Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-07-14
STEEL TRADE IMPROVING
June Record Of Failures Show.

June 6ecor0S OF Fallures SHOWS
q Decrease III Number But
Not in Liabilities.
~ HENRY CLEWs.
New York, July 13.-The happen.
ings of the week have upon the whole
been of q favorable character. The
most encouraging development was
the July crop report of the Depart.
ment of Agriculture. This report in.
dicates a crop of fully 930.O00,000
bushels Of wheat, against 76O, O00,-
900 bushels q year ago; a crop OF q
868, 900 1000 bushels of corn, as
against 2,446,0 900 900 bushels a year
ago; a crop Of oats of 1900, O0O,O 900
bushels, compared with ,122,O0O,O 900
bushels a year ago. The estimated
farm value Of the wheat crop is plac.
ed at 7OO,O0O,OOO; corn owe $1,000.
100000, and oats over $500, 100000.
These amounts Of course represent
only a portion OF the total agri.
cultural products OF the country,
which this year are expected to
reach a value OF fully S10,000,00O,00
b. Creation o. New Wealth.
The creation of SO large an amount
of new wealth must Inevitably have q
stimulating effect upon general bust
ness. This fact is particularly real
lied in the Western or Agricultural
States, where the feeling is univers-
ally optimistic. Western railroads
r busily preparing to handle the
vast traffic which this will create;
and there is already a pleasing dimin.
ution in the number of idle cars.
which decreased more than 10000
during the month of June. There
still remains q heavy surplus Of idle
equipment amounting to 100000 cars
but this will probably be materially
reduced within asfew weeks.
Steel Trade. Improving.
There is also some Improvement in
the steel trade, s~tfesulting from a
freer placing Of. orders for rolling
stock, although that industry is still
in a very depressed condition. In the
building trade there is a partial re-
sumption Of activity following the
late acute reaction. The June record
Of failures shows a decrease in
number. and there, would. have been
q satisfactory redHctionul Of the liabili-
ties had 1t not beea for the Claflin
failure, which Ii still an adverse ele-
meat in the dry goods situation.
Prices have been unsettled, and a
public sale has been ordered; but
July is usually a, month for clearing
sales in the dry goods trade; SO this
tendency should not be regarded too
seriously. The dry goods trade Is.
of course. feeling the effects of gen.
eral depression, at the distributing
end, and high prices for raw material
and labor at the manufacturers end.
An added element sof uncertainty is
the new tariff, which is admitting
wooden fabrics aad fancy cotton
goods much more freely than when
1t first went in to operation. The
steel trade thus far has not been
materially affected by the new du-i
ties. The country already exports
far more steel products than it i'm.
ports, and is not In any serious dan
ger from the new schedule; although
lever prices abroad would probably
admit moderate quantities Of certain
products in the seaboard markets Of
the United States.
Mexican Problem.
The Mexican problem is rapidly
disappearing as b stock market in
fluence; the probability Of American
Intervention having almost reached
the vanishing point. Huerta is evi.
IDENTIFY weary Of playing a losing
game; and, il all reports be true, the
prospects are Tor early. peace in that
unhappy country. Conditions in.
Northern Mexico are much more set.
tied. and it is significant that the
American Smelling and Refining Co.
is about to open its plants in that
section. This market has not yet
adequately responded to our escape
from the Mexican danger. Should q
satisfactory settlement follow the
present peace efforts, 9 highly i'm
porta1t era of reconstruction and
new development will ensue in Mex.
leo. This will afford reli'f where
financial strain has been greatest,
and in due season there will IN
doubtedly be a rush Of new enter.
prises for the development Of the
vast and rich resources OF that por-
ton of this Continent.
One Of the most encouraging de-
velopments Of the week was the
frank change Of attitude by Presi.
dent Wilson toward big business.
The Presidents Z courageous an
nOuncement of his belief that 1.-THE
vast majority of mel connected with
what we have come to call big bust
ness are honest. incorruptible and
patriotic" is a welcome ack1owledg-
ment Of what every sane. intelligent
and fair-minLed business man knows
to be true. There are rogues In,
every profession and big business
has not been free Of it, misdeeds and
unsound policies. The silly assump-
tion, however, that every successful
business mar is af"malefactor," an
assumption which has been very
popular with a certain class Of peo-
pie. has done great harm to the
country; and Mr.. Wilson has per
formed a distinct national service by
contradicting this popular obsession.
Thus far the stock market has been
slow to respond ia these favorable