The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1910-01-01
1909 Was a Remarkable Year
in a Remarkable Decade

abnormal result OF a combination G.
depressing causes, and the comparison
J marks a contrast of extreme conditions
liz, however, we compare the average
lof the entire year 1903 with that for
1s0s, 1t will be found that the advance
lis 6.3 per cent, while IL is only 4.S
lper cent below that of 1907. If the
additional comparison is made with the
yearly average of all the years level
lof values to be Ia per cent higher
and If the seventeen years average
level is compared with that for Dec
ember /, 1909, we find rise Of 22.i
lper cent
The Security Markets.
The years stock market witnessed
continuance of the recovery started
in 1908. Throughout 1909 Wall street
showed a tendency to discount Inn
proved trade and industry. Political
factors were tless prominent than in
] 1908, the new tariff and the corpora
ton tax ceasing to affect sentiment be-
fore enactment. Beginning with a pre-
alence Of bullishness the market early
assumed hesitating tone, and the
lowest quotations were generally in
January or February. poor steel and
iron trade conditions contributing.
With the spring came more favorable
crop prospects and increasing railway
earnings, inducing buying OF rails and
material The summer saw extraord-
mary null manipulation, led by the
Union Pacific roads. August marked
the high point for railway shares, the
movement III these eliminating with
the illness and death of e. Fl. Hartman.
Autumn brought firmsr money on ac-
count of business anS crop moving de-
mands, high interest rates abroad, firm
ness in foreign exchange and heavy
gold exports. Real stringency was
however, not shown, and while high.
grade stocks receded, many industriaIs
particularly United States Steel, scored
remarkable advances in the last quar-
ter. Even copper-mining stocks de-
veloped irregular strength, despite con.
tinued adverse trade conditions. The
Standard Oil decision chilled the bull.
ishness manifested in the late fall. In
activity 1909 compared well with the
preceding year, stock transactions al
the New York Exchange aggregating
2lO,OO0,O00 600 shares, more profession.
al and manipulative. The market ends
the year with bullish undertone, but
the price levels discount excellent ac-
tual and prospective earnings and div.
idends, and income returns are at rath.
err unatractive figures. Bonds, which
early showed unprecedented activity
with total value of 1882 0O0, 900, la.
ter in the year showed quieting OF
demand and declining tendencies, save
IN purely speculative issues.
Reasons for confidence in an excelI-
snt, IL not record, trade in 1910 are
many. The agricultural interest is
prosperous as never before in the his
DRY of the country, and the first of
he great crops of the year-wheat--
enters the winter in excellent condition
IN next-to-record area. High prices
or all farm produce would seem to
enormous paintings of all
'rops this year. Spring orders already
eceived by jobbers and wholesalers
md business booked by manufacturers
practically insure the full or overtime
low being run until next years crop
md trade outlook takes more defnite
orm While 1t might be erroneous to
xpect the record building expenditures
I 1903 to be exceeded in 1910 an ac-
i've years business Is looked for. II
; generally conceded that the railroads
7ill be free spenders for improvements
the coming year. Finally If re-
orts as to holiday and retail buying
re correct, public purchasing power,