Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-01-07
New Year Opens With More
HOPEFUL Circumstances Than
Year Just Closed
Strain Incidental TO First Of
Year Passed Almost With.
out Notice
By N CLEWS


NEW YORK, Jan. 1.-The new year
opens under conflicting but more hopeful
circumstances than it closed. The main
source OF Improvement Is the monetary
outlook at home. The strain incidental
to the first of the year passed almost
without notice. Our banks, owing to
recent liquidation. are in much stronger
position than for some weeks past. Tn
| zenith of the crop demands has been
successfully passed. Very soon n
! will begin returning from the interior
with increasing freedom, n there Will
be little, II any, prospect of stringency
until preparations for the April settle
ments are In order. a similar situation
! exists In Canada. Large sums of Ca
madam money were withdrawn from
J New York during the autumn and early
winter to handle the Canadian crops.
These funds also are likely to return In
part to New York as the most desirable
field for temporary employment. An adj
ditiOnal source Of relief in the money
market may be the moderate slowing
down of business resulting from the APP
preaching tariff revision and the increas-
ing opposition on part Of merchandise
buyers to high prices. The only offset to
these easier tendencies in money at
present in sight IS the prospect of many
new capital Issues. Our railroads are
much in need of additional funds for
improvement purposes, and many of our
industrial plants are also likely to come
into the market for new issues. These.
however, have been long expected and
there is no doubt that our banking re-
sources will be able to take care Of prob
able offerings.
1t is some satisfaction to note that the
l.. ,,Is, ,,,c:Atos, q = hn,,,n Il, cntte-
factory than abroad. The European
banks had scarcely ceased their efforts
to strengthen themselves after the
strain imposed by the Balkan war be-
fore fresh demand came into view. In
dicatio,s are that the European markets
will be flooded with very heavy new gov
ernment and municipal issues; a portion
Of which will be used to pay the debts
incurred by the Balkan a but a good
.ly share of which will also 60 toward
various improvements and enterprises
under government supervision. Very
heavy loans are pending at London and
Paris o N account of Argentina, New
Zealand, China. Bulgaria. Greece. Hun
gary, Italy. Austria. Servia. Roumania.
Turkey, Norway and Sweden. The in
direct effect Of these demands upon the
American money market is yet to be
determined. 1t will, of. course, tend to
defer and not accelerate easy conditions.
although nc advance Is at present ex-
pected in the Bank Of England rate.
There are yet no signs of the present era
Of world wide development having
reached it's climax. There is every
prospect of the British Empire enjoying
another year of exceptional prosperity.
German activity has only been tempo
rarily impaired by the Balkan val,
which has almost passed into history
and left the old time Eastern question
in a much more settled condition than
within a generation.
The outlook in the United States for
the new year, all things considered. IS
encouraging. 1t is possible. as just said
that owing to tariff legislation and to
disturbing political agitation the conn
try may experience a temporary slowing
down Of business. but this cannot last
indefinitely. The country. generally
speaking. is bare Of merchandise. In no
important department is there an over
supply. The growth Of population and
development Of our home mean
q resumption Of industrial activity At
the first opportunity. There are signs
also Of our politicians takin" notice TIM
too serious disturbance of business will
ICUCL U.'OIl- luCu o"A -
remarks on government ownership
Of railroads are not assuring: hut that
Is q problem that will require much dis
before action viii b" ross'h'o
government owned railroads compare !
in efficiency and cost with American !
railroads. which in spite of their errors
n MANAGEMENT are the most efficient |
and cheapest in the world. A little ex-
iertpnce with government ownership
would soon convince our people Of its
fsllRcies. /
The political outlook. though complt- I
Gated rs usual. is really hriehtening. No !
lestsl9tton Of importance is to be expect |
ed until the new Administration comes
into power two months hence. Next
week the tariff. banking. ship trust ana
pHto committees viii give hearings ut
washington end interesting results viii
follow. NJ Wilson win prosnpt1v cal
an extra session. and It ID to be hoped
ita attention will be confined strictly to
the tartK. a good way to meet the