Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-03-25

tries. The coal trade difficulties,
though still a menace at this writing,
seem in a fair way of adjustment. The
British strike is nearing the end, and
this should help matters here. In the
anthracite trade there are no serious
grievances on either side, and If the
spirit of reason can be made to pre-
vail NO great disturbance should oc-
cur, albeit we may expect a temporary
suspension of mining.
Even the steel trade is showing the
effect of business improvement. Or
ders are coming in more freely; prices
are already firmer, and there Is every
indication that the railroads will be
forced into large buying because OF
much needed replentshment after a
long period of economy and severe
winter which told heavily upon rolling
stock. 1t may be argued that the rail-
road situation is not very satisfactory.
This is partly true. inasmuch as added
to heavy increases in expenses the
roads have had to meet a heavy
shrinkage of profits and are not per-
mitted to advance rates. But these
conditions have been we'll discounted.
The roads met the situation far better
than could have been expected. Dtvl-
dends we're maintained; and with the
recovery in traffic which may soon be
expected their outlook will certainly
become more encouraging. This does
not mean any increase in dividends,
because increased earnings will be
needed for necessary repairs, wage
advances, etc., and to aid the market
ing of contemplated issues SO badly
needed for improvements, better
ments.. etc. The south has raised
100000 bales of cotton, a yield FAR
in excess of what was contemplated.
The average price per bale, though
lower than a year ago, is fairly salts
factory and the south continues to en-.
joy prosperity. The large exports OF
cotton which this crop will mean in
sure big American credits in Europe.
The lower price of cotton has also as
sisted New England manufacturers In
granting recent advances in wages.
In the money market the tendency
is toward firmer rates as the April set
Elements approach. As already stated,
Our banks are in exceptionally strong
position. But the widening activity
Of stocks and the prospects of bust
ness improvement, not to speak of
continued gold exports, are against a
return to the low interest rates which
recently prevailed. Upon the whole
the tendency will be- toward a steady
hardening Of rates. Europe continues
TO be q large borrower in this market,
and the evident desire of the great
European banks to strengthen their
resources will encourage renewal
rather than q cancellation Of foreign
loans in this market. In this c0nnec.
ton it is satisfactory to note the con-
tinued encouraging reports of foreign
trade; our exports in February reach
ing $199.00o;000 or $22y90O,00 more
than a year ago, while our imports
were $1aA, 100000 or $12,O00y0o0 in
excess of year ago. These returns
indicate further Strengthening of
our position abroad. International af-
fairs will bear continuous watching,
because there are still points at issue
between the great powers which at
any time may produce irritation and
arrangement; particularly in south
eastern Europe and Turkey.
The political atmosphere at home
is somewhat clearer. Radicalism Is
on the wane; and though the political
barometer is notorious for unexpected
fluctuations there is reason to believe
that the stock market has discounted
the worst that is likely to happen in
the political weather bureau. The
technical position of the stock market
is strong. The floating supply of
stocks is concentrated in few hands
and has not yet been widely distrib.
uted. The recent rise was consider
ably stimulated by short covering, but
seems to have been mainly due to a
concerted movement of large interests,
who We're naturally prompt to take
advantage of the improved conditions
noted above. Thus far the rise has
been perfectly legitimate and war