Bismarck daily tribune., 1912-04-08

NEW YORK, April S.-At times
the market showed slight reactionary
tendencies during the past week,
chiefly owing 10 the temptation to
take profits. The undertone, how
ever, remained strong and there is
still good season for anticipating a
continued active market and still
higher range of prices. Such expec-
tations are abundantly justified by
the remarkable change which has
taken place in business sentiment
over the entirt country. Probably
the volume Of trade has not yet in
creased in proportion, but in due time
general business is bound to reflect
the more hopeful conditions which
now prevail. The recovery in the
,teel and textile industries is already
marked, and promises to spread in
due season of other lines. Crop con-
ditions are generally satisfactory,
though spring is unusually late. One
other indication of reviving CONT
dence is the output of new securities,
which in the last quarter amounted
to over $758, 100000, an increase of
more than $1O0,000,00O over the
same time last year. A portion of
these issues was of course intended
for refunding purposes, but important
new issues are still pending.
The first stage of presidential
campaign is always marked by ex-
treme distrust and uncertainty be-
cause of the unknown possibilities
which may develop. Yet, whenever
the time for nominations draws near
the outcome becomes more clear, and
when platforms have been announced,
confidence revives and trade prompt
ly RECEIVERS. The year 1912 is not
likely to prove any exception to this
rule. Distrust and conservatism
obliged producers and distributors to
follow hand-to-mouth policy for
many months. Consumption mean
while went on with slight d.
minution. The result is that the
country is relatively bare of manu-
factured goods, so that distributors
and producers alike now find them
selves compelled to make fresh ven-
lures and new starts in order to satis-
fy positive requirement 8 Fortunate
ly the excessive conservatism of the
last year or two has not brought on
any serious reaction. On the contra
ry. it has been proved that the COM
merce, the industries and the finances
of the country are in sound condition.
And that now that doubt is at last
disappearing, radicalism declining
andand political opinion becoming
more reasonable. there is every reas-
n to look for progressive improve
ment for some time ahead. This
feeling is shared by our great bank
ers and captains of industry upon
whom initiative depends, and is be-
hind the present movem mt in stocks.
The acquittal of the packers by q
Chicago jury had a favorable influ.
ence, inasmuch as it is likely to dis
courage predudiced and malicious at
tacks upon capital. 1t certainly
means that big business will hence
forth be harassed less, and be more
sure of a fair hearing. Moreover,
President Taft has said that while
big concerns must conform to the
law, there shou'' be mo persecution"
of such on part of the government.
The chief drawback in the situation
is the universal unrest Of labor. In
many cases concessions are being
made and wages advanced wherever
the increased cost can be passed on
to tie poor consumer, who of course
must ultimately pay the bills. These
concessions are likely to add to rather
than decrease the higher cost Of Mv-
ing; but repetition Of the process Of
first advancing wages and then ad.
vancing prices-a sort Of pernfcious
circle-must apparently 60 on until
this movement exhausts itself. Evil
IDENTIFY we will not enter a period OF