Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-01-03
precipitate flight, and since the il

p~recipitate flight, and since the i'm.
proved feeling noted in the latter
weeks set in, less is heard Of rum
Ors Of business troubles in this and
other cities. The complete history OF
the l9O2-03-u4 collapse and quick re,
vlVal. some Of whose earlier happen
ings were closely paralelled in 1913,
will repay perusal because holding
some lessons and indeed some en-.
engagements. 1t is generally conceded
that while the entry Of industry into
the stock market in "a capitalized
form has made it more sensitive TO I'M
favorable happenings, it has also
made it quicker to respond later to
improving Influences: The best jndg-
ment seems to support the view that
money, the great desiratum in finance
and trade, will be both cheaper and
easier to obtain in 1914 than in 1913.
The passage of the currency bill is
expected to be an aid in this respect,
whatever may be thought of ultimate
effects Of the possible initiation feature
of the e measure, which has sup
planted a seriously defective system.
or course, any ill-considered rise like
that Of 1895, with its aftermath of
deep depression, is to be avoided, and
the possibilities of Europe endeavOr-
ing to further liquidate it's burdens in
American markets are to be consider
ed in this connection, though our i'm
mems credit balance may help us in
this respect. Money, however, should
be plenty for legitimate trade and
industry in 1914, and the absence Of
burdensome stocks, owing to long
continued hand-to-mouth buying,
should be hopeful. 1t will not be for
gotten that many crops were short in
1913, and prices, particularly of food,
were high, which may have helped
agriculture as a whole, though no
country ever made much money out
Of it's crop shortages. AS to 1914
crop conditions, it may be said that
said conditions are favorable and win
ter wheat s in excellent shape. The
matter of possible railway rate ad-
vances presses for early solution. All
of the advances asked for in past
years would have been insufficient to
save some badly managed enterprises
from the effects OF their OWN sins,
but the justice, indeed the absolute
necessity, of alulowing the railways
to recoup themselves for high cost
of operation can hardly be denied. In
this matter the auguries at the outset
of the year are thought favorable,
and il they prove so should have an
important effect in stimulating de-
mand for a variety OF articles which
move through the marts of trade.
Whether any great liquidation in com
modify prices is possible in 1914 Is
doubtful, and without that the often
predicted liquidation of labor seems
to partake of the nature CT a dream.
High costs of all operations, in fact,
seem to have come to stay, but it
does seem possible to make progress
in the matter of reducing the worlds
mos: useless expenditure, that fer ar
maments. Time will, perhaps, be
needed to heal the bruises; they were
deep.seated injuries that the
business world received in 1913, but
past experience would seem to indi-
that, lacking any serious damage
to the business fabric, of which there
are no really tangible signs, a com
paratively quick revival from the quiet
visible in many lines should ensue,
governed, of course, by the money
and crop developments of 1914.