The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1910-12-31
Bradstreet's Review for
Year and 1911 Forecast
business On the Whole Has Been Disappointment
OF reaeefu Progress Necessary If Country Is to
Get Back to Big Development

Bradstreet's review of the business
year with forecast for 1911 saws in
part:
The year 1910 was, on the whole. a.
disturbed and rather disappointing
period in American trade, finance and
industry. 1t was a year of agitation.
Oh attempts to work out politico econ
omic problems, OF declines in Quota
lions or securities, of imitation and
later Of unsettlement and finally of
weakness in many commodity prices
OF industrial unrest and curtailnent
OF repression in consumptive demand
OF numerous strikes, of political over
turn approaching the proportions of q
landslide, and of changes in long es-
tanEshed channels of domestic and
foreign trade. Withal, and In spite
OF many drawbacks, but probably be-
cause Of the momentum acquired In
the previous year of tremendous ac-
tlv1ty OF upbuilding and of recupera-
ton, 1t was a period of immense agri
cultural effort, crowned with notable
success, in some instances, as regards
quantity, and Of record outputs In
many lines of manufacture. It wit.
messed the floating Of large new issues
of securities, while at the same time
1t saw volume of financial Iiuuida-
ton which in other years might have
caused convulsion. It witnessed vast
expansion of banking transactions,
record totals Of loans and deposits and
close to record bank clearings, and vet
FEWER failures than in either of the
two preceding years, although the
volume of failure damage was above
the normal, being exceeded only in
years of vital stress.
Causes for Disturbance.
In assigning causes for the disturbed
conditions which pervaded the body
polite and economic throughout the
year, first place will probably have to
be accorded to prevailing high levels
of all prices, whether of securities OF
Of commodities. The first invited at
tack because Of extravagant manipu-
lation before the year began, while the
height to which commodity prices rose
in the opening months of the year con-
stituted a burden which gave rise to
bitter agitation and resulted ultimate
~ in far-reaching effects, primarily
upon consumption, thence upon output
and finally upon profits. In the lat
ter respect there will probably be lit
tie dissent from the statement that an
immense business was done at small,
in some instances disappearing, mar
gin, OF this the generally conceded
small net results reported obtained by
business men and by manufacturers
and the lessened net earnings an
nounced by the railways are striking
present examples.
Declining prices of securities, high
prices of food, meat boycotts, demands
for higher wages by railway and in
dustrial employees, talk Of corporation
prosecutions, this in turn unsettling
confidence and preventing the floating
of new security issues for improve
ments, all made the earlier months of
the year q veritable winter Of discon-
tent" Excessively large expenditures
for food naturally lessened margins Of
earnings available for purchases OF
other necessities and increased the
pressure upon public officials to en-
bark upon prosecutions to which the
term trust batting became applied.
Spring brought some relief in the mat
ter of lowered prices, but weather and
crop uncertainties and manufacturing
curtailment, forced by high raw ma
terial costs, caused conservatism in
business. Continued governmental ac-
tiVity against certain corporations and
threats Of injunction suits against the
railways, which were seeking to re-
coup themselves for increased costs of
operation, due to granting of higher
wages, by increasing rates, found the
stock market vulnerable, while low
crop conditions at the turn of the year
favored bearish movements and in
duced liquidation. With larger agri-
cultural yields more certain of attain
ment in the late summer and early
autumn, a more cheerful outlook pre-
vailed, but the political overturn in the
fall. with the prospects of reopening
of the tariff question, made for slight
lv less optimistic views. Repression
and conservatism and small and fire.
ouent, rather than large or confident,
buying kept trade and industry with
An rather narrow channels, consider
ing the country's vastly enlarged pro-
ducing capacity. and apparently good
holiday trade did not disguise the fact
that the advent of an early winter had
reduced outdoor activities and lessened
demand. while industrial idleness was
greater than for some years past.
The Stock Market In 1910.
Contraction ana disappointment
characterized the stock market of 1910.
IN this respect affairs presented
strong contrast to the perhaps too
rapid advancement witnessed in 1909.
In a word, lower prices signalized the
operations Of 1910. While rumors OF
iinsolvencies were plentiful enough
early in the year, the twelve months
nagsed with comparatively few fall