Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-06-10

are relatively light, but retrenchmeht
has not been so keen in every dlrec'
ton. 1t is in the steel and certain de'
partments of real estate business
that depression has been most severe
The most substantial reason, now
ever, for taking a more hopeful view
is the prospect of an enormous wheat
crop, the most optimistic estimates
still running as high as 9%OO,OOO,OVv
bushels, compared with 100000, 0OO
bushels last year. The winter wheat
harvesting lis already about to begin
Kansas and a number of other states
in the wheat belt are counting upon
a period of great prosperity as a re
suit of the wheat harvest. The prom
Use is also good for the oat crop and
fruits of all kinds. AS for corn, plant
ing is still incomplete, and it is yet
too early to form any opinion of this
important cereal; but the conditions
of soil are known to be almost uni
versally favorable.
Another important supporting in
fluence is the easy condition of the
money market with prospects of con-
tinuance. Liberal gold exports have
occurred, but these have produced
no business for the reason that We
have an abundance of the precious
metal to spare, and II W trade
requirements are restricted. Very
soon there will be a better supply OF
grain and cotton bills. 1t is probable
that still further gold shipments may
be made to europe, since the Bank
of England is carrying a relatively
small supply of gold compared with
the large increases in the stocks held
by the great banks of France, Russia
and Germany. 1t is we'll, also, to re-
member that the new banking system
will probably be in working order by
September 1, and this will prove a
very important factor in the money
situation. The obtaining of credit
will be greatly facilitated, and less
gold will be held in the United States
Treasury; all of which factors will
be, stimulating to business and have
more or less of an inflationary effect.
The Mexican outlook, though improv-
ing. still contains possibilities of dis
turbance, and is a problem that re-
quires close watching. The situation
abroad has improved as a result of re-
cent liquidation. The home railroad
situation is also improving; in some
instances gross earnings are making
a better showing, and the economics
enforced on many of the roads are
resulting in better net returns.
The market has now had consid-
cradle rise and more or less profit
making must be anticipated in event
of any unfavorable developments. 1t
would seem unlikely however for the
market to make further recessions
for the better class OF securities ex-
cepting temporarily and we're it not
for the disappointing situation at
Washington, we should undoubtedly
witness a much more active and
stronger market. There is plenty of
money awaiting good investment and
not a few sound securities are selling
at very attractive prices, considering
returns offered. There is a con-
tinued marked preference for bonds
stocks, which is of course the
result of prevailing distrust. Ger.
tainly enlightened public opinion and
the sober thinking masses are not in
accord with many of the present ex-
IRENE policies assumed at Washing
ton. Business requires time to ad-
just itself to new laws, the effects OF
which are yet to be seen. We have
had an overdose of inquisition and
Too much medicine is
more likely to strangle than cure.
HENRY CLEWS.