Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-04-16
As Viewed
From Wall Street

eIllIllelll WIS also unsatisfactory, dl
though it is believed a final adjust
ment is now within sight. Other I'm.
favorable features we're new legisla
tive burdens Upon the railroads.; the
increasing demands Of labor, and an
increase in the number of idle ears
The fact that the rise in stocks had
continued with little interruption for
nearly four weeks also induced con.
siderable realiZations.
Next to new security issues, the
tariff was the most disturbing fac.
tor. Although congress opened Mon
day and the new bill was introduced
without having much effect in the
financial district, manufacturing in.
terests are seriously perturbed at the
proposed revisions. 1t is not the rea-
sOnable cuts that are so much op-
posed, many of our manufacturers
being better prepared for a lower tar
If than is generally supposed, but
It is the disproportionate reductions
made in many cases between raw ma
terials and finished products that
arouses hostility. In not a few in
stances the reductions on c%ottons,
woolens, steel manufactures, -four,
ETC., are greater than in the raw ma
terials Of which they are composed.
Such reductions would put manufac-
tllrers at a much more serious dis
advantage than if the declines we're
made prOpOrtionate. In all probable
ity defects Of this sort will be rem
edied in the senate, if not in the
house, and the final bill is pretty sure
to be less drastic than the original.
Probably the worst effect of the tariff
Dill will be the inevitable uncertainty
for another two or three months, if
not longer. Merchants will refuse to
stock up, imports will be deferred and
many enterprises will be held in
check and importations retarded. The
effect OF the latter upon our national
revenue and foreign trade remains to
be seen; the probability being that
it might start gold imports at an un-
usual season. On the other hand a
rush OF imports is sure to follow later
on, when duties have been lowered to
take advantage of the new rates and
to I'LL up the gap in supplies caused
by several months Of waiting. Mean
while, much feeling will be aroused
by discussions, which will tend to d.
vert attention from legitimate bust
ness. 1t is worthy Of note, however,
that the securities Of protected indus
tries have not thus far shown any
particular weakness. Evidently their
owners are not in such a panic as an
pears when it comes to disposing of
their industrial securities. The steel
trade is conspicuously Indifferent to
the tariff.
The monetary situation is still i'm.
proving. Funds will soon begin t.
return from the interior more freely,
and the local money market is prom.
lsed easy going for the next few
months. Should business be less &C
tive. as now seems probable, that will
tend to encourage comfortable con
dltlons, although much depends upon
the extent OF the applications for new
. capital, which promise to be heavy
In Europe monetary conditions are
also becoming easier, especially in
England, France and Germany. The
war has practically ceased to be a dis.
turbing influence, although final ad.
Justments are still to be made. An
important French loan is pending
which may have some effect upon for.
eign conditions. An early reduction
in the Bank of England rate is ex-
pected, which now stands at 5 per
cent.
General business is evidently SLOW
ing down. Clearing house returns no
longer show gains over last year, in
fact, for the past two weeks they
have shown small declines. Railroad
earnings are also exhibiting smaller
increases. The number Of idle cars
increased, partly owing to the recent
foods, which naturally induced local
setbacks, but these are only, temper
airy. The most important favorable
factor is the fact that, relatively easy
rates are assured for some time to
come. Moreover, there are many
stocks which are still selling at prices
which yield liberal returns, even upon
the new basis of comparisons. An
other important element favoring the
stock market is the excellent crop
outlook. The condition of winter
wheat was reported as about II points
better than a year ago., and conditions
OF soil and for planting in all parts
OF the country have rarely been bet
ter. One more favorable factor is the.