Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-01-16
Equitable FIRE
Effects BUSINESS
Especial to the Trfbune)


by fire had marked effect upon bus
mess in the financial district. In the
safes and safe deposit vaults of this
building between $500 100000 and
S., 900. O00, 900 of securitie swere placed
for safe keeping. A considera-
BILE proportion of these securi-
ties were being actively dealt
in each day, and their tempo.
rary locking up in involuntary escrow
would have meant serious complicat-
ions had it not been for the prudent
action of the Stock Exchange
Governing Committee. AS it is, the
marvel is that SO great a catastrophe
in the financial district could take
place with so little positive distur-
bance in financial affairs. That it did
not create arrangement is excellent
testimony as to the efficiency of mod
ern financial machinery. The build
ing contained a vast amount of rec
ords and documents the loss of which
will prove a serious inconvenience to
corporations, lawyers and individuals,
and yet the disaster will cause no
ocllOuS lOSS OuCoIuC VI lAC uColl uSIAO4A
of the Equitable property. The des-
Effectiveness Of the fire says Henry
Clews was almost a foregone conclu-
sion when it is remembered
that probably no building in
the country contained such an
accumulation of inflammable ma
terial in the form of libraries, docu-
r. ents, furniture. etc., which had been
accommodating for the past thirty years
Or more.
The stock market apparently re-
quires some stirring influence to lift
it out of present inertia. Good news
has been largely discounted and I'M
favorable news seems also to have
lost it's effect. 1t must be admitted
that the favorable Influences are some
what hidden and difficult to discover.
Cheap money is perhaps the strongest
support at present afforded the mar
ket. Funds are abundant at low rates
when compared with what good Sc
curities are returning, even at present
market prices. There is every pros
pect that money will remain cheap
and abundant for some weeks to come.
The only important specific inf1uen-
ces affecting the market were the
fluctuations in Union Pacific and the
unfavorable reports of earnings, offset
on the other hand by the favorable
reports concerning the United States
Steel Corporation, which showed an
increase during December of $4,000
tons in untitled orders. There has
been a moderate demand for bonds on
January investment account, though
the latter has fallen somewhat below
expectations and conditions do not
seem entirely favorable for the furtl-
err placement of new issues. Large
investors are holding back. either for
more Favorable outside conditions or
for better terms. Small investors are
feeling the pinch of the times and as a
rule have less money than usual for
investment. Nevertheless, were con-
ditions more favorable new offerings
would undoubtedly be put out and TAX
en- with more freedom. Investors are
wisely insisting upon safety, hence
there is more than ordinary discrim-
ination in the making of selections,
but high grade bonds paying small
returns are generally neglected in
favor of those offering more liberal
suits There is a disposition on the
part of those having idle money on
hand to invest temporarily in
high grade securities in order
to xeeu their money employed
until business shows symptoms
CT revival. Thus Indirectly dull
business and idle money act as a
partial support to security values.
General trade continues quit. Col
lections are slow, and while conditions
are generally considered sound, there
is slight expectation of any material
improvements until tie political sit
uation is clarified, and the outlook for
next seasons crops can be somewhat
gagged. 1t may as we'll be taken for
granted that there can be no real
revival in business unless the country
has a good harvest next season. So
far conditions are satisfactory and
reports from the interior indicate
that throughout the Northwest the
condition of the soil is excellent.
The political situation is still the
chief obstacle to business improve
ments. Capital is undeniably timid,
confidence having been impaired by
the repeated attacks against numer-
Gus industrial corporations and
threats upon others. Our corpora
lions and easily adjust themselves to
the law when that is understood.
They are already adjusting them
se'ves to requirements of the Sherman
law, and in many cases that adjust
ment is already complete. The Sher-
man law. much as it has displeased
some of our industrial magnates, has
had no such deterrent upon business
as the repeated attempts to Cypress
corporations by unwise restrictions,
by oppressive taxes and by the mania
for investigations. Capital has been
struck right and left, and is conse-
quently sore and timid; hence, enter
prise lags, initiative is checked and
the number of unemployed increases
~o<hov %h.- ;~; Thopa T. mn