade is ex'
ceedingly satisfactory both In volume
and direction. Our credit balance
abroad is still very heavy. Trade IN
Europe continues very active, parttc
ularly in England, Germany ana
France, and this fact operates IN our
favor. In all of these countries there
is a brisk demand for capital. Inter
national political relations are much
less strained, and the only cloud upon
the horizon at present Is the prospect
of a severe struggle in the British coal
trade. The outcome Of that dispute
is watched with intense interest on
this side Of the Atlantic because Of
its possible influence upon our own
coal situation. We, too. are threat
ened with a coal strike Of serious 81
mansions in April, the effect OF
which would hardly be favorable uDoa
the security markets. Some plaza
should be devised to prevent these In
dustrial conflicts. They are not mere
" a disturbance to business, but they
are a menace to our political institu-
tons and threaten iru entire social
system. That any one class In So
.l>..0S It'll "a Ah1A ~ 3nSNra