Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-07-09
BY Henry ciews.

NEW YORK, july s, 1913-We enter
the second half OF 1913 after nearly a
year Of almost continuous shrinkage In
Stock Exchange values. The highest av-
erage point reached for twenty leading
railways in 1912 was 124 on August l4th
and 90 for the twelve leading industrials.
On June 30th OF the current year the
average of twenty leading railways was
103 and of twelve leading industrlafs "A.
This Is a drop within eleven months of
81 points in the average OF railroad
shares and Is points in Industrial shares:
an almost sensational decline; n the
bulk Of it has taken place since the
election. That it has been accomplished
with no serious disaster is excellent evil
dence of the inherent s%oundness OF ar
fairs in general. The question is. will
the second half OF 1913 show . continual
ton of this tendency: or is not 1T least
Ia moderate recovery about due?
Ever since the election the market
has been treated to q succession OF
nightmares. The Balkan war was one:
fear of a worldwide stringency in mon-
ey another: tariff revision aRother; All
unsatisfactory railroad situation another
and the series OF important d~issoiutionS
in compliance with the Sherman anti
trust law still! another. And yet the
much dreaded MinnsSota rate decision
was finally handed down and proved To
be reaSSuring r thsr than disturbing
The American Tobacco dissolution is out
OF the way. So too. is the breaking up
.lf fha va ~-ir-en r,assyaF ~rl9lriDv OF
the latter affords signal relief 20 the
market. inasmuch as ii removes i vast
mass OF securities, the final placing Of
which was L raon1suColiS pr lem. The
Importance Of this Us u stock market
factor has not yet been fully realized,
Finally h monetary situation is right
ing Itself. The July settlements abroad
were passed without the much feared
disturbances. July payments in this
stringency, were passed without 4 rip
pie, and this in spite OF unsatisfactory
monetary conditions. In spite of July
dividend and interest payments, aggre-
eating 1886, 600, 600, call loans ranged
+ rom l to 2 IA per cent. Our tariff is
now in the last stages of preparation,
though it may be some weeks before
actually passed and months before 60
Ing Into effect. The worst in this respect
is already known, and any changes in
schedules are likely to be 4 relief rath-
er than an additional impeachment to
manufacturers and merchants. Once tho
bill is passed, the disposition will GER
tainly be to make the best of it, though
for the last six months the inclination
was naturally the reverse. In any event
the proposed new schedules have already
been largely, discounted. Comparatively
few concerns will be injured by the new
rates, and it is frequently overlooked
that in many respects the lower sched-
ules win be a positive impetus to trade
activity. The currency bill is having
rough sailing. 1t contains not a few
new features which are unsatisfactory
to bankers, anr which leave the present !
bill more Of a makeshift than a real
for present banking and currency
ills. Unfortunately. popular prejudice and
ignorance stand in the way OF a really
currency measure. Probab-
~ the bill will pass in due time. But