Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-07-09
Situation As Viewed
From Wall Street

, as a matter of safety it would be well
for Congress to extend the Aldrich- Vree-
land bill until such time as a satisfactory
currency bill can he enacted.
J. AS a result of the conservative bank
ing policy pursued for the past two or
three months our banks are steadily
! strengthening their cash resources and
| are now in 4 much better position Tor
| meeting tho anticipated autumnal dc.
| mands. As usual the contingencies mos
| dreaded have been warded off by antici-
| patton. Call money is very abundant,
owing to the ample supply of cash, and
| easy rates in this respect are ant.ci-
! pated until the crops begin to move.
| The only unsatisfactory feature OF the
monetary situation is the insistent de-
mand for new capital. which too IRE.
Iuueutly is obtained by excessive issues
! Of short term notes. 1t is to be noted.
| tina these demands are being postponed
or altogether refused. During June the
! new security issues amounted to $780,
coo, 900. compared with S299. 000, 600 a
g ago. q decline of Sis. o00. 900. The
amount of railroad bonds issued In June
was about q, 200. 600. compared with S26.-
00G, 900 q year ago, while of railroad
notes the ISSUE vas SlOi, 600. 900. as
against 81, o0o, 900 in 1912, Industrlals
issued only 1000, 600 OF bonds. against
S33, 900, coo L year ago, hut $3l. 900, 900 ot
notes, as cortraSted with $1,000, 900 tae
previous year. Out of the total issue
OF securities for the month $l55. 000. 600
represented short term notes. 1t is i'm
possible to determine what proportion
OF these were for refunding purposes.
Outside OF the financial district condi-
tons are really more encouraging. The
crop outlook is still very satisfactory,
beneficial rains having fallen freely
where most needed during the past
week. The winter wheat crop is already
harvested. showing Il yield of loo, 900. 900
bushels greater han u year ago : The
government report on grain will shortly
be out and Will be watched with close
interest. While general trade shows the
usual summer quiet, merchants are anti
cipating Il much more active business as
soon as the tariff is settled. In many
cases shelves are bare and active buying
wan DS S.o ! illo
means a restarting Of many idle mills.
From many sections Of the country
trade reports are decidedly encouraging,
and n good harvest will insure good
business for another six months. Steel
orders are being stimulated by slight
concessions. There is only mi s pot
that requires serious caution: that is the
money situation. Bankers are still very
conservative and are inclined to enforce
contraction" and moderate readjustment.
Liquidation has been prolonged and Sc
we're in securities it has made consider
able progress in commodities, many of
which have undergone sharp declines.
1t is now making itself felt in the re-
straint imposed, upon any except the
most necessary plans for expansion or
Improvement. In short, the process OF
self -righting has been going on, for near
ly a full year: many difficulties have
been safely passed and those that re-
main have been well discounted. AS
500 mas the crop and monetary situa-
tons get beyond the range of uncertain.
ty We may look for. a better stock mar
ket. Just now pessimism is in danger
OF being overdone. '