Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-05-27

June s.ass s.'s n
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crease, and a moderate gain in ton
mage would be infinitely more advan-
tage0us to the roads than any gain.
which they are likely to secure thru
favorable concessions in rates. The
most satisfactory impression in re-
gard to the attitude of the Intestate
Commerce Commission is this: No
great concession in the amount of
rates is anticipated. In fact the
amount granted may prove disap-.
pointing and be long delayed. But.
the mere exhibition of Justice on the
part Of the Interstate Commerce Com.
mission, a disposition to substitute
a spirit Of fair-play for that of prejud-
ice which has long possessed that
body, will do more to restore conf
dence among railroad managers than
any other recent developments. Rail-
road owners and railroad managers
would quickly lose much of their fear
and opposition Of government regula.
ton, provided 1t were conducted in
the spirit Of justice and showed a will
lingness for the railroads to earn a
living profit.
Banking Law Beneficial.
Within a comparatively few weeks
the new banking law will gradually go
into effect. Its, influence upon the
monetary situation will of course be
beneficial, inasmuch as it will facili-
tate credit operations and thus stimu-
late activity in various directions.
Intrinsic business conditions from the
economic standpoint are sound.
There is little over-production in any
important industry. In fact produc-
ton in many cases has been SO cur
tailed, notably in the steel trade, !
which is operating only go per cent
of capacity. that when the wheels Of
industry begin to resume their nor
NAL activity, a positive famine will be
found to exist in many markets.
There are some lines of business in
which conditions are really unsatis-
factory, particularly IN real estate,
which Is nearly always the, last to feel
the effects Of an era of depression.
Political Situation Uncertain.
The most uncertain element in the
outlook is Of course the political situa-
ton. Nothing has done more to bring
on the present reaction than the con-
tinued attacks upon business for pol
itical purposes. 1t must be recognized
that maayof the attacks were brought.
on by past misdeeds of our captains
Of industry. But, onFthe other hand,
1t must be remembered that many of.
these acts could not 2ow~be repeated.
The harm has been done, and much Of
1T is beyond repair. Let punishment
fall where punishment is. due, and let
such laws as may be necessary to pre-
vent repetition be enacted with as
little disturbance las possible, but
nothing is gained by hampering the.
reconstructive and regenerating work
which is already making greater
Roadway than is generally recognized
in II industrial system. Higher
standards of conduct are being estab-
lished in all of our great industries;
and, If our Legislators would only work
with rather than against economic re-
form, they would diminish Instead of
increasing the number of unemployed.
The new antitrust bills are a source
of considerable anxiety in business
circles owing to their unreasonable
stringency, in regard to interlockiag
di~rectorates, holding companies and
price fixing. Some notifications Of
existing laws in these respects may be
desirable. but they should be kept.
! within reason, and 1t should not be
forgotten that the country is suffer
Ing more from too much government
interference than from any other evil.
Gold Exports increase. +
Gold exports have been renewed on.
a liberal scale and seem likely to con-,
tinue for some time to come. The
April statement of foreign commerce
was anything but satisfactory, and
showed a striking change of tendency.
Our exports were 1852, $1,000, or $37,-,
100000 less than a year ago, while
imports in the same month were $27,-I
600, 600 higher thanSth previous year.
This turned an excess of exports in
April, 1913, of A$53, 100000 into an ex.
cess of imports in April, 1914, of $780,
100000. There was thus a violent
shift Of S63;S00,O 600 in our trade bal
ance within a single month. Usually
we have an excess sof exports. and it,
will be Of interest to watch how
long this change continues. The
loss Of exports was largelygdue to the
decline in 'breadstuffs and cotton,
while the gain Of imports was imai1ly
owing to the lowering cot rthe tariff
which admitted larger quantities Of
textile aid other manufactured pro-.
ducts. These figures of course amply
explain gold exports, although there
was the added factor of Europeai ii.
.nancial necessities. Paris is still 60
~. a s' ...-Dr-. ..-" .#3 ..4,.a r.H-l....s.+ Il.