Bismarck daily tribune., 1912-02-19

new enterprises. This means SLACK
trade, diminished employment and
an increase in the unemployed. This
is something which labor does not al
ways realize when listening to ap-
peals of radicals who simply wish to
win votes by playing upon class
prejudice. 1t is true the political
situation is by no means clear, and
we must remain exposed to unpleas-
ant surprises at least until after the
conventions. When these are out OF
the way it will be more possible to
draw conclusions as to the final out
come of the Presidential campaign.
No important tariff legislation seems
probable, particularly since the Dem
ocrats are not likely to offer any
bill that President Taft will sign.
Still another favorable develop
ment having a strong bearing upon
the market indirectly is the better
understanding developing between
England and Germany. The latter is
highly significant from an interna-
tional standpoint. 1t not only removes
all possibility of conflict between
England and Germany, which not a
few seriously minded statesmen ap-
nrehended, but it also enables two Of
the greatest powers in the world to
modify their extravagant expendi-
lures on army and navy. Should 1t
be possible for England and Germany
to come to an agreement whereby
this waste was limited, the result
would be vast step forward for CIV
ilization as we'll as an incalculable
economic gain; for money which
hitherto has gone into unpr0ductive
directions for ironclads and armies
would be turned into profitable chan
nels. The significance Of this peace
movement is shown by the rapid rise
in British consols, which have long
been considered the premier security
of the world. For months past they
have been selling at the lowest price
in many years because of the strain
upon national resources from mill ar"
expenses and the socialistic measures
of Lloyd.George. A partial relief
has been found by the means just
referred to, and a rapid Improvement
in British credit has already result
ed. Financial London is greatly re-
lieved and strong tone of hopeful
ness prevails in consequence, the ef-
feet of which cannot but have a
bene ficial reflex action upon the
United States: sfmilar Improvement
is taking place in Germany. General
trade there is in excellent condition
and has been throughout the late ex.
element. Whatever stress developed
from the Moroccan incident was
chiefly confined to financial circles.
Now that the strain has been relieved
by the rapprochement between
Germany and England, German finan
cial markets are experiencing quite
as much relief as shown in England.
German loans have either been paid
or we'll taken care Of Financial
anxiety has disappeared and the out
look in Germany is quite as bright
as that in Britain. With conditions
so satisfactory in two Of the leading
commercial nations of the world, how
long will the United States remain
behind, when there is nothing but
unnecessary political disturbances to
prevent a fresh forward movement?
The New York stock market has
been dull and lethargic. Strength
has been shown in few specialties,
but hesitancy still prevails for we'll
understood reasons. The money
market continues easy and there Is
still a plethora Of idle funds, with no
prospects of material change until
preparations for April settlements
are in order 1t cannot be said that
very hopeful feeling prevails in
New York financial circles, and
though the general situation in both
finance and business is sound, oper-
ations for the immediate future still
call for discrimination and conserva-
tism. In due season the market Is
sure to take on greater activity, and
that activity is more likely to be wit
messed on the side Of rising prices
than lower. The most depressing fac
tor Of material influence is the in
sistence of capital upon larger re-
turns. This is proved by the rate at