The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1911-01-03
HENRY CLEWS TALKS PLAINLY
ABOUT EXISTING CONDITIONS

New York, Jan. 2.-Henry Clews, in
his annual review of the financial and
commercial conditions. says:
We are entering 1911 in a much Sob
erer mood than we entered 1910. Then
optimism was the prevailing spirit
now conservatism is the rule every
where, tinged with occasional pessi-
mism. Whatever point of view be tax
en- there is sharp contrast between
conditions now and year ago, partic-
ularly in the east, which as the finan-
cial center Of the country is always
first to feel reactionary influences and
first to take the initiative, either in
forward movements or retrenchments.
For six months at least contraction has
been the order of the day, and there
are no indications as yet Of this ten
dency having exhausted itself
AS agriculture is still the country's
mainstay, let us first look there in au-
diting our accounts. The value of our
crops in 1910 was given by the depart :
ment of agriculture at $S,926, OOO, 900,
the largest total on record, and $780,
100000 more than year ago. Rough
~ speaking, the values produced on
our farms have nearly doubled during
the past decade. Official returns show
that If the value of our products in the
year 1899 be placed at 100 the returns
for 1910 would be 1S9. According to
Secretary Wilson, our farmers have
produced $4,000, 100000 of wealth dur
ing the last eleven years. In 1910 the
corn crop was valued at about $780,
100000, the cotton crop at about $780,
100000. the hay crop at $720, 900, 600,
the wheat crop at 1925, 600, 900 and the
oats crop at $4,000, 900. In nearly ali
cases these values are larger than a
year ago, although owing to the de-
cline in the price of corn the value Of
cereals was $3.50, 100000 below a year
ago.
Our foreign commerce for eleven
months of the calendar year aggregat-
ed S3,O62, 100000, against 50, 99O, OOO. 900
during the same time in 1909; our i'm
ports amounting to Sl,426,O0O, or $780,
100000 over last year, while our ex-
ports were 1881, 900, 900, or S81, 900, 900
more than a year ago.
Railroad earnings on forty-f five roads
from Jan. to Nov 80, amounted to
$712,000,OO0, against $644,000.0O last
year, an increase of over IL per cent
Bank clearings in the United States
for the same eleven months were
$l49, 7S9 100000 against S149,970, O00,-
600 the year before.
Pig iron production in 1910 was es-
timated at 27,200,000 tons, compared
with 25,7S0,000 tons c year ago. At
present about one-half of capacity is
being utilized.
Copper production amounted to L.
454,0OO,O00 pounds, compared with L.
407,000,O00 pounds a year ago.
Coal production reached a total Of
nearly 500,OO0,OOO tons, compared with
420,000,000 tons last year.
New capital issues reported for the
year aggregated s1,51s, 900 900, against
1851, 100000 a year ago.
New corporations of s1,000,000 and
over created in the leading states ag-
gregated s1,940,000,000. compared with
$1,566, 100000 last year.
Bradstreet's index figure was 8.S7 at
end of November. against 9.23 at end
Of January, the high record point.
At first sight these figures regarded
as a whole indicate as large a degree
Of activity as a year ago. To some ex-
tent, however, they are misleading, be-
cause rejecting past and not present
conditions, 1t is well known that VAL
ues have been highly inflated in every
direction, and that gains in quantities
or volume are not alwayc as large as
would appear.
A bumper corn crop naturally caused