Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-07-16

49, iAASos III
Gratis have turned protectionists,
while, on the other hand, many Re.
publicans wish to cut out the abuses
OF the present schedules. The diff
culties of reaching any harmonious
action on the tariff are so many and
complicated that there is little reason
to anticipate any very damaging re-
suits. 1t is a little early to be fright
ened at this tariff campaign, especial
ly as more interests will be be9efitt-
ed than hurt by the reduction, and
once the tariff is placed upon a more
reasonable basis it will automatically
become a smaller target for attack.
Still we should not forget that there
are many who are apprehensive on
the subject, and the unavoidable un-
certainty is beyond dispute disturb
ing. This being the case the tariff
must be accepted for the next few
months at least as an important ele-
ment in the future of the stock mar.
ket.
Other conditions contributing to-
wards this weeks reaction were fears
that the injection of a third candidate
into the guDernatorial campaign might
bring on a threatening deadlock iii
case the electoral college failed to
elect a President. There is a fear
also that current Investigations in the
steel and coal trades will stir up afresh
the unwelcome anti-cOrporation feel
ing, particularly in view of the con.
tinued high cost of living, which is
a persistent stimulant to political un-
rest. Still another unfavOrable ele-
ment in the stock market is the hard
ening tendency of money. Last weeks
Unexpectedly bad bank statement con-
centrated attention upon u low
bank reserves. The necessary Of re-
storing these at a time when home
demands for crop ana trade purposes
are asserting themselves caused a
considerable calling in of loans to the
detriment Of the stock market. Gold
exports have ceased for the present
and we may be obliged to curtail our
credits abroad, especially If Canadian
funds now on deposit in New YORK
be largely Withdrawn for crop Ipur.
poses. All indications point to a con-
tinued hardening of rates. A rather
surprising source of weakness was
the July crop report, which somehow
seems to have fallen below expecta-
lions. Nevertheless the report was a
good one, indicating an almost bump
er yield Of corn, oats, hay, etc. It IS
no small matter that the three big
cereal crops-wheat, corn and oats
have a promise of 500,000,000 bushels
more than a year ago, and conditions
of all crops today, it may be noted
are nearly 6 per cent better tnan on
the date Of report.
The Investment demand for securl-
ties since July / hardly reached ex.
pectations, the inquiry for bonds nav
ing materially subsidized. Foreign mar
kets as we'll as our own show symp-
toms of congestion, following recent
enormous security issues, and 1t IS
satisfactory to observe that there has
been at least a partial cessation OF
the latter. The present outlook In
this market is for moderate activity
with limited fluctuations in either d.
rection. Intrinsic conditions continue
sound and encouraging; so, while the
tendency at the moment seems, to-
wards lower prices, there is no reason
to anticipate any sharp break in the
market. Good Investment securities
may still be purchased with conf
dence, and the timidity now having
it's foundation on political uncertain.
ties may efford shrewd buyers a bet
ter opportunity for investment later
on. Back Of all the political disqu}et
there sail remains n very signifi-
cant fact, that extreme radicalism has
met with a stunning rebuke at both
conventions. Changes In keeping
with popular demands are to be ex.