The Fargo forum and daily republican., 1909-01-05

Nineteen hundred and eight partook
OF most OF the phenomena OF an after
panic year with its full quota OF early
weakness, doubt and uncertainty. but
guiding forces and ultimate results
were toward recuperation and repair.
This, at arst. very slow, later hastened
to a point where conservative np-
timism ruled general business. It's
early months witnessed q very heavy
volume OF insolvencies, the aftermath
OF the financial storm of 1907; saw
business sharply reduced in volume,
an immense amount OF transportation
facilities OF the country unused, public
buying ability greatly reduced, low
levels touched for most securities, a
vast number OF idle operatives In all
lines, glut OF money In the banks,
and feeling Of weakness akin to that
felt by the human patient after a
wasting fever. Later, particularly in
the last half OF the year, a marked re-
covery Of strength developed confi-
dence was largely restored, money
was easier to borrow, industrial wheels
revolved faster, idle cars decreased in
number, buying became more conf
dent. larger crops sold at good prices
helped to swell collections, employ
ment was more plentiful, wage reduc-
tions and ruinous strikes were largely
avoided, labor proved more efficient,
and altogether the contrast between
the early and late months o. the year
was very striking. Indeed, those who
took counsel OF the fears which had
been awakened by the crash Of 1907
were agreeably surprised at the speed
and the apparent soundness Of the re-
coyery.
Explanatory Of this, the early dag
nosis OF the 1907 trouble needs to be
borne In mind. 20 all appearances
the cause of the collapse was largely
financial, though perhaps partly poll
tical, in that hostile legislation and
legal proceedings against corporations
were additionally disturbing factors.
Industry at the beginning of the panic
was not widely involved, but became
unsettled through the dislocation of
financial affairs Stocks of commodi-
ties were not large, and fortunately
the trouble affected the agricultural
interests OF the country only in a re-
mote degree. Most of the damage
was visited upon, first, the financial
community, and second, and later, the
manufacturing and commercial ele-
ments OF the country. Through it all
the great food producing interests,
aided by good domestic and foreign
demand and extremely remunerative
prices, felt the. effects only indirectly,
and here, with restored confidence in
financial lines, were furnished firm
foundations for the later revival, the
recuperation and the renewed upbuild-
ing so notable in the second half Of
the year. The American farmer, with
fiattering PROFITS in 1907, found large
and insistent demand for his surplus
products at good prices in 1908. Agri-
cultural values as q whole were the
largest ever known, and the prosperity
of tbs basic industry, uncommon in
year following a panic, proved, as
never before, that Americas eggs
we're no longer in one or two baskets.
Differences From Other Years.
1t viii be seen from the above that
1908 was not exactly like the years
which followed those OF 1897, 1857, 1873
or seq, periods CT immense stress,
and years, moreover, when American
interests were more largely centered
In few things, and when industry
was not diversified as 1t is now. For
instance, there was no parallel this
year to the depressed conditions of ag-
ricultural prices which ruled in 1898
to 1895. Perhaps the closest analogy
to the recently past depression was
the period Following the financial panic
Of 1884, which was severe while It
lasted, but from which recovery was
relatively rapid.
Some Results Of the Year.
Perhaps the most notable features
brought out in the statistical exhibits
In 1908 were the slightly increased
yields of most leading crops, which
commanded higher prices at times Of
heavy marketing than In the preceding
year Of shorter yields Exceptions to
this were found In cotton and hay,
where lower prices Offset enlarged
yields. Cereal prices were aided by
exhaustion OF old supplies, European
war talk and a strong bull speculative
movement. Farm values as whole
were the largest ever recorded. but
low prices for cotton due to immense
movement and strike In Lancashire,
were a drawback 20 southern trade in