Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-05-14
EXPORTS CONTINUE ON A
LIBERAL SCALE WITH
TRADE IN OUR FAVOR
\. R. EARNlkG> VkkY Low
General Business is Slack and
Time Money Plentiful in
the East.

OF influences which may at any tlm9
alter the present drift of affairs. Chle'
CT the favorable factors are easy
money, fine crop prospects and ex
rcctations OF a favorable decision re
garding railroad rates. Time money
is abundant, and funds are accumulat
ing owing chiefly to the general
slackness of business. The only
thing to prevent still cheaper money
is the possibility of gold exports, par
ticu!arly to Paris, where forced l1q'
uidation is still going on. AS affect:
ing the gold movement the course OF
our foreign trade is also interesting.
Exports Continue Good.
Our exports continue on liberal
scale. out the large increase OF I'M
ports under the new tariff tends TO
keep down the balance Of trade which
in March amounted to only Y4,SOO, OOU
in our favor, a much smaller balance
than usual, which is significant. A
most important element in the money
situation may finally be the possioil-
ity of intervention in Mexico, which
would prove an expensive undertake
ing and would necessitate both bond
issue and heavy new taxation. The
new banking law is expected to go
into effect early in the autumn, and
this will be an additional source of
confidence so far as the money sit
uation is concerned.
Crop Outlook Excellent.
As for the crop outlook, that is
exceptionally brilliant, the Govern
ment report just issued showing a
condition OF 95.9 per cen for winter
wheat, as compared with 91.9 per
cent a year ago and ten-year aver
age of S5.5 per cent. The most reli-
able estimates are that this suggests
crop of 63O,O00,O 900 bushels of win
ter wheat; and if the spring crop
reaches its present promise of about
800 100000 we will have crop Of ap-
promimately 9O0,00O,000 bushels. This
spells prosperity for the wheat belt.
Even If these early estimates should
be cut down, as is not unlikely be-
fore the harvest, the margin of incre.
ase is so unusual as to practically in
sure a bumper crop. This means big
traffic for the railroads and plenty OF
money to spend by farmers in the
wheat belt. Other crops are also in
promising condition, though the sea-
son is somewhat late.
r. r. Earnings Unsatisfactory.
The impression steadily gains that
some concessions will be made to the
railroads in the matter of rates at an
early date Current railroad earnings
are still unsatisfactory, though much
less so than in February and March.
A few roads report fairly encourag-
ing gross results; others showing
heavy declines, not only in gross, but
practically in net results. While the
roads will undoubtedly be assisted by
a moderate advance in rates, it is
possible that they will continue to
show the effect Of a smaller vol
T ume of spring traffic for some time
to come. nevertheless there are rea.
sons fer believing that the worst of
the depression in this respect has al
ready been passed. Perhaps the most
encouraging news is that of the ex.
pected adjournment OF Congress be.
fore the middle of July. This is an
earlier than anticipated.
Early Adjournment Of Congress.
I Needless to say the country will
welcome such highly desirable
event. Business men and all upon
whom the responsibility for initiative
depends have been harassed and per
picked by government interference
and an excess of new Legislation tina,
has unquestionably been the main
cause for the present depression in
business. This policy has not only
produced discouraged state of pub
lie mind, but has made it PRACTICAL.
impossible to make plans for the FIJI
ture. without mourning dangerous un
certainties. When business gets {
rest from legislative meddling, cour
age will revive; and there is M
doubt but that business will quickl,
respond. The political outlook is still
in many respects unsatisfactory an,
unsettling, although the belief grows
in we'll informed circles that radical
ism will receive a decided setbacl
through the ballot at the next cleo
ton. At present our lawmakers ar
unconsc i0usly doing their best t,
multiply empty dinner-pails. instea'
Of trying to restore prosperity.
Few New Corporations.
During the first four months of tn
current year the new incorporation
in principal States Of. the Unite
States aggregated only 1855, 100
against $SSS,00O,0OO the same tim
last year. This astonishing shrinkag
of about 60 per cent in new enterpris
is largely attributable to political CO.
ditions.
Mexican Situation a Factor.
The most. potent factor il the fin
ancia' situation is of course the Ne,
lean problem. Thus far war has bee
= successfully averted. 1t must be ad
mitted, however. that in high polit
| ga circles there is very little conf
: dence in the success Of mediation
e Should mediation fail no one can lie
} What may folloy 1t is to be hope
$ tia, intervention will be avoided, al
! that Mexico will be allowed Ike al
t other nation or any o.,,er inlividu;
: to work ont its own salvation. Shoul