Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-01-13

tudc Of hostility and severity, and is
willing to give our great corporations the
time necessary for adjustment to new rc.
%Quircments. At the same time, the lead.
crs OF big business have bowed to pub
lie opinion, and are sincerely cndeavor.
ing to place the great organizations
which they control within the law. The
vital fact is that We have changed from
the policy Of Capitalization created
largely under the Hartman regime to u
policy Of decentralization. The effect will
be beneficial in at least one respect in.
asmuci as it will discourage public hos.
tility to great corporations, and SO de-
privc professional agitators Of much Of
their political ammunition. On tho other
hand, this reversed movement Is some
what disturbing to the holders Of such
securities for the time being, for the rea.
son that the consequences of this decen-
tralizing policy are far.reaching, and
may temporarily affect the relative stand
ing or value Of some Of the securities
directly concerned, but these readjust-
ments will unquestionably increase the
oSSASItJ III SuC OIOCh lllu1AcL uIlO lllldlly
be beneficial to the general situation.
In commercial circles there is q more
confident spirit which, though not yet
resulting in any larger volume OF busi-
ness. BODIES well for the future. Trade
conditions are known with few cxcep.
tons to be generally sound, because Of
the conservative policy of the past year
Or SO. There has been no over production
Of merchandise, II OVERRIDING in specu.
lation outside Of real estate. As pre-
viously stated in these advices the Unit.
ell States is in a better position than
any other country in the world to lead a
trade revival-Great Britain and Ger.
many still being in the slowing-down
stage. An important and very encour.
aging feature is that President Wilson
is known to be strongly in favor of CIV
ing business a chance to recover, and
now that 50 much has been accomplished
in the direction Of tariff, currency and
trusts. lie is strongly inclined to curb
unnecessary new Legislation and give bus
mess the, freedom it sadly needs for re-
c%upcration. His forthcoming antitrust
message will be anxiously awaited in or
der to see if such expectations are sus.
tanned. In the textile trade improvement
is already noticeable. There is more &C.
tivity in cotton goods, and distributors
shelves are SO bare of stock that good
buying will be necessary to meet the
demands of a prosperous West and South
Last years full harvest and good prices
have unquestionably saved those sections
Of the country from the depression which
for the last six months has been so
severe in the East. In the steel trade
thate are symptoms Of having turned
the corner. Some liberal orders have
finished steel and rails. AS yet the rail-
roads have not entered the market with
any freedom for well known reasons.
The outlook for the market is for
greater activity, and in the long run for
better and improving prices. An encour-
aging sign was the widening market for
high grade bonds, which unquestionab.
~ offer many inducements to investors.
The January investment demand has
not yet fully developed for the reason
that buyers are often slow n changing
from! an attitude of timidity to one of
confidence. There is also q fair demand
for Ishort-term I notes. this class asof in.
fvestmcnt still having a vide popularity.
A large amount Of these will mature dur.
ing the present year and must Of course
be extended or refunded. There has
been some talk Of gold exports, owing to
the advance in sterling rates, but there
is nothing in sight to produce uneasi-
ness. This country has plenty of gold to
spare. OF late our exports Of merchan.
disc have tended to decrease, and our
imports to increase, especially under the
new tariff, which is bound to have an
effect upon our intern 't'onal trade bal-
ance.. Remittances to Europe have been
heavy Oh account Of January disburse.
>ments; and Europe has been returning
considerable of our securities, chiefly in
the form Of .short-terln notes. The Eur
opean markets are, m recover, liable to
shocks from India, Brazil, Canada and
Mexico, but these should not have any
lasting effect upon this maret. The dis
c%ouraging evidences. Of the week were
the large increase in idle cars, the de-
crease in unfilld steel tonnage, an un.
favorable copper statement and poor rail
road earnings; but these were to be ex-
pected after the sharp contraction of
trade at the end Of the year.