Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-04-01

MORE HOPEFUL
Worldwide Trade Depression
Prevents Market From
Showing Strength
Predicts NothieQ1hal
VIII Hinder Fair RecOv-
efyOt Stocks !. !.
BY Henry Clews.

Special. New York, March 81.
The financial community is still In
a state of hopeful expectancy. No
little disappointment exists that the
market has not shown greater
strength; yet 1t must Ibe remembered
that we are passing through a period
of trade depression and industrial re.
adjustment, which is worldwide and
not by any means confined to the
United States. We are inevitably in
one Of those periods Of economic re-
action to which VIC must adjust our.
selves whether we like it or not, and
which are best met by candid appro-
citation Of the facts. 1t is of course
unnecessary to deal with the past, or
with the causes leading to present
reaction; but = survey Of the pres.
ent situation at home contains both
SOLDERING and encouraging features.
The great transportation interests
of the country are still paralyzed by
INDIGESTION of the Interstate Commerce
Commission regarding all advance Of
rates; by the unfricndly attitude Of
Congress; Iby the losses inflicted
through severe weather, and by gen
eral trade sluggishness. The steele
industry is suffering from a continu-
Gus lack of orders, due chiefly to
financial inability Of the railroads,
and to the reaction in building as
well as to general trade slackness.
The United States Steel Corporation
failed to earn its entire dividend in
the last quarter@0f 1913, and there is
good reason to believe that the full
dividend will, be unearned during the
current quarter The great textile ill.,
dustries are also feeling %reactionary
tendencies. Consumption is declining
somewhat owing to unemployment
among the masses and the general
necessity for economy. Our cotton
mills are still facing serious problems
owing to declining prices for fabrics,
relatively high prices for raw ma
terial and rumblings Of fresh demands
for higher wages from labor. The
wooden industrysis exceedingly spotty
A few mills which boldly met the con
ditions arising from tariff, changes by
a sharp reduction in prices secured
plenty of OrdersaaaA have been doing
a satisfactory business. Those who
hesitated to make the plunge are feel
ing the pinch Of, circumstances, and
more than 20 per cent of our looms
are still idle. Copper producers have
had q hard year ss:but lately seem to
have been doing better. The sugar
industry is in a similar position. The
rubber industry B also doing a larg-
er business after q period of severe
contraction. The tobacco industry has
felt the effect Of disruption and In
creased competition, but is @neverthe-
less giving a good account of itself.
The boot and shoe industry slowed
down considerably; nevertheless the
Central Leather 20. is, doing a very
satisfactory trade; All of the oil, CON-
panies have been doing a tremendous
business and making unusual profits
owing to the great expansion in the
uses of petroleum. Our, fertilizer conf.
are expecting a good year. The
agricultural implement concerns
have not done we'll, 4 solne having
manufactured an. Oversupply, while
others are overloaded with a mass OF
farmers notes which are not being
met rs rapidly as expected. The real
business Is anything but salts
factory for reasons already well ,un-
derstood. The February building re.
turns for $50 cities reported prOspec-
tive outlays of over 100000, 900 com
pared with over $G0,O00,O0O year ago
In Greater New York the total for
the month was only 100000 this yeai
$15, 900, 900 a year ago.
Washington remains a source of IN
certainty and disappointment in re.
gard to delay of the rate decision.
Nevertheless, it is quite probable that
some concessions will he made to the
railroads, not less, say, Than 2 IL
to 3 per cent. If denied, the outlook
will prove decidedly serious, and we
may anticipate a series of dividend
the injurious effects of
which would extend far beyond the
many thousands IL stockholders d.
rect1y Interested, Unquestionably SET
ious financial arrangement would fol-
a. denial of fair treatment of the
railroads. Tile Mexican situation. is
another element of uncertainty. Every