Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-08-04
General European War Too
Monstrous to Contemplate
Would Precpitate Greatest Catadysm Of History, and Is In.
conceivable, Says Henry Clews.

Higher interest rates would surely
follow the wholesale destruction of
capital, and much of the refnancing
of the future which has got to be met
would face serious obstacles. Our
foreign trade will be demoralized.
The heavy foreign. sales Of securities
in this market were the main cause
of a large influx Of gold, amounting
for the week to about $4,000, 900 on
the current movement. More may. be
expected Ito follow; lbut.thls scbuItry,
Fortunately has affarge supply of the
precious metal, and these shipments
at the moment need excite no con-
Germ, though if continued Indefinitely
they. are sure to induce irmer rates
for money.
Treasury Will Aid Crop Movement.
1t is we'll know, however,
that the Treasury will offer sim
liar aid to last year for crop moving
purposes; this, of course, being a
very %reassuring feature. The crop
movement has already begun, and re-
cent events are likely to hasten the
export movement of grain. Wheat
has advanced fully 10. cents and over,
which means phenomenal prosperity
to the Western farmers, especially
wheat growers. Our wheat crop is
now estimated at over 900, OO0,O0O
bushels, and as the bulk of it is still
in farmers hands it follows that they
and not Intermediates will get the
principal advantage from high prices.
Commodities generally are rising ow-
ing to the prospective interference
with supplies In event of war.
Closing Exchange Wise Step.
Closing of the, Exchange, however,
was a wise step. American buyers
have been rbsorbing European hold
ings at very attractive prices, for
many Of our best stocks are now on
the bargain counter. Eventually
Europe will %repurchase these. shares,
but at higher prices. 1t is many years
since Europe has been so bare of
American stocks, and the present
crisis leaves the United States in an
exceptionally strong and favorable fl
nancial condition, so far as concerns
its relations with European countries.
Market Standing Up Well.
This market has stood up phenom-
enally we'll under the flood of local
and foreign, selling. New York
proved itself the only free market in
the world for the sales of our securi-
ties, and the Stock Exchange has
demonstrated it's usefulness and its
ability to meet a great crisis to the
benefit of the business community
the world over. Needy foreign sell.
ers have here found a market to real
ize upon their best assets. Thus pan
ic was prevented in Europe and SER
ious generalization in American
shares restrained Ny the open market
which New York offered. Hasty
minded reformers and legislators will
do well to take notice of this fact,
and be somewhat careful In the flu.
lture how they, seek to hamper the
functions of an organization so neces.
sary to business welfare and so able
to meet a great crisis.
Home Influences Forgotten.
Home influences for the time being
have been forgotten. The rate de.
cision is still pending and may come
any day. Washington appears to be
in a less %antagonistic mood, and the
probabilities are that the antitrust
bill will shortly be out of the way.
If passed, it will be left in a much
less Objectionable form than at first
anticipated. Before many weeks are
gone Congress will have adjourned
and business will have a respite from
Legislative agitation. We are, how
ever. now in the midst of great un-
certainty from abroad which may or
may not continue for some time. VIC
lent fluctuations in both directions