Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-03-18
ClEv's MARKET LETTER
Rv Henry ciews.

ULLW y UStSsAnSNI - Ass =
BY Henry cIews.
New York, March 17.-Hesitations IS
still the ruling spirit in business cir
Giles. This is not only true OF the
United states, but OF al! OF the great
commercial nations. Germany con-
tinues in the midst Of a reactionary
period. Securities there are declin-
ing; railroad receipts arc falling:
imports are shrinking, and industrial
reaction is general. In Great Britain
there are also signs of commercial
recession; the volume of shipping Is
decreasing, and efforts are being
made 10 lay up a large amOunt4ss0f
tonnage Of vessels in order to check
the decline in freight rates. Tie
more important British and German
steamship lines are still paying good
dividends; but these represent past
conditions, and it is doubtful. II the
shipping profits Of either nation In
1914 will equal those Of 1918, because
of the tendency toward contraction.
in their foreign trade.
At home there are reactionary sym
ptoms, though it is doubtful IT these
ha G been so severe as in Europe. In
January and February the total clear
ings in the United States were esti-
mated at S29,116,000,000 a decrease
of less than 5 per cent compared with
the same period last year. The lars-
est percentage of decrease was in
the New England States, to s per
cent. In the other geographical sec
tions the falling off was about the
average named. In New York City
the shrinkage was only 3 per cent.
In Philadelphia less than 2 per cent;
in Pittsburgh 13 per cent; in Boston
nearly 10 per cent; in Chicago and
st. Louis less than 2 per cent, while
in New Orleans showed a gain OF IA
per cent. These figures indicate that
there has been no general contraction
Of business in the United States OF
Importance. Railroad earnings. it IS
true, have been unsatisfactory. the
January total being about 5 per cent
less than a year ago, while in Febrl-
airy the losses have been somewhat
heavier, largely owing to the inter
ruption Of traffic from storms. West.
ern railroad officials, however, are by
no G pessimistic. On the con-
trary, they are expecting a steady i'm.
pr0velnent in business with and fol-
lowing the coming Of spring. Our for.
eign trade, is only fairly we'll sus-
tanned. In January our exports were
nho,,t e10A n mn n Io1rooco nT 900 :
100000 compared with last year;
while our. imports aggregated only
$154. 100000, q decrease of abont 3d.
600, 900. This left an excess of ,ex-
ports appr0ximating $4,000. 900. as
against an excess of $64, OO0, 900 q
year ago. Our foreign trade has Of
course bccn temporarily affected by
tariff changes and diminishing ex
ports of fo%odstuffs.
That the much desired recovery In
business is slow in materializing Is
due to widespread uncertainty. Next
to the worldwide economic, reaction
and our own readjustment to. new
legal requirements the Mexican prob
lem is of large Importance. There Is
no doubt that tho prevailing senti
meat in this country is against any
armed intervention in the affairs Of.
Mexico. Nevertheless, it is recognized
that the long period of irritation. pro.
duced by attacks upon American and
foreign persons and property, for
which this Government may be held
responsible, is producing a dangerous
situation; and in the present stat of
public opinion a relatively. small
spark might easily start a coniagra-
ton.
Our railroad situation continues ex.
ceadingly unsatisfactory. a number
of trunk lines have reported yerSy dis
couragtng gross and net returcs for
the past two or three months. Reye.
nues are falling away, while ex-
penses steadily rise. The necessity
for some compensation in the matter
of increased rates to meet increased
charges is becoming more and mo:e
insistent, and the seemingly prejntic-
ed attitude of the Interstate Com
merce commission is stimulating the
rising tide of criticism. The ierced.
reduction of express rates was a sym.
ptom of this prejudics. The efforts
to pass a new series Of antitrust
bills are also discouraging to new en-.
terprise and initiative, which in turn.
aggravate the reactionary tendencies
In business. The %unfriendly attitude
Of Congress to business and large
corporate interests in general remains
one of the most depressing features
In the situation. Protests from sue
~cessful business men of high charac-
ter appear to have little or M e~e"t
upon the national Legislature. Sue.
cess seems to be regarded as a crime
II Is high time that the public at
large were taught the injurious ef-
fects upon themselves of these blind
and u%nrelenting attacks on capital