Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-03-11
Are the Transactions Oh The
New York Stock Exchange
below Other Years
Severity Of Weather Last
Week and Affairs ID Mex.
leo DlscoufaglDg
By Henry ClcWs.

than a year ago, but still cOnsidera-
IDLY below the proportions of previous
years. Neither confidence nor bust.
ness have yet fully recovered from
the shccks and reaction of the last
few years. This week the market
was discouraged by developments In
Mexico by the poor reports of a num-
Der Of Eastern trunk lines and by the
recent severity of the weather, which
imposed a sharp restraint upon traf-
fiji and Industrial operations in gen.
eral. Steel orders were less in Feb
ruary than in January, although mills
were more busily employed on &C.
count of the increase in January or.
ders. Generally speaking, the bust
ness situation is sound. and the out.
look is for improvement when spring
approaches. The declining tendency
of money has ben checked, and there
is the possibility CT temporarily firm
er rates as the first of April ap-
proaches. Bank reserves have fal.
len from S4O,0 900, 900 in the first week
of February to below $2700O, 900 a
week ago. loans meanwhile having
steadily increased from $1.849.00O
December 13 to s., 059. 754.O0 a year
ago. The reserves, however will
soon be aided by the return of Can
adam funds to this market, which will
serve to compensate for the furth-
er outflow of gold to Paris. The
Western credit situation still at
tracts some attention in view Of tile
real estate situation out there, and
the fact that the farmers are in debt
more heavil ytllan usual, although
not to any embarrassing extent. The
crop situation is now a matter Of in.
creased interest. and the heavy pre-
cipitation of snow and rain during
the winter months should leave the
soil in generally good condition. The
railroad situation is still somewhat
embarrassing owing to declining ear
nings, which emphatic the necessity
of Interstate Commerce commission
granting som concessions. 1t can
be expected that the full 5
per cent will be conceded, but there
is good reason to hope for, a 2 10
to 5 per cent advance, particularly on
the eastern lines which are feeling
the depression much more keenv
than those in the west. No lasting
improvement can be expected in the
railroad situation until this rate pro-
blem is settled. The outbreak in
Brazil had more effect in London
than here, though this market ia
sure to feel the disturbance indirect.
ly.
Evidence Of business torpor is
found in the monthly statements of
new interpretations in the eastern
states-those Incorporated for 81.
100000 or over having amounted in
February to only $51 900. 900. Since
January /, the total was only $171,-
100000 in comparison with 1874, OOO,.
900 a year ago. Allowing that the fl
cures for a year ago we're unusually
heavy this is a striking illustration
of tile shrilkage in business initia.
tive The record of new security Is.
sues confirms this general trend. The
total tissues reported since January
! of railroad and industrial corpora.
tiOns was 1906, 100000. against $493.,
600 ,OO0 a year ago. For the month
Of February the total was SIG, 100000
as compared with $343, 100000 in
February Of last year when the re.
turns were also exceptionally large.
Nevertheless, there has been a. not
able Improvement in the bond market
during the last few weeks when the
issues were OF a desirable charac-
ter, and 1t is notable that a larger
proportion Of new financing has been
accomplished with long term bonds
than with short term notes, which
have ben regarded as nothing more
thal a floating debt. This is an en-
couraging change of symptoms
The Mexican situation still hangs
over the market as q menace and a
puzzle that only time will solve. The
policy of non.intervention to which
President Wilson SO firmly adheres
has much in its favor. No one wish
es to see American blood and money
wantOnly shed for the purpose of
settling quarrels in which we have
no concern unless our interest are
seriously jeopardized, a stage which
has not yet been reached. Much has
been, gained by the calm and friendly
attitude OF Great Britain, which
plainly approves our present policy
though intent on securing reparatiOn
for the killing of Benton later on;
possibly when order is restored and
claims can be legitimately presented
and more effectively enforced. TO
me the best c0urse is plain. l would
suggest that an earnest effort be
made to bring Huerta and Carranza
together; that a provisional presi.
dent be appointed, and that these
two heads of opposing parties be suit.
ably recognized in some ofhcial ca
pacity. The time is ripe for media.
ton. Both parties must realize that
there are limits to their successes:
that by keeping up the struggle both
are likely to lose; that Intervention
will mean their ruin, and that no
lasting peace a be secured that
does not protect tie life and proper
ty of the citizens Of all nations. Ut