Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-02-03

lana rate, was fcNuceu TO ! per cent, inc
third reduction this month; and the Bank
OF r rance rate fell to 3 IL per cent, the
first change in fifteen months. Just now
the worlds money markets are In. re-
markable: unison: all Of them being con.
trolled by cheap money. dun trade. q re-
vival5 in Investment demands and fear OF
a tldod 0f new issues. III Europe the
slackRess Of business is now an even
more important factor in the money mar.
ket than the strain from the Balkan war
which has practically passed AWAY
Hoardings are now being released and
will soon b 9 slubricating the wheels. OF In
dustry. In London and in the Continental
money markets. there Is still an apprc-
hended pressure OF new securities. France
Germany. Russia, Greece and other ma
tions are all negotiating for heavy loans
some Of them for purposes OF legitimate
DEVELOPMENT, but q large proportion for
warlike and other u%nproftable expendi.-
lures. The new Prussiant loan for. &a1oO. 900.
900 was a pronounced success. Naturally
ths. situation, while improving In Europe
Is not entirely free from distrust. Such.
conditions, do not exist in the United
States. Happily we are. not burdened
with militarism. nor Is the country SUI.
ferlng in any. degree from o~ver.produc-
ton On, the contrary scarcity in many
lines is IA common complaint. II my
thing we. are suffering from under-pro.
duction which is of the main causes
for high prices and prevailing discomfort.
Our chief, grievances have arisen from
deficient or Ml.digested legislation, al; well
as from blind and ,%reyengelul hostility to;
big business resulting from the latter's;
past nnisdeeds.: Greater changes in these;
respects however have taken place than
arc generally recognized. Big business is
generally In \ repentent mood and quite
willing to accede to reasonable public
demands. The changed attitude 30f& big
business towards the public and the less
hostile attitude tof the Government to-
wards big business should tend to put
the radical agitafor out Of business and
In time to soften the public unrest which
has had so much to do with impeding
husinessIrec0very. d
Since, the first Of the year q very sud-,
den change has taken place in business
sentiment for reasons heretofore explain
ed. This rebound has been perhaps al.
most too violent. and a reaction such as
experienced this week was perfectly. mas
tlral, II not desirable. as a restraintsu ups
on our mercurial business temperament.
Real improvement can be observed in the
business Situation as demonstrated, in the
slow but steady increase in demand for
steel products also a greater activity,
and stcadiness in all the textile mar
kets. The outlook for spring trade Is
generally regarded as encouraging. and
the Universal change from q spirit Of
extreme pesstmism to one OF rational
optimislh lis = sure in time to lead totstiil
further improvement because economic
and business conditions at home are ses.
sentially sound. OF course. there h more,
or less distrist of what Washington may
do during the session preceding a Con.
gressfonal election, but, much confidence
is expressed in the ability of President
Wilson to restrain radical tendencies.
Our foreign trade returns for 1913
showed exports valued, at 81, 4S4. 000. 600.
Or $751; 900 ahead Of the previous y'ear,
while onr imports amounted to $1,792
100000. 9 decrease Of $25 10000. The ex--
cess OF exports for the year was $692, 0OO.-
600, or Sill, 100000 greater than the year,
before. The present year will probably.
show some decided changes in our Tor,
eign trade, especially ineimports... and no
alarm should be shown il the excess Of
exports ecomes less pronounced. Foreign
trade in tho mass is nothing but barter
and would not be continued IL not ,mu-
tually profitable. Great britain always
imports more than she exports, and,yno
will deny her phenomenal prosperity for
the last few years. Germany and France
also usually have an excess Of imports:
and a $ our: ability to export food pro-
ducts declines wefrnay not b surprised
at a falling. OF In exports. al.
though our shipnentslp Off manufactures,
are. rapidly groNing. ,!afa9 ~
Technically the stock market has been
improved by this weeks reaction. At a
lower range Of values fresh buying wifi
take place. Wide. activity, In both bondsi
and stocks show the. healthy character Of
the market mar #. There rtsS' has ! h az \ better in;
tyestInent market since January, began.
and q 4 ct~onstlersa,bie Aauantitissss .5oofffi 1hliigih g1raadeF
stocks and bonds. have beer pesrimlanentlS
withdrawn from tfhss. market Tor invest
ments purposey..sas ftMfas ri p,aaiffticctaiiaff weakness
Of steel Of course. aided the general de-
cline. Railroad earnings have showi oc-
caslonal unsatisfactory gross results. but
this Is due to the fact that, as in the
steel industry, the last three months; Of
1913 We're the dullest IN the year. As
business improves better gross earnings;
should follow One controlling fact must
NOT De forgotten; that cheap money
which rs now assured for months to come
VIII prove a most powerful support to the
market. Q far this will be offset by
uncertainties such as referred ...tosaboye;
or by q rush of new securities remains to
be seen. Thus far this month new fiota.