Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-11-20
CLEW'S MARKET LETTER

change. These are somewhat vague
and spasmodic: nevertheless, there
are reasons for taking somewhat
more hopeful view of the outlook, and
this in spite Of serious uncertainties
| which still remain. he most tangible
form OF, improvement has been IN the
| Mexican situation Premier Asquith's
speech in London on Monday last
| was largely responsible for this
change Mr.. Asquith made it plain
that, while Great Britain did not in
tend to in any way interfere with
Mexican affairs, British sympathies
were distinctly with the United
States. The moral effect of this atti.
tude was not at first thoroughly COM
pretended. AS France and England
are in many respects in close accord
on international affairs, France
would undoubtedly follow the lead OF
England in Mexican affairs. Both OF
these countries have financial inter-
ests in Mexico, next in Importance
to those of the United States; and in
all probability Germany would fol-
low their example. At any rate, Ger
many would not be likely to antag-I
onize such a powerful trio. Japan,s
too, has interests in Mexico, some
what remote, perhaps, and she also
would be apt to follow England's
informal but very significant atti.
tude, it will be practically impossi-
bic for Huerta to obtain financial
support in Europe, without which his
position must eventually fail. At this
writing the outcome OF Mexican af
fairs shows decided signs of improves
ment. A very important step toward
adjustment has been gained by the
alignment of Europe on the side OF
the United States, so that Mexico
now stands without friend Of i'm.
portance, and Huerts must sooner or
later submit to the inevitable.
Another important aid to improve,
ment is the partial clearing up of the
money situation in Europe. Condi-
tons in Paris have distinctly im-
proved; sufficiently so, at least. toifas
cilitate the placing of the new French
loan, which no longer causes any ull,
easiness. Our abstention from fur
ther imports of gold at this time,
when the foreign trade situation ia
vors us, has also given a sense Of
relief in London, where it was feared
that the Eank of England rate might
be advanced in order to prevent Am
erican purchases of gold. MOreover,f
the great banks of England, France
and Germany have succeeded in for
tifying their reserves, factor of
much importance, considering the re-
cent strain upon European finances,
which is evidently subsiding.
Still another element to be consid-
cred is the very low price at which
many good investment securities are
selling. Not few good stocks are
now quoted at or near the level of
the panic of 1907. We have had dur
ing the past year, continuous and
severe though gradual liquidation
In brief, we have experienced a slow
panic, and without any serious dis
aster. There is some contraction in
the volume of business. but thus far
there has been no serious shrinkage
in consumption, and the remarkable
manner in which railroad traffic, is
sustained proves that there has been
no serious impairment in our varied
national activities. The latest gov
eminent report shows that the corn
crop had been underestimate, and
that the total yield will amount to
about 2,50O,0OO,OOO bushels, which,
when added to the amount left over
will leave an abundant supply Of that
valuable cereal both for home and ex-
port purposes. One more event which
may eventually work out for good
was the granting of an increase in
wages to trainmen. These demands
were not justified by existing con-
ditions; hence, the award was less
than expected. It's effect, however,
will be to place the railroads in a
better position for demanding an in.
crease; in freight rates. Even the
most violent anti-railroad individuals
must admit, unless reason has com
| pletely deserted them, that the rail-
roads will have to somehow secure
compensation for these heavy expens-
es, if they are to preserve thir crd-
| it, without which thy cannot meet
public requirements.
The reaction in the steel trade con-
tinues, and production is being some
what curtaiued; lower prices having
thus far failed to act as any partic-
ular stimulus upon orders. There
are indications that foreign steel will
be landed on the seaboard to some.
extent, but such orders promise to be
limited and not an important factor
in the steel indus try. So far as the
tariff is concerned, the cotton and
WOODEN industries are feeling its eff
fects most severely. Quite a number
of our cotton mills are being hard
hit by the increasing orders placed
for foreign fablics and the wooden
industry is in even worse condition.
| it being estimated that nearly one,
half of the WOODEN mills in the coun
try are idle and that some of them
will never be able to start again iii
competition with foreign goods. Our
tixtile industries are further embar
rassed by the high cost of raw ma
terials; and the demands of 22,9O0
operators in Fall River for an ad.
vance in wages at this time is ex.
ceedingly inopportune, showing as it
does failure on ten part of labor
leaders to recognize depressing eco.
n0mic conditions.
Perhapssthe most discouraging Of
all influences is the indiscriminatel
attitude Of hostility at Washington
and in many state CapitOls toward