Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-03-06
As Viewed
From Wall Street

N I'M Ihl ott oI.lI N'ths ~
amplrs in this respect. Our foreign trade
continues record breaking in volume. and
there are no signs of l%cssened activity
in sight. The onIy important direction
in which there is any reaction is in the
iron business. and this is largely season.
al. The new demand for finished steel
products is less urgent thar a month
ago and slight concessions are OCCASION
ally necessary to stimulate orders. There
has been. however. no important slowing
down in the steel trade. and later on with
the approach of spring, the resumption of
activity is expected.
The most depressing factor in the stock
market has been the political situation.
The incoming of a new administration
necessarily caused serious doubts, par
ticuEarly in view of expected anti-tarif
and antitrust Legislation. The new pres
idcnt's principles are already well konwn.
Nothing new of Importance is to be en-
pcctcd ffom Mr. Wilson in this respect
His application Of these principles. how
ever-in Ocler words. his policies-have
not yet been autlloritatively announced.
Presumably his Inauguration address on
Tuesday next will give us some clue to
his future plans. limitations are already
in circulation that 10 radical movements
will be initiated. The newspapers have
also been actively guessing as to the
personnel of his new Cabinet: and the
men thus far selected are likely to prove
satisfactory; especially the one for Sec
rotary Of the Treasury. as | think l
l.,,, ,,l,nr, - Il, l;1-nl,. 20 1n n,I &c
am correct he viii be a very acceptab bic
official in all respects, and will inspire
confidence as Il wise adviser of the Pres
ident. 1t would seem, therefore. as if
the stock martlet had discounted all un-
favorable political conditions, including
che tariff and the antitrust movements.
In the monetary situation. while firm
atcS are to be expected for some time
to come. particularly as the first Of April
approaches. there are signs Of lcSSened
strain in the European markets.. which
have been Il very important element in
the recent decline. But now that the
Balkan war is virtually over, the hoard-
ing of funds estimated at over $500, 000.-
DG9 will cease. This money will soon
come back into circuIation;~ and, with
lcssened apprehension in the European
circles and the restoration of peace, the
credit situation abroad should steadily
improve; although the after effects Of the
war cannot be expected to Immediately
disappear. Another favorable Indication
is the changing attitude of the public
toward the financial district. 1t is rec
ognized that the investigation Of the
Pujo committee was conducted with so
much bias as to impair its usefulness and
influence. Its best result has been to
emphasize the fact that such cOncentra-
ton of credit as really exists is largely
owing TO our defective banking system.
1t has also had the effect. as sober sec
ond thought gradually asserted itse'f.
Of correcting many Of the fallacious Opin-
ions held regarding the financial district
in New York. q
At Albany, where sensational and high
ly injurious legislation has been pro-
posed, there are signs of more sober
and sensible views prevailing. 1t is in
conceivable that the Governor will sane
ton the proposed legislation against the
New York Stock Exchange when he re-
''''''' i' III lax "ioS
place, the Exchange is not responsible
for the evils charged against it; second,
Incorporation would be a futile means
of regulation and much less effective
than individual control: third. doubling
the transfer tax would only drive bust
ness to other cities. and diminish rather
than increase the states revenue from
this source: fourth, it would seriously
injure many important interests in this
state, for securities could easily be bought
and sold elsewhere. and this would check
the growth of legitimate banking inter-
ests, disturb the delicate machinery of
the worlds second largest financial cen
ter: and, fifth, it would seriously affect
the value of downtown real estate.
which contributes largely to the pros
perity Of this great city and pays a big
share of its taxes. The blame for such Il
stupid attempt at self-injury must be
placed upo a lot of visionary refOrmers
who ought to know better. If intelligent
and fair-minded discussion is of any
value such legislation will be prevented.
All things considered there are rea-
sons for taking more hopeful views re-
SardinS the future. AS already stated.
the adverse conditions nave been largely
if not over discounted. An important
consideration Is the fact that many good
stocks are now selling at such low fig
ures as to make them exceedingly at
tractive investments, even considering
the prevailing firm rates for money.
Should the developments of the next few
days prove of a favorable character, we
may expect a further rally in the mar
ket. Should news Of an unfavorable char
acter develop, the decline could not be
very serious. because liquidation has al
ready been thorough and comprehensive.
The Mexican sitatuion has at no time
been a eriou factor in the stock mar
ket for the reason that intervention is
extremely improbable, and has thus far
been entirely uncalled for. Europe has
become decidedly hopeful owing to- i'm
provement in international relations, and