Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-01-22
Occasional Shadows Obscure
the Financial Horizon Of
This Country
Few Signs Of 0verprOduction
Visible on the MerChan.
disc Market
BY CIEWS

BY HENRY CLEWS
NEW YORK, Jan. 2l.-Thc iinancia
horizon is still obscurcd by Occasional
shadows. =! hitch IN peace negotiation.
in Europe and an uncertain political sit
uation at home served to impede the
Improvement in Wall Street that shoul'
have followed easier conditions in the To-
cal money market. Among the incidents
having Il decidedly restraining effect up
on business in general are the possibili.
ties connected with Il coming change ir
The administration and the disclosures
made by various public Investigations.
Adverse supreme court decisions have
long ago been checrfully accepted, and
our great corporations are doing their
utmost to conform with the law. The
tariff has been and will be n source of re-
Stiaint until II is definitely known what
changes are intended, but the feeling is
growing that no ruinous reductions in
tn" schedules will he attempted. Some
Of rresident-elect Wilson'S recent public
~nttcrances, which were rather vague and
threatening. came as a shock to business
men, hut ii is quite possible that they
carse1 more fright than Is Necessary.
Mr.. Wilson has since announced that he
viii welcome all classes Of business men
in conference while at the White House,
and if he proves rs satisfactory n pres
id"nt as he has governor of New Jersey
there will be no cause for alarm. Most
public men talk more freely out of Of
flee than in, and it should not be forgot
ten that after all congress makes our
laws and not the president: howsocvcr
mrch power he may have in crystalli2inE
puhlic opinion.
\ somewhat hypochondriacal state Of
the public mind is one Of the unpleasant
features If today. The country has be-
come so accustomed 10 clf-intr0spec,iOn
that it is ahnormaIly sensitive and pes
Simistic. We are in danger Of losing our
S~cif-poisc and warping our judgment. 1t
is high time that public sentiment re-
turned to the normal and recognized, no
matter what our current ills are, that
curative influences have been silently at
work for some time past, that laws have
already been passed which would pre-
vent recurrence of many of the misdeeds
'~' >N'''' ~ N''S ~ ieN'b "Ai' lliol lilN
standards Of business have already visi-
bly, risen in conformity with the change
in public opinion. Let it be remembered
that the prevailing tendency of the times
is for the evil to quickly come to the
surface, and that the disposition of sem
sational politics and journalism is to ex-
agGerate such affairs. The sound things
and the good things in business life. as in
h"mc life. are accepted as a matter of
course and attract no attention, although
they largely predominant.
Trade conditions at large are Satisfac-
tory. Occasionally there are symptoms
Of Il slowing down in husincSS-much Of
which is customary at this season of he
year. so far as the merchandise MAJ.
ketS are concerned. there are few If any
signs of ovcrproduction. The buying
power Of the country has been
~ enhanced by the great crops of 1919.
and this stimulant has not by any means
exhausted itself. Our mills as a rulc
are still running full time, and are fire.
luently unable to make deliver es
promptly enough to satisfy distributors.
The iron trade continues active, and the
outlook is for another year of large pro-
duction. Bank clcarings are heavy and
still running about 10 per cent. ahea,l Of
a year ago. Railroad earning are we'll
maintained and showing increases Of
considerably more than 10 per cent. over
last year. Our foreign trade is also in
excellent condition, exports and imports
continuing large. although some cessu-
ticn has been anticipated in the iatt.r
owing to impending tariff reductions.
There has been further relief in mor-
ctary Stringcncy. Funds have returned
freely from the West and easier rates.
prevail. The stringency in Paris has also
subsidized, partly as a result Of aid OBJ
tanned from American gold exports, an!
the situation there is now on a muct
soundcr basis. Whether more gold :ill
60 to Europe or not depends upon carly
developments. 1t has been estimated
that we should send at least SO, OOO. OCn.
Europe, however, is q large debtor %
the United States, and any additional ax-
ports of gold would practically amount
to n further loan. In London money
rates are again hardening. The foreign
is Of particular interest to .t,i5
market at present because Of these con
and it remains to be seen whcth~
er Europe will send lis merchandise, Sc
or gold in settlement pf her cur
rent indebtedness. The financial stra,l
incident to the Balkan war should goa!
cease because hostiIities are practically
over. Nearly all the states concerned
owcvcr, are coming into the markc, as
iberal borrowers, and there is in cGnsc-
little prospect for immediate casa
II the European money markets. Sever
foreign governments have recently |
jcen obliged to pay 5 per cent. and over
or temporary accommodation. How
ong the present easier conditions at
will continue depend upon circum-
stances. Should new issues be put out