Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-06-03
CLEwS' MARKET LETTER
Henry Clews.

A decided change in The undertone
OF the stock market has developed,
although unaccompan;ed thus far by
any corresponding increase in activ-
ity. The r%eactionary spirit has it's
main foundation in an improved Mex
lean situation, a satisfactory crop
outlook and the prevailing ease of
money. The change in tone has
been sufficiently strong to counteract
quite a number of influences of a not
entirely satisfactory character. The
New Haven investigation has posi-
bilities OF disturbance, especially as
it is known that other railroad deals
tof a questionable character are likely
to be again raked over far public in.
spection. Thus far nothing new of
Importance has been sdisclosed by
these Investigations, the effect of
which will probably be to stimulate
the demand for more rigid regulation
of railroads in regard to their finan.
ces, as we'll as to their physical oper-
alton. 1t is somewhat d~isconcerting
to see the Interstate Commerce Com
1AooAo- WuASA "dc Oll6llldlly llIcllu-
ed to as an administrative organic
alton, developing into an instrument
of inquisiticn and departing from the
judicial spirit in which it ought real
ly to be conducted. There is a pos.
sibility that these investigations will
delay action of the Commission on
the rate question, concerning which
a settlement has been urgently desir-
ed. Nevertheless, as previously stat.
ed in these advices, it would be vast
ly more encouraging to the business
community if they could be satisfied
that the Interstate Commerce Com
mission could be regarded as a judi
cial rather than a prosecuting body.
Outlook Satisfactory.
The monetary outlook is satisfact-
DRY. Home demands are light owing
to general commercial s9ack1ess.
Satisfactory progress is now being
made in organization of the reserve
banking system, thus ilsuring ccm-
Portable conditions during the COM
ing autumn, when it is to be expected
that the demands for crops and trade
will become much more urgent.
Thus far large exports of gold have
had no effect upon the local money
market. Fully $15,00O,O0O has gone
abroad on this movement, chiefly to
Paris; the Bank OF France evidently
Strengthening its reserves in order to
take care of the Forthcoming national
loan. The financial strain in Paris
resulting from unsatisfactory politi-
cal conditions is also doubtless a
factor in French gold imports.
England Active Competitor.
The Bank of England is now begin
ming to compete more actively for
god in order to strengthen its re-
serves, which for some time past
have been below what prudent bank
ers consider safe. Very probably,
therefore. the efflux of gold from this
center will continue or SOM time to
Gene. The tendencies in our W
foreign trade also encourage gold ex-
ports, for the reason that imports of
merchandise are steadily expanding,
while exports of the same are as
oIcdulfy ucCIcdSlNS. his SQGfD re-
versal of our trade balance from the
usual preponderance of exports must
of course be made good by gold ship.
ments, unless Europe should decide
to take our securities more freely
something which at present she is
not inclined tc do. The local money
market may be somewhat influenced
by important financial operations
which will have to be adjusted dur
ing the next few months, especially
in the meeting of maturing railroad
obligations. In June alone the ma
turtles to be provided for will reach
over 100000, 900, of which s11O.O OO :
600 consist of railroad notes. Quite
a number of our great railroad cor
porations have heavy obligations Of
this character to meet during the
next few months, and their %refinanc-
ing will be a matter of considerable
Importance, if not possible concern