Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-09-04
Rv Henry CIeWs.

New York, Sept. 3.-Holiday quiet
Mexican difficulties and damage tt
cotton and corn from protracteI
! drought naturally lessened activity
on the stock exchange. Vacations
however, are nearly over, and thu
i, return of many buoyant absentees Is
likely to stiffen the spirit of hopeful
ness now developing, after almost 6
year of depression. The main hin
drance to further stock market re
covery has been the Mexican prob
lem. Perhaps this affair Is taken ra
ther more seriously than 1t deserves
for war with Mexico. even were II
probable, would not be a very serious
matter to the United States, and hap
PLY there is little or no chance what
ever of such a misfortune. President
Wilson and congress are in close &C
cord for preserving peace. Neverthe'
less security markets are peculiarly
sensitive to troubles Of this charac.
ter, owing to their speculative posi-
bilities. For some time to come, at
least until after the new election,
Mexican affairs will necessarily be
unsettled, and hence a factor of un-
easiness here, especially in view OF
large American Investments in that
country. 1t would seem, however, as
If the injurious effects Of this con
troversy had been fully discounted in
the New York market. The full Ell
fects of President Wilson's soothing
but firm Mexican message have yet
to be seen.
Reports of further damage to cot
ton and corr had a decidedly damp
ening effect upon bullish ardor. 1t
is evident that considerable damage
has been done to these two important
crops and that the next government
report on cotton and other important
products will be an unfavOrable one,
even allowing for the fact that Au.
ricultural deterioration. Our leading
crops not infrequently show a loss Of
5 to 6 points in this period, and the
drop in cotton in August will exceed
the average, estimates ranging 8 to
10 points. The effect of these losses
may, have exerted its full influence
upon both cotton and corn markets,
and is now causing a setback to trade
in the affected districts; though the
states as a whole will not suffer seri-
ously because of good crops and off
sets in other directions. Taking crop
injuries at their worst, no calamity
has. occurred, but only a disappoint-
ment in early hopes, which will have
to be taken into consideration in es-
timating future operations. Two ef-
fects will be, to bring better prices
for these staples to growers in other
sections and to lessen the demand for
money to move crops in the inquired
districts; als0,i smaller traffic for
the railroads! 9
July exports amounted to $3.50, 500,-
900, or Sill 200, 900 more than a year
ago; the increase being mainly in
grain and manufactures. Imports,
however, were only $139,200, 000, 3d.
100000 more than a year, ago. This
left an excess OF exports for the
month of over $4,000, 600, compared
with only 5000, 900 last year and &c.
100000 in 1911. Here is a very salts
factory addition, to our credit abroad.
Some interesting developments may
be expected in foreign markets
during the next few, months. Exports
should expand because of our bump
er wheat crop. OF course, there is
steady contraction in meat and min
eral oil shipments, owing to growing
demand and scarcity at home, but
this promises to be Offset by our
steady growth Of exports of manufac.
lures, particularly Of steel products.