Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-05-14
Fine Crops Over Northwest
Continued FROM Page One.)

met with poor success, the latest eX.
ample being the Brazilian $35,OOo,OO
loan, Of which the underwriters, the
Rcthschilds, were compelled to take
90 per cen at a discount.
The European financial situation is
materially affected by payments for
the Balkan war, which are likely to
result in at least $500, 000, 900 new
state issues. Added to this is the tire.
mrndous burden OF armed peace,
whic!, a prominent European econom'
list has recently estimated costs the
principal governments Of Europe not
less than 80 ,0OO, OO0, 900 per annum.
Here is an enormous wastase Of cap
ital, not 20 speak Of the $500, 900 men
employed in the armies and navies
+ Europe and thus withdrawn from
productive occupations.
Gold Exports Resuemd.
The resumption of gold exports to
Paris attracted some local attention,
but at this was part Of a transaction
to strengthen the bank of France and
does not mean any general effluX at
this season, it should not be regarded
as particularly important. A favorable
feature and a good offset to these con-
ditions will be the gradual release OF
the $3OO,0,J,OIO of hordings which fol-
lowed the Balkan war.
In business circles there is increas-
ing conservatism accompanied by a
general slowing down; this tendency
being on the increase at Western trade
C2nters. Bank clearings at all cities
in the United States during April
showed a shrinka2c of nearly ) per
cent compared with a year ago, the
largest declines being in the New Eng
land and middle states, where tariff
changes would be most felt.
Failures Aggregate S18,00o,0 0o.
The failures in April aggregated
SIS, 0O0, 800 in liabilities. a moderate
increase of about $4,000, 900 over last
gear. Real estate operations show con.
traction with a year ago. This reac-
ton is partly due to the caution Of
bankers, who are discouraging over
en-. lnsiCn, and are anxious to strength
en- their reserves before the autumn
demands. which may be very heavy,
begin to assert themselves.
An added cause of hesitation is the
new tariff and its possible effect upon
value. 1t is well understood that the
bill as passed by the house will ser
iously affect a few special interests,
and there is strong hope that the eX-
IRENE cuts will be modified in tn, SEN
ate before the bill becomes law. Bust
ness as a whole will not be largely
affected by the new bill. AS long as
uncertainty lasts, however, commNrc-
ial transactions must be limited to &C.
tual requirements.
Large Imports Inevitable.
When the bill is finally signed bust
nes thus held back will be rushed
forward ad We may anticipate prompt
return to more normal activity. Larg-
er imports are inevitable. The in
tax feature of the bill is Great
ing increasing friction and opposition,
although not a serious incubus as yet
upon business transactions. ,
The most encouraging feature in
the business OUTLOOK is the excellent
crop prospects. From nearly all parts
of the country come advices stating
that the soil has had abundant mois.
ture and that all the crops promise d
splendid start under most favorable
conditions.
Should present crop expectations be
realized there is no question but thai
they will largely offset depressing ten
, denotes in business affairs. especially
when the tariff is out Of the way
! Other favorable business indication!
| are the decrease in idle cars and tn,
reduction in stocks Of copper.