The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1931-11-06
Member OF The Associated Press
(Official City, State and County
Newspaper
Foreign Representatives
SMALL. SPENCER, LEV1NGS
IL BREWER
(Incorporated)
CHICAGO NEW YORK BOSTO

a. BREWER
(Incorporated)
CHICAGO NEW YORK BOSTON
The Sun Shines Through
Piercing the gloom which has ruled
America for the last two years, the
sun Of optimism seems at last to have
lifted above the horizon.
Most important Of the evidences of
its warming action r the grain and
commodity markets OF the nation,
particularly the former.
The wheat and corn pits at Chi
cago have been active the last month
and, after q slow and h%esitating start,
prices have moved definitely upward.
The trend has been continued long
enough now for it to be considered
as more than q mere flash of hope;
more than a mere gesture toward q
brighter outlook.
Following this trend, the stock
market, another important business
barometer, has improved until now it
is regarded by the experts as being
in another important testing area"
The inference is that, If the business
spirit Of the nation can get over the
next hump, q forward movement is
at hand.
The reasons for the change in SEN
timcnt are many and varied. Some
Of them are definite and concrete.
Others are problematical and specu-
lative and still others are wholly spir-
itual.
In the markets." the answer seems
to be that the profit has gone out of
being a bear" The men who were
short" Of grain commitments a
month ago have since paid for their
error in judgment. They have been
hit severely and they are more cau-
tious now than they were when the
uninterrupted direction of the mar
kets was downward and gloom OBJ
scured everything.
Other commodity prices have shown
y disposition to follow cereals. In its
review of business for the week end
ing October 81, Duns listed IS price
advances as against nine for the
similar period in 1880 and 20 price
declines as against ~ for the same
week a year ago. Since the markets
have been bobbing along on about
even terms for the last month or so,
this movement may be considered as
Of some significance. II it continues
1t will be all important.
It is a curious thing that, as long
rs prices are going down, orders are
scarce and for small quantities. Mer-
chants face the possibility that. Il
they order q large quantity today
their competitors may order at a low.
er price tomorrow and undersell
them. Hence buying has been on q
hand-to-mouth basis and the whole
tendency has been to beat prices
downward.
But when the basic markets move
upward and show a definite trend ir
that direction, the whole order is re.
versed. The tendency is to buy ir
quantity before prices go higher
These substantial orders have the eff.
feet Of still further hardening ans
increasing the price and so the ma.
ton heads for better business which
IN this country, lean the rapi<
turnover Of dollars in circulation.
On the spiritual side, the returnin,
sun Of optimism has the effect Of in
creasing confidence, thus thawin1
out idle dollars and encouraging PEG
pie to put them to work. This ma
ton needs q tremendous number o
things if arrangements can be mad
to put them in the hands of the PEG
pie for use and to give those peopl
opportunity to labor that they ma
pay for them. General confidenc
will help to turn the trick. We hav
been in a spiritual depression as we,
rs a business one. The morale of tn
people Of the country has been low.
But many now are getting a ne,
grip on themselves and are taking
new attitude toward their bushes
problems. Many sound executive
have put their affairs in order an
are striving to take advantage
every break which seems to offer bet
ter times. They are seeking an an
swer to an imperative need. The
are finding 1t.
Peculiarly enough, credits AZ
tighter now than at any previous pc
Rod during the slump, which no
seems to be ending. For months tn
financial markets offered cheap
money, largely because Of a fictitiou