Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-09-04
As Viewed
From Wall Street

The most important influence In on
foreign trade, however, for the mex
few months will be the tariff the re
duction of which will tend to at leas'
temporarily encourage imports. Quite
possibly these will not be as large as
expected, as the amount OF goods In
obnd is now unusually heavy. On the
other hand, our manufacturers have
been energetically adjusting them
selves to the new condition; so much
so, in fact, that foreign manufacturers
| show little enthusiasm over our :ariff
changes and do not eXptce to gain
any permanent fOothold for their
wares in this market. On the con-
trary, many Of them, as they e our
manufacturers vigorously adjusting
themselves to the lower schedules,
fear that before long they will be
obliged TO meet a keener American
competition in foreign markets. A
few interests may be injured by ex-
IRENE cuts, but these will be infinit-
esimal compared with those affected
by the stimulus to trade which will
follow and which will crafty many
thus far not heard from. American
skill and enterprise will surely give
a first class account of itself in the
long run, and tariff scares may 10Y
as well be eliminated in business cal
culations of the future. ....4
The financial s%bundertone shows
steady Improvement, although the
week has been a quiet one and prices
unsteady. In this, as in all the for
eign markets, monetary improvement
is steadily progressing. Business is
consequently improving, and a decd
eddy better investment demand is
springing up, which is quite as much
in evidence in the foreign markets
as it has been here. Speculative op-
erations have, of course, been re-
strained by monetary limitations on
both sides of the Atlantic. Just now
the markets of the world are unusu-
ally sympathetic and in close accord.
The demand for new capital, though
urgent, IS still held in allegiance, only
the most important needs being salts
fled. New issues in August will prob.
ably show a decline and a consider
able proportion Of those made were
devoted to providing for current ma
turtles. Secretary McAdoo's plans
for relieving the money market are
working out highly satisfactorily. At
east and west there is no longer any
fear of monetary s%tringency; and
trade beyond the Alleghenies, though
spotty, is showing general improve
Both trade and industry show
of revival. Railroad earn
ings have been more liberal, though
traffic at the moment is affected by
a tendency to hold grain for higher
The most %unfavorable fea-
lures in the situation, aside from
Mexico. are reductions of dividends
present or prospective in two or three
important railroad systems; also de-
lay in the currency bill at Washing
ton. The tariff has already passed
beyond the realm OF speculation, and
the chances are that ultimatel con-
gress will pass a reasonably satisfac-
tory currency bill. The technical po-
sition of the market is sound, the
floating supply of securities small and
the class Of buying good. 1t is no.
that values are much more
sensitive to favorable than to unfa-
vOrable news. Considering the good
the chances favor a broad
er and better market as the Mexican
skies are clearing and business is be-
ginning to assume it's accustomed
autumnal activity. Toward the close
OF the week the market assumed quite
buoyant tone, with the trend Of
prices decidedly upward; largely as
a result of President Wilson's skill
full handling Of the Mexican problem.