Bismarck daily tribune., 1912-03-04

Special 10 xUo x11ON4a0s "H =, f."+
NEW YORK, March "A DISPOSE
ton toward wider activity and
strength characterized stock market
operations during the last few days.
says Henry Clews. One reason for
this change for the better was the
partial clarifying of the political out
look. The ex-president's open declar-
alton that he was q candidate tor the
settled all uncertainty In
that respect. The opinion. prevails
that IL he cannot secure the Republic
an nomination, he cannot be elected
on an independent nomination; hence
apprehensions in that direction have
been largely subdued. Unless all
signs fail radlcalism has reached 1ts
zenibh and will soon begin to give
way to saner and more reasonable in
fluences.
Another important favorable devel-
opment was the beMet in an early
settlement of the British coal dispute,
Notwithstanding its menacing proper
tions. This created hopes of avoiding
any prolonged conflict in the Amer
dcan coal trade which will undoubtedly
be largey influenced by solution OF
the British conflict Under these cir
it was considered that
the outlook was rather more hopeful
and that some improvement In values
was more or less Justified. Bad news
met with more resistance than usual,
and good banking support gave the
market whatever backing was needed.
Important new issues have been
pending TOR some time past and are
now coming on the market with
greater freedom. This neceesitates
the Offering Of such artificial support
as can be secured. Among the an
this week were $1S,0OO-
600 Atchison ~ per cent bonds, {10'-
100000 Erie three-year notes, the Jap
anese loan and several other issues
Of importance. While the demands
from individual investors Tor secura-
ties have been somewhat disappoint-
ing, there is q good inquiry trom IN
stitutions which frequently have large
sums for investment accumulated dur
fng q long period of hesitation. With
the rising confidence and a better un-
dertone, this class Of buyers are ex-
pected to enter the market more
freely. The March Disbursements ag'
gregate over $101, 100000, q decrease
OF about $10,000,000 compared with
last year.. which was largely due to
a change In the date Of payments ar1s'
ing from the dissolution OF the stand
ard OIL and American Tobacco COM
panies, February Witnessed q new
high record for new securities, the
amount reported reaching nearly
$40 900, 900, an increase Of more than
$23,0OO,OOO over last year. The IN
crease in short term notes was fea-
ture. but had dt not been for the $780,
900 900 Woolwor1l stock issue tine
grand total would have shown a de-
crease. A considerable part of these
new issles it should be remembered
were for refunding purposes.
The market is by no means Tree
from unfavorable elements. Current
railroad returns are not satisfactory
which Is explained by the tact THAT
traffic was much interrupted In jan
uary and February by severe weather
and heavy expenses. This, for in
stance, explained much Of the loss on
the Hartman lines. With the ap-
proach Of milder weather earnings
are expected to show considerable
especially as much
freight has been held back. Outdoor
and structural work will also be
shortly resumed, and this Will tend
to an increase Of traffic. Current re-
PORTS of industrdaas have also been
somewhat unfavorabIe. owing not 80
much to a decrease In the volume OF
new business, which has been well
maintained, as to a significant loss
in profits. This has been particular
" true of the Independent steel COM
NAMES. some of which have passed or
reduced dividends.
BY far the most encouraging rae.
tor in the situation ts the continued
expansion of our foreign trade. Dur.
inx the last seven months our exports
have been $1,3o7,00 an increase od
S48 :0OO. 900. Within the same period
our imports were $912yO00. 900, an in
crease OF SIS, 100000. This left an
excess of exports Of nearly $50, ,o0o, 900
for seven months. In exports the gain
was chiefly In manufactures, which
showed the pleasing and suggestive
gain or nearly $56'Oo0,00o. In food
products there was Also q CONSIDER
able gain, owing to high prices rather
than to the volume Of exports, which
tend to contract. Domestic exports
would have figured more heavdly had
It not been for the low price OF cot.
ton which more than Offset the large
shipments in comparison with q year
aeo. In imports the increase has been
chiefly in food products; the importa'
tions of manufactures being either
stationary or showing q tendency to
decline. .
The monetary outlook sugseA
slightly firmer, though not stiff rates
The home demand for currency as
aiks,y to improve az the period ior
spring trade approaches, and any IN