Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-10-24

Upon Political Develop.
mehtS
NEW YORK, Oct. 22.-The stock
market has exhibited exceptional re.
sisting qualities. As in evidence the
outbreak in the Balkans forced heavy
European liquidation rs the result OF
ovcrspeculation in some Of the for.
eisn bonrses. This induced large for.
eign selling of American stocks, esti.
mated at between 100000 to 100000
shares, for the evident reason that
these were the best securities on
which to realize.
As to the immediate future of tho
market, not 4 little depends upon 20.
litical developments between now and
election day. What is Of almost as
much Importance as who will be elect.
cd, will be the congressional results.
The great question Is, will the prevail.
ing political unrest In certain sec
tons result in materially changing
the present character of congress-?
The country has had more than
enough of unreasOning attacks upon
capital and corporations, which are
not the only evil.doers in tho country
and have in the last few years re-
ceiyed more than their share OF crlti-
cism and persecution. For this rea.
son the congressional returns should
be, closely watched after election day
as an indication OF political tenden-
cles during the next two years. What
the country may reasonably hope for
is a more temperate and rational
treatment of our political ills; a con.
summation devoutly desired.
Monetary conditions continue an
important factor in the stock market.
The West appears to have made more
than ample preparations for the pres.
ent crop movement, the inability OF
the railroads to handle the grain crops
having reduced the demands for
money to smaller proportions than
expected. Southern demands upon
Now York have not hus far been ex-
cessive. 1t is again to be noted that
each year the interior becomes more
and more able to finance it's own sea.
sonal requirements. Nevertheless, an
demand for money is assured
for some. time TO- come. Crop demands
must OF necessity exceed all proceed.
ent, and an Inevitable trade expansion
will also impose a heavier burden up
on the monetary supply. 1t Is some.
what unfortunate that gold impors
have been arrested by the
situation. We have been
obliged to take back 25,00O,0OO to
$50, 100000 securities in place Of gold.
In all probability, however, the influx
Of the precious metal is only temper.
arily delayed. Now that the financial
crisis In Europe 10 about over there
viii be less difficulty In our pnrchas.
ihg OF gold. Our foreign trade bal
ance IL running largely in our favor.
Otr exports OF cotton ana grain PROM.
isc to be heavy and we are stlll ship.
ping Unusual quantities Of manllfac.
tured articles: the activity OF trade In
countries stimulating the dc.
i1and for American manufactures, IN
spite of high prices. Moreover. Flu.
rope will probably buy back q portion
Of the stocks recently sold. now that
he Balkan outbreak is likely to be
by the great Powers, ana
for the reason that American sen.
ctrlties are in q stronger position and
better returns than any other
available in the foreign markets.
American prosperity Is bascl upon
d rock. we have the finest harvest on
record. No class in the country today
Is enjoying such general prosperity
the farmers. In nearly all sec.
tons OF the country and for nearly ev-
cry agricultural product large yields
and high prices prevail. TO such. on
extent ID this true. that q great deal
Of jealousy toward the farmer. Is al.
ready developing, and, he is becoming
more and more accused OF being the
chief cause for the present high cost
Of living. Doubtless he will receive
more blame than he Is entitled to;
although he is guilty Of no crime be-
You'd securing the best price Under
free competition for his product that
he is, able to secure; a right claim.
ed by every producer. In due season,
this condition will no doubt correct
itself. Already there is a movement
back to the farm, and those already
In the field are seeking to increase
their product by better and more sci.
methods of agriculture. This
Is the only trte method Of lowering
the cost OF living: viz: more product
and less waste. Not a few rrodtcts
already declined considerably ~
price, winch should somewhat mod.
erate the present high cost Of living.
Meat products, however, continue
high, mainly because OF actual scare.
Of cattle, which will fequirs q year
or two to overcome.
Just at this time securities should
be bought with caution, the present
hardly being opportule for renewing
The upward movement. When Npoliti,
cal conditions ct home become more
and fayOrable;, when the
chanceS Of friction between the great
Powers of Europe become more re.
mote, and when our money market
down to q more satisfactory
baSis, then we may, look for q more
and higher stock market.
Meantime q conservative course is
especially as the market is
Yn,aad IA political SllrDriSeV.4. The