Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-04-08
With q Crisis a aaud Change
for Better or Worse Must
Sooo Develop -.
Stock Market Stands Up Well
Considering Adverse
Conditions y.
BY Henry ciews.

- ."H 'E4 90 i@ &
stock market stands up we'll consid-
ering adverse conditions. These are
briefly embraced in a dull and unsnt
isfactory condition OF business; In the
liberal attitude Of the Interstate Com
MERGE Commission towards the rail-
roads, and in the disquieting Next
can situation. Unquestionably the rail
road outlook is by far the most i'm
portant factor. Perhaps INT Of the
! best features of the railroad outlook
is that the worst is in sight. The
! crisis is already at hand. The railroads
are on the verge of a critical sitla-
ton. A change for better or worse
must shortly develop. For several
years they have endured q harsh pol
icy Of Government repression; the
unfortunate consequence of past mis-
deeds which stimulated unreasoning
popular clamOr and prejudice. Amer
lean railroads have had to make phe.
nomenal OUTLAWS during the past few
years to meet growing traffic require
,hents. Their expenses have been
enormously expanded by increased
wages, higher costs of materials, in
creased taxes and all sort Of expen-
sive Legislation. When traffic increas.
ed the railroads were able to only
partially offset these expanded obi.
cations. Since traffic began shrinking
net earnings have been steadily de-.
clining, and .everal Of the strongest
and hest established systems in the
country reported startling losses, net,
during the last few mos. his. In spite
Of .uch facts. the railroads have not,
been allowed to recoup their losses
by any advance in rates. Every other
line of business. except railroads had
the right and used that right to meet
increasing costs by raising their
charges. The inevitable result Of such;
a policy Of repression is to bring
many of the roads within sight OF
bankruptcy, If the present harsh and
unintelligent policy is not corrected.
Our, railroads need large amounts of
new capital to give the public much.
needed facilities. But capital will not
enter the railroad field unless terms
are satisfactory and the conditions
sufficiently assuring. At present the
roads are forced into unfavorable
terms when applying for new capital,
oven upon a limited scale. It is about
time that Government officials who
control the present situation should
realize that they are not only inflict-
ing useless punishment upon the in
nocent for deeds that cannot be I'm.
done, but are also really depriving
the public of necessary facilities by
crippling the railroads financially II
there is any lack of railroad facili.
ties in the early future the responsi.
'5ility must fall upon those members
Of the Interstate Commerce Commits.
sion who have thus far shown a sin
gular lack of courage and intelligence
In dealing with a national problem o.
the greatest importance and delicacy
In other respects the political sit
%uation, which unfortunately is. sucl
. factor in financial circles, is impro,
Ing the repeal of the Panama Cana
tolls bill at Washington will have
good effect. It unquestionably salts
fees the country's desire to maintain
its reputation for national honor. l
Will also serve to promote more har
monious relations. with foreign power
and will preserve Great 4 Britain
trlendliness towards the Monroe Doc
trine; a friendship that might prov,
If considerable value in the future
The contest over the Panama iss,i
has also made more clear the lines Q
political cleavage. 1t is certain tina
radicalism In political circles is o.
the wane. The injury to bushes
from much of the legislation recent
contemplated is. already foreseen an
will probably be prevented. Protest
against further antitrust Slegislatio
have been so universal and have com
from such unquestionable source
that the proba bility of any radical az
ton in this respect grows more an,
more remote. each week. Presiden
Wilson is beyond doubt, the stronges
conservative force In Washington tc
day. According to his pledge, he /
doing his utmost to prevent injury t
business: Can he restrain the radica
elements in his own party? Th,
change In political drift should hastel
action on the part of the Interstat,
Commerce Commission on the rat,
question, and rumors are now cur
rent that m early decision is in pros
pect. %S.
Another hopeful factor in the :situa
tion is the money market. We are nov
evidently In for a long period Of ease
Trade requirements are restricted
and funds are now returning freel,
both from the interior and from Can
ada. The monetary situation abroad
is also easing very. materially, bott
in London and in Paris. This is en-
c%ouragtng, not only in the stock mar
ket, but in promoting trade revival
10 all probability easier, rates will ia
cilttate the placing OF necessary for
eign loans several Of which have late
" appeared. At home 1t will aid tn,
starting OF many new enterprise
which have been postponed for a re
turn OF confidence and cheaper none.
II the railroads secure satisfactOr!
concessions from th.s Interstate Com