Bismarck daily tribune., 1912-04-08
HENRY CLEWS' REVIEW OF THE
MARKETS
.4RKETy

lower prices until the purchasing of
the public has been exhausted by
high prices something which does
not yet appear in sight. The coal
strike has thus far attracted little
serious attention, the presumption be-
ing that settlement is not far dist
ant The coal companies are known
to be making large profits and the
labor employed by these concerns is
receiving much larger wages than a
few years ago. Under such circum-
stances neither side can claim to have
very acute grievances.
The money market promises to
show hardening tendency from now
on. April settlements passed with.
out a tremor. Bank reserves are
very low, and in view of probably in
creased requirements for trade pur.
poses, not to speak of stock market
activity, lenders are likely to insist
upon better rates. AS foreign loans
mature, they will not be as freely
renewed, for American funds en-
ployed in Europe during the last six
months will be more needed at home.
There is some talk of gold imports
n the future, but these are not i'm
mediate, although with our large
credit balances abroad We are album
dantly able to strengthen our finan-
cial resources whenever desired.
The technical position of the stock
market is good There is still mod
crate interest which Is an element
of strength, and while stocks are still
largely concentrated in strong hands
there has been a considerable widen
ing of activity during the last two
weeks. The advances in railroad
shares have been moderate-about
5or points as a rule-while the in.
dustrials have shown a still greater
advance on the presumption that they
will first feed the effects of larger
trade end higher prices. The rat
roads are also experiencing larger
volume of traffic, but have not the
liberty to advance rates that is en-
joyed by the industrials. Current
earnings of net and gross are much
more favorable than in the last two
months, but still larger gains are
necessary before the railroads can
afford to make any concessions to
the demand of engineers According
to the bureau of railway economics,
the compensation of engineers OF
America railroads in 1911 amounted
to over $79,OO0,00O, an increase OF
nearly 100000, or per cent over
1910, and $5,SOO,0O0, or nearly 8 per
cent over 1909. 1t is hoped that the
Brotherhood of Engineers will take
the awkward position of the railroads
into consideration, and defer their
demands until & more appropriate
season. American railroads at pres
sent are passing through an unusual
strain. They have heavy outlays be-
fore them for improvements which
have been too long deferred and
which will tax every resource. To
place further burdens upon them in
the matter Of wages at time when
their obligations are increasing and
when they are unable to recoup them
selves by advanced rates, is impru-
dent as a matter Of policy, and quite
unlikely to meet the support Of pub
lie opinion. which is becoming more
and more a factor Of importance in
a. wage disputes.
Another element of not entirely
favor able character is the speculation
in copper and copper stocks, which
unless restrained may 60 to extremes.
The general market is not without its
pitfalls and liabilities to reaction,
particularly in c:.se of unfavorable
political dev lopmGnts. either at home
or abroad. primary conditions how
ever are sound, a. better sentiment
should coon be followed by better
buisness For such reasons, and in
spite of occasional react ons, we ex-
pect ultimately higher prices.
HENRY OLEWS.