Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-12-03

Hon. r. r. Flint, dairy commission.
er, and commissioner Of agriculture
elect, has received a copy of the third
quarterly report from the price in
auiry'' office of the Swiss Agricultural
association. at Brugg, Switzerland,
under date of November 2. In speak
ing Of the international commerce in
general the report says:
"The European war, by its immense
development has affected the econo-
mic life of the entire world, and its
effects are making themselves felt, TO
a marked degree, in every branch OF
human industry. The exchange OF
commodities in both hemispheres has
come to a sudden %standstill, and the
business world finds itself faced by
the difficult problem Of fitting itself
to face the extraordinary state OF af-
fairs created by the conflict between
the principal nations Of Europe.
1.-The first direct consequence Of the
war was, as was to be expected, that
the %belligerent states sought to in
crease their stocks OF money and gold,
and to prevent its being sent out OF
the country. From the moment that
wal seemed inevitable, money began
to get very scarce. Many OF the pub
lie Withdrew their savings bank de-
posts, and current credit accounts to
a considerable extent. A scarcity OF
ready money in circulation was the
result. In the international money
markets the rates Of discount under
went a sharp rise. Once the first eX-
element was over, a number of banks
Of issue lowered once o their high
rates of discount. With the COM
mencement of mobilization followed
the reservation Of lines OF railway for
the transport Of troops; and the pro-
hibitions Of expectation pronounced
by the majority OF European govern
ments, and the disturbed state of
credit, rendered more difficult the
carrying on Of export business even
with such lands as were not directly
affected by the war. The railways
and customs of the European States
experienced a great falling off in re-
ceipts, as compared with the cores
ponding months of the year before.
In the United States of America, too,
the export Of goods for the month of
August amounted to only 40 million
dollars, as against 1888 millions in the
previous year. The imports, at 129
millions, stand at 9 millions below
those Of last year, a proof of the SER
ious d~is.ocation of trade, which the
European war has caused even in
America.
Employment Affected.
"The disastrous consequences of the
outbreak Of war are shown also in the
employment market. The ratio of en-
ployment underwent, in the first half
Of the month Of Augustus severe re
l2rse, more particularly in those
trades which, more or less exclusively
are confined to the work OF eXpOrta-
ton, or to the manufacture of articles
of luxury. On the resumption of goods
traffic, and in part, too, Of maritime
commerce., a recovery set in general.
ly. Those firms, in particular, whose
specially is the equipment and arm.
ing Of troops, experienced an active
demand; but in other trades, too, a
gathering condolences is apparent.
THE building industry, in most
cases, on the outbreak of hostilities
found itself completely at a s%tandstill.
A %stagnation, such as has not been ex-
perienced for a number of years,
reigns in the Jaw iron market. The
iron and steel industry is feeling Sc
verely the lack Of large orders from
the railways, their principal custo-
mers. Here also, however, the gentle
Improvement in the financial situation
has. or late, created a somewhat bet
ter tone.
Production Diminishedh
from q consideration OF all these
various factors one may conclude that