The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1910-12-31


though the Columbus & Hooking Coal
& Iron pool which collapsed on jan
uary Is carried down three stock ex-
change houses, and Fisk e. Robinson
went into bankruptcy on February l.
throughout most of the year the mar
ket, SO far as volume goes, was inane,
public interest was very light, and as
whole the professional element found
1t difficult to procure funds to engineer
oullish operations, as the banks saw
mt to husband their resources or to
lend for short periods only. Withal
rates for loans ruled relatively low,
save at the very outset Of the year
when call money advanced to twelve
per cent, promptly receding, however
Early in January stock prices ruled
high. but thereafter declines which
were halted by temporary rallies en-
sued. This condition continued until
the latter part of July. In the mean
time every upward movement produc-
ed more or less liquidation, the net re-
suit of the seven months period hay
Ing been declines of from 20 to 80
points. The remainder of the year
witnessed some recovery, 10 to is
points on various stocks but in the
early autumn certain securities touch
ed low points for the twelve months.
Large Outputs Despite Short Time.
Industry was irregularly active, per-
iods Of record production alternating
with curtailment and short time such
as have not been witnessed since
10000. The excess of pig-iron pro-
duction, resulting in record output as
a xxyhn In
months of the year. while the summer
and fall showed many. furnaces bank
ed, decreases in orders on hand, and
mill operations scaled down one-third
to one-half. Production of pig-iron is
"a per cent. larger than the record
total of 1909, and iron-ore shipments
are "a per cent larger. Anthracite
coal shipments run "A per cent. better
than 1909, but are 3.5 per cent, below
the 1907 record. Lake commerce
shows 2 10 per cent. gain in tonnage,
but competition has greatly reduced
profits here as elsewhere. High prices
of raw material and inability to get
costs back out OF raw cotton caused
mill curtailment, in the spring and
summer, of 80 to SO per cent, but more
abundant supplies in the fall helped
resumption to practically full time,
north and south. Later, talk of re-
newed curtailment was heard Much
woollen and worsted mill machinery
was idle early, but lower prices OF
raw material from the new clip allow
ed assumptions. Much foreign wool
was reexported, and some domestic
products also found a more profitable
outlet abroad than was possible at
home. Bituminous coal output was
interfered with by strikes from April
were not felt severely, owing to quiet
err industry Coke production showed
progressive curtailment as the year
advanced. Increased friction In indus
trial lines was evident despite numer-
Gus wages advances by railways and
industrial lines; the number OF strik-
ers was double that of 1909 and only
exceeded by the record suspensions of
1903. immigration was 10 per cent.
beyond 1909, though not equaling the
1907 record. Building expenditures
fell per cent. below the enormous
1909 aggregate.
Cearinss and Failures.
Financial measures of the years
turnover showed only a slight shrink
age Thus, clearings fell only 1.3 per
cent below the record of 1909 This
loss was, however, mainly at New
York, where the decrease was 6 per
cent, while the rest of the country
showed a gain of per cent Explain
alton of the loss at New York is partly
Punishable by the decreases of 23 per
cent in stock transactions and of 81
per cent. in bond sales as compared
with 1909. Still, 1t might be noted
that clearings as whole were nearly
per cent. larger than the 1905 total
and nearly double those of a decade
ago. Failure returns were irregular.
These were 1.3 per cent. fewer than in
1909 and 16 per cent. less than 1908,
though 13 per cent. more than in 1907.
Liabilities. owing to the occurrence
of some large suspensions, were 25 per
cent. larger than in 1909, but 40 per
cent less than III 1908, and less than
half those OF 1907, the record year of
failure damage.
Looking Forward.
High prices of most products, and |
especially foods and raw materials, |
have been a sort OF endless chain
burden to labor, which free buying
of some generally esteemed nonessen-
tails has not entirely concealed. Per-
haps the best evidence that American
markets were out of line with the rest
of the world was the reduction of our
export trade in food products, which |
one time constituted our strength in
foreign trade. Coincidently, imports
broke all records, this giving rise to
the remark that the United States was
a good place to sell In but not so favor
able country to buy in. In this contin-