Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-06-04
CROP REPORT
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large quantities of cattle; hence the
present deficiency in supplies and the
high price of beef, which are natural
ly raising such a popular outcry. The
only remedy for this condition is eat
ing less meat, which can readily be
done to advantage, since the Ameri
can consumer is among the heaviest
meat eaters in the world. 4 curtail
ment of his diet in this respect
would undoubtedly benefit his health
and his pocketbook at the same time
Business More Encouraging.
Business conditions in the west are
somewhat more encouraging than is
the case east of the AHeghanies
Trade at most interior cities is pro
ceding satisfactorily; is large in vol
ume, and promises to be we'll sus
tanned This statement is borne out
by Clearing House Returns. which
last week showed an increase OF over
10 per cent at leading cities, the
largest gains being at Chicago and
St. Louis, where the percentage OF
increase was Is and IS per cent, re-
spectively At New York bank clear
ings are only about 7 to per cent
over last year, while in the New Eng
land cities the increases are running
from Is to rs per cent ahead OF a
year ago. Railroad earnings furnish
further confirmation of growing bust
ness; the total for the first two weeks
of May of forty roads showing an in
crease of about 10 per cent over the
same period of last year.
The enormous volume OF our for
eign trade is an old but significant
story. According to government esti-
mates total exports Of the year will
approximate $2,20O,000,000 or $780,
900 900 in excess of the previous
high record of 1911. Our imports are
expected to reach about $1,000 ,OOO,-
600. SURPRISING the high record of
1910 by over $40,000,000 1t is worth
while noting that this growth of ex-
ports continues in spite of the ten
dncy of agricultural shipments to d.
minish. We are sending less and
less food stuffs to Europe because
they are required at home, and are
sending instead more and more OF
manufactured products, which now
amount to nearly one-half Of our total
exports.
Can Compete Easily.
Our increased ability to enter the
markets of the world with our manu-
featured products in direct competl-
ton with Great Britain and Germany
is a fact of the highest importance.
1t means not only a Strengthening OF
our credit abroad but if nothing in
terferes is means continued expansion
Of home industry as we'll as an outlet
for our surplus products and energies,
which, if bottled up too tightly, would
run into congestion and depression.
The money market is in sound posi-
ton. Rates are easy for the time be-
ing, but a hardening must be antici-
pated on or before the commemorate
of crop moving demands. June dis
bursements will aggregate about $780,
100000. The only feature of imme.
diate interest In money affairs Is the
renewal Of German borrowing in the
United States on a fairly large scale.
French lenders, for reasons best I'M
derstood by themselves, are refusing
to extend the same accommodation to
German borrowers as existed before
the Moroccan incident. For obvious
reasons Germany is disinclined to Dor
row in London. America Is conse-
quently the next most desirable tap
ping point, New York and Chicago
having already loaned considerable
SUMS to German borrowers. Germany
has been passing through a period Of
industrial and commercial
activity. Her leading bankers have
found it necessary to conserve and
their resources; hence
borrowers there are obliged to go
elsewhere for accommodation. In
both Germany and Austria there has
been an undue strain arising from ex-
cessive speculation, and period OF
contraction would doubtless be of ad-
vantage to all concerned.
AS to the future course of the mar
ket. in view of present political un.
certainties is little basis upon which
to carry much further upward move.
mert at this time. Should the politi-
cal atmosphere clear and appear hope"
full, then stocks may be bought with
greater confidence. Should such ten.
denotes prove unfavorable and the
rising of radicalism prove more un.
settling, then securities are likely to
be offered more with depressing
effect. The crop outlook is of equal
if not of greater Importance than
politics. Without good crops an &C.
tive forward movement will be impos.
sible. Strong banking support is still
in evidence owing to the extraordin.
airy abundance of new issues,
which have not yet passed into strong
boxes and are still partly in the hands
of distributors. Intrinsic conditions
may be sound but caution and
patience are desirable until political
and crop uncertainties begin to dis
appear.