Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-07-08
competition it need have little fear
of any change in the tariff.

of any change in the tarif.
The local money market is relative
ly easy, the operations incidental to
the first of the month having been
passed without any furry. In time
money, however, there is rather more
frmness. Gold exports have been re-
newed. Commercial paper has been
offered more freely, and should bust.
ness attain the expected revival 1t is
probable when crop moving begins
that better rates will prevail. What
the effect Of this will be upon u
loans to Europe, particularly Ger
many, remains to be seen. Should u
accommodations there be withdrawn
to satisfy home demands, the strain
at Berlin might be intensified rather
than lessened. Fortunately the July
settlements in that market were safe
" passed without disturbance, due to
the prudent warnings of German
bankers and the assistance obtained
from abroad.
Large Sums From Canada.
1t should not be overlooked that the
Canadian banks have large sums on
call in New York, and If these are to
be Withdrawn either for emergencies
or to finance Canadian crops 1t would
tend to strengthen money rates at
this center. As an indication Of the
revival of enterprise, it may be noted
that the new interpretations for June
aggregated over $3.50, 100000, as
against $25O,O00,00O last year and
$3.50, OOO, 900 in 1910. The new securi.
ty issues In June were also very
large, having amounted to nearly 5000,
100000 as against $238, 100000 a year
ago. This brings, the total new fiota-
tons for the first half year up to the
extraordinary sum Of 1857, 900, 900,
against $780, 100000 a year ago.
Some deduction must be made from
these figures for refunding opera.
tons, but If Is per cent were made
on this account 1t would still show a
record-breaking demand for new cap
ital.
The readiness with which this mass
of new issue has been absorbed Is
phenomenal. The expenditure of these
vast sums mean q market revival In
industry and a good demand for la
Dor. No better example could be
found of the close community of in
terests between capital and labor.
Activity of capital means prosperity
for labor. Foreign issues have also
been very heavy during the last few,
months, but have not been so readily
absorbed, there being signs of con-
gestion at London and Berlin OF
which there is no counterpart in New
York. Nevertheless, in the matter Of
new issues it would be wise to go
slowly for a period until those now in
the hands Of the underwriters have
been more completely absorbed.
Railroads have shown a smaller ad-
vance than industrials. Investors OF
late have been turning, to the latter
owing to the excellent dividend rec
ord which many Of them have been
able to maintain in spite of strong
adverse conditions. For bonds the
demand has been less satisfactory
than a month ago, and investors r
frequently turning their attention to
the preferred shares Of high class in.
dustrials. In the speculative field no
special tendency has as yet been OBJ
served, unless 1t be in shares of the
Steel, Coal and Copper securities.
Prospects Of continued tariff agita-
ton will check business somewhat,
and for the present a conservative
policy is advisable in spite Of improv.
ing conditions. We are not yet be-
yond the danger Of crop scares, and
any further advance at this time is
likely to stipulate the sale of long
stock by big holders which followed
the Baltimore nomination. A better
trading market Is in prospect.
: TOO LATE TO CLASSIFY. =
- 80
WANrEp-To buy, second hand roll
top desk. Must be in good condi-
ton. w. j. Anderson, care Tribune.
RAA AEMF-Mndorn furniahad rooms