Bismarck daily tribune., 1912-01-02

at a few of the principal items in the
national ledger for the year just left
behind, says Henry Clews lin his an
nual review.
There was q moderate recession in
business during 1911. Because of low
er prices in many directions the
shrinkage appears greater than ut
actually was when measured by quan-
titles. There was much more COM
plant about the reduction Of profits
than about any reduction in the vol
ume Of business. Happily our farming
classes are enjoying another year of
prosperity, except when pulling out
of debt. Our crops, if not quite equal
to the previous year, were still above
the average in money yield, even LII
tine case of cotton. Our industrial!
classes have not Jared quite so we'll.
The steel trade suffered more than
any other industry, production falling
as low as As per cent of capacity, and
not rising beyond 80 per cent. Next
to the steel, cotton industry suffered
the keenest depression, owing to high
priced cotton and lessened consump'
ton Both the steel and cotton indus
tries showed pronounced recuperative
tendencies in November and Decem-
ber a change largely the result of "a
forced readjustment Of prices to meet
the market. In other lines Of trade
and industry the volume of business
was about normal. There were few
signs of overproduction although in
many cases consumption was checked
by an evident exhaustion Of public
buying power.
Business men have been contending
throughout 1911 more successfully
tnan is generally recognized against
adverse conditions. The year opened
under cloud of uncertainty which
continued in one form or another
without interruption until the close.
All in all it has been year of many
perplexities. The nerves of the finan-
cial district have been severely
strained, but so far without impair
ment There is really, in some re-
spects, more confidence at the close
of the year than at the opening, and
If anything is needed for complete
restoration 1t is absolute rest from
the harrying and inquisitorial attitude
which congress has seen fit to adopt
toward business for the purpose Of
pleasing constituents at home.
There is one influence affecting
business that should not be overlooked
and that is the general social unrest
1t may or may not become seriously
influence, but it is sure to
be vital force in new legislation for
some time to come. The social uplift
which is now going on is not a move.
ment to be ignored. Those at the bot
tom of the social ladder are fighting
for better chance, and they are go.
ing to have it, as they rightfully
should. Their determination to Sc
cure larger share of the general out
put has been immensely stimulated
by the Phenomenal growth of un-
wieldy fortunes in this country, not
to speak of the often vulgar and os-
tentatious display Of wealth which has
created undesirable class
antagonism.
As a check to discomfort arising
from monopolistic tendencies nothing
has been more reassuring than the de-
cisions Of the supreme court in the
Oil and Tobacco cases. These were
not unduly drastic opinions and neith-
Or destroyed property nor impaired
vested rights. They simply curbed
plans, put an end to ex-
brilliant monopoly profits, gave oth-
ers a better chance to compete and
obliged combinations of a monopolis-
;ic character to dissolve as far as prac-
their original parts. OF
course, such a pronounced change Of
in our business system was
! marked check. Such an arrest of
brilliant schemes Was confounding,
and there is stiu more or less uncer-
tainty about the conduct of business,
which must be endured until the law
d the courts have clearly demon
strated what monopoly is, what con-
3titutes reasonable or unreasonable
Of trade AMI what is fair or
unfair competition. These are prob
ems that must he patiently and intel
L:gently worked out. It is impossible
for the law to define what Is reason
able in restraint Of trade, because of
varying conditions. It is