Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1910-01-02

ed the best. aud buildia, expendi
lures showed ptenominal gain over
1908, even SURPRISING 1906. Business
failures decreased 1871 per cent from
1908, though exceeding 1891 ny Is
per cent. and liabilities were less
than half those of 1868 AMI ouly
about 40 per cent of those Of 1907
while II per cent IN excess Of 1906
Bank clearings testified to tn, expan.
sion in all lines in gain of % pei
cent over 1908 and of IL per cent
over 1907, and even exceeded the rec.
ord year 1906 hy over 3 per cent.
The tide of immigration which turn
ed in 1908, flowed stro'.g ly ward
this country
Mention has already been made Of
the uprush of prices of commodities,
but this record would be incomplete
without a more detailed reference.
Except for very slight reactions in
the spring of the year, the course of
commodity values may be said to
have been steadily upward through
out the year, and indeed ever since
the low point was reached, following
the 19O7-08 depression, on June l of
the latter year. The index number
on December /, 1909, was almost i'd
entical with that touched on March
l, 1907. In fact, prices went from
their highest to their lowest of re-
cent years in a year and a quarter
and rallied again to their highest in
year and a half. The level of
prices on December l this year was
IL per cent above that Of the same
date in 1908; was, as above shown,
even with the high record of March
l, 1907; was nearly 20 per cent above
the low level of July 1, 1904, and IL
per cent above the high level of
December l, 1902, before the panic of
1903. Much is made, of course, Of
the fact that the rise rom the low
est leel Of recent years-that of July
l, 1S96-is Sc per cent; but it should
not be forgotten that this level was
an abnormal result Of a combination
of depressing causes, and the COM
parison marks a contrast OF extreme
conditions. If, however, we compare
the average Of the entire year 1909
with that for 1908, it will be found
that the advance is 6.3 per cent,
while it is only 4.3 per cent below
that of 1907. If the additional COM
parison is made with the yearly av-
erage of all the years from 1892 to
1908, we find the present years level
of values to be IA per cent higher,
and if the seventeen years. average
level is compared with that for De-
cember 1, 1909. we find a rise of %. 3
per cent.
The years stock market witnessed
a continuance of the recovery started
in 1908. Throughout 1909 Wall street
showed a tendency to discount i'm
proved trade and industry. Political
factors were less prominent than in
1908, the new tariff and the corpora
tion tax ceasing to AFFECT sentiment
before enactment. Beginning with
prevalence of bullishness the market
early assumed hesitating tone, and
the lowest quotations were generally
in January Or February, poor steel
and iron trade conditions contribut
ing. With the spring came more
crop prospects and increas-
Ing railway earnings, inducing buy
ing of rails and material. The sum-
mer saw extraordinary bull manipu-
latdon, led by the Union Pacific
roads. August marked the high
point for railway shares, the move
ment in these eliminating with the
illness and death of E. H. Hartman.
Autumn brought f1rmer money on &C
count Of business and crop-moving
demands, high interest rates abroad,
f1rmness in foreign exchange and
heavy gold exports. Real stringency
was, however, not shown. and while
railway stocks receded,
many industrials, particularly Unit
ed States Steel, scored remarkable
advances in the last quarter. Even
copper-mining stocks developed ir.
regular strength, despite continued
adverse trade conditions. The Stan
dard Oil decision chilled the bullish-
ness manifested in the late fall. In
activity 1909 compared we'll with the
preceding year, stock transactions at
the New York Stock Exchange az
gregating 10000, 900 shares, against
1S0, 1000 shares in 1908. The deal